Mumbai: The 2024-25 Budget, unveiled by Finance Minister Nirmala Sitharaman in July strategically aims to boost India’s economic landscape, focusing on job creation, fiscal consolidation, and infrastructure development.

It reflects the government’s resolve to build a resilient economy capable of withstanding global challenges.

This Budget not only aims to stimulate growth across diverse sectors, but also includes a comprehensive plan prioritising the welfare of the underprivileged, women, youth, and farmers (Garib, Mahila, Yuva, and Annadata), aligning with the goal of inclusive economic development.

One of the standout features of the Budget is its robust emphasis on creating employment opportunities. It actively encourages the involvement of the private sector in conjunction with governmental efforts to enhance job prospects.

The notable initiatives include subsidies for the first month’s wages, internships in the top 500 companies, and covering EPFO contributions to increase employment, and support women, which is expected to significantly impact job growth.

The Budget also cements India’s position as a burgeoning hub for startups by easing the angel tax and doubling the cap for Mudra loans to Rs 20 lakh per individual.

These measures are designed to nurture entrepreneurship and provide a fertile ground for startups, thus promoting innovation and contributing to economic expansion, and making India the No 1 startup hub globally.

Skill development is addressed as a crucial component for economic growth, with the budget introducing innovative strategies for skill enhancement across various levels of the workforce. This focus is expected to bridge the skill gap and enhance employability.

Highlighting the demographic potential of India, the budget includes targeted measures to boost female participation in the workforce. Initiatives such as setting up working women’s hostels and childcare facilities are aimed at empowering women economically and facilitating their active involvement in the labour market.