
The recent budget is a game-changer for India’s industrial sector, delivering a powerful focus on skill development and job creation. With an allocation of Rs 1.48 lakh crore aimed at skilling 20 lakh youth over five years and upgrading 1,000 industrial training institutes, the initiative is poised to address the sector’s pressing need for a highly skilled workforce.
The introduction of a one-time wage incentive for first-time employees, delivered through Direct Benefit Transfer (DBT), is set to boost formal employment by making it more attractive for industries to hire and train new talent. Additionally, the launch of internship programs in 500 companies, providing real-life exposure and a monthly allowance of Rs 5000, will create direct pathways to employment for young professionals. Companies will benefit from these programs through reduced recruitment and training costs, with 10 percent of the training expenses covered by CSR funds. This comprehensive approach ensures that industries gain access to a pipeline of skilled, industry-ready workers, which enhances productivity, drives innovation, and strengthens competitiveness.
By fostering a better-trained workforce, the budget will enable industries to meet evolving market demands more effectively, contributing to sustained economic growth and industry advancement.