Laying building blocks for Viksit Bharat

"Turning attention to full year and beyond, we particularly focus on employment, skilling, MSMEs (micro, small and medium enterprises) and the middle class," said Finance Minister Nirmala Sitharaman, clearly summing up the government's intent while presenting this year's Union Budget.

- RAJIV MEMANI

For me, some of the themes stand out that will fortify the foundation for future economic growth. The most transformative proposal is the one aimed at job creation and skill development for the youth. The second relates to direct tax changes and the announcement of a comprehensive review of the Direct Taxes Code. The others are the government's thrust on domestic manufacturing and focus on expanding the Digital Public Infrastructure (DPI).

With a median age of 28.4 years, it is a young India that would reinforce the country's competitive advantage and unleash the consumption potential of the economy. The Budget's innovative proposal for the top 500 companies to train 10 million youth through one-year internships over the next five years is particularly noteworthy. Under the programme, the government will fund 90 per cent of the internship allowance - that is, over 50,000 per intern - while the training costs and balance 10 per cent allowance can come from the corporate-social responsibility (CSR) funds of companies. This strategy will fulfil the dual objectives of providing businesses with skilled workforce and enhancing the employment rate.