The Union Budget 2024 was released yesterday by Finance Minister Nirmala Sitharaman which brings numerous opportunities for upskilling youth and farmers of India. It mentions job opportunities, and allocation of funds to promote growth and development. The budget also cited a special column for women-led development in India. The includes allocation of Rs 3 lakh crore for schemes benefitting women and girls, setting up working women hostels and establishing creches, and lowering stamp duties for properties purchased by women.
Looking into the newly implemented budget, Nykaa CEO Falguni Nayar shared her perspectives on India's growth. She mentions that India's Union Budget includes five schemes to boost employment and skill development for 41 million youth over five years, with a central outlay of Rs 2 lakh crore. These schemes aim to increase household's purchasing power, attract new consumers, and support women-specific skilling and market access for self-help groups. India's female labor force participation rate is increasing to 37 per cent and the women-specific interventions will solidify this momentum. The new tax regime allows salaried employees to save up to Rs 17,500, boosting consumption sentiment. The budget also aims to protect India's consumption-led growth by focusing on employment, skilling, and infrastructure development, while ensuring inflation control.
India's fast-growing economy is expected to boost consumption and drive equitable development, with 1.4 billion people, primarily under 30, and a propensity to spend. The budget addresses consumer confidence and promotes sustainable and inclusive development, highlighting India's potential.
