Budget 2024: Key takeaways on jobs, employment opportunities and MSMEs announced by FM Nirmala Sitharaman

Budget 2024: The Finance Minister Nirmala Sitharaman mentioned in her interim budget speech on Thursday, February 1, that the rise in employment and job opportunities have been facilitated by government's schemes that help entrepreneurship growth and upskill the youth of the country.

During her interim budget speech for FY 2024–25 at the Lok Sabha, the minister said that PM Mudra Yojana has sanctioned 43 crore loans, which aggregated to 22.5 lakh crore for the entrepreneurial aspirations of the youth of the country. Along with that, the Fund of Funds, the Start-Up India, and the Start-Up Credit Guarantee are also helping the youth to be ‘Rozgardata’.

She also mentioned that the 'Skill India Mission' has trained 1.4 crore youth and upskilled and reskilled 54 lakh youth. It also established 3000 new ITIs in India, that are responsible for delivering vocational training of one or two-year skill courses through the Craftsman Training Scheme (CTS).

While showcasing the strategy for the 'Amrit Kaal' of the Modi Government, she mentioned that the government will be guided by the principle of ‘Reform, Perform, and Transform’ which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, and create opportunities for all.

She also mentions that this is an important policy priority for the Government to ensure timely and adequate finances, relevant technologies, and appropriate training for the 'Micro, Small, and Medium Enterprises' (MSME) to grow and compete globally.

The rooftop solarization policy will also provide employment opportunities for youth with technical skills in manufacturing, installation, and maintenance, along with entrepreneurial opportunities for many vendors for supply and installation. Through this policy, one crore households will be able to obtain up to 300 units of free electricity every month.

The minister also stated that 30 crore Mudra Yojana loans have been given to women entrepreneurs to empower them, through which the participation of women in the workforce has increased.

She also stated that the PM-SVANidhi has provided monetary assistance to 78 lakh street vendors, and of those, 2.3 lakh have received assistance for the third time. The PM-Vishwakarma Yojana has provided end-to-end support to the artisans and craftspeople engaged in 18 trades.

In her speech, she said that setting up a separate Department for Fisheries has resulted in a doubling of both inland and aquaculture production. Seafood exports have also doubled since 2013–2014.

She also mentioned stepping up the implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY), which will generate 55 lakh employment opportunities in the near future.

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