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Budget 2024: Expectations and challenges for India’s jobs crisisOutlook India
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Budget 2024: Expectations and challenges for India’s jobs crisisOutlook India
.’** Expectations: As India approaches Union Budget 2024, expectations are high for measures to address the ongoing jobs crisis. The government is expected to: * Increase public investment in infrastructure: This will create direct and indirect employment opportunities in sectors such as construction, manufacturing, and transportation. * Promote skill development: Enhancing vocational training and apprenticeship programs to equip youth with industry-relevant skills. * Encourage job creation in startups: Providing incentives and support to startups to foster innovation and create new employment avenues. * Support labor-intensive industries: Incentives for industries such as textiles, agriculture, and tourism where employment potential is high. * Address informal sector employment: Implementing measures to formalize employment in the unorganized sector and provide social security benefits to workers. Challenges: Despite these expectations, India faces significant challenges in addressing its jobs crisis: * Slow economic growth: India’s economy has been slowing in recent years, leading to fewer job opportunities. * Technological advancements: Automation and digitization are displacing workers in some sectors, creating a mismatch between skills and job availability. * Rising unemployment: Unemployment rates have been steadily rising, particularly among youth and marginalized communities. * Low labor force participation: A significant proportion of India’s working-age population is not actively participating in the labor market. * Skill mismatch: Many job seekers lack the skills required for available positions, creating a skills gap. Outlook: Budget 2024 presents a crucial opportunity for the government to tackle India’s jobs crisis. By implementing comprehensive measures that address both expectations and challenges, the government can pave the way for job creation, economic growth, and a more inclusive labor market. Failure to do so could lead to further deterioration of the employment situation and social unrest.
Budget 2024: Expectations and challenges for India’s jobs crisisOutlook India
