Budget 2024-25 allocations towards skilling and employment and Startup growth | Mayank Kumar | Co-founder & MD | upGrad

“Budget 2024-25 allocations towards skilling and employment and Startup growth marks a watershed moment in India’s journey towards becoming the world’s largest talent economy.

With a very strong emphasis on skilling and employment and bridging the talent-academia gap, GOI’s allocations—to fuel aspirations of 4.1 crore youths, empower women to join the workforce, and provide tax benefits and loans like Skilling loan (upto INR 7.5 lakh) and Education loan (upto INR 10 lakh)—is a masterstroke, set to unlock India’s demographic dividend and drive growth. This budget is not just a financial plan but a blueprint for a brighter future where India’s youth will thrive and continue to lead global job requirements.

Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions, and reimbursement for additional employee EPFO contributions, demonstrate the government’s commitment to creating a conducive employment ecosystem. India’s economic growth, described as a “shining exception,” will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India’s youth to drive growth and innovation.

Moreover, the government’s scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 years will bridge the industry-academia gap and enhance employability, empowering India’s youth with the opportunities they need to bridge the talent supply demand across global jobs. With such bold commitments towards jobs, skilling, and employment, Budget 2024-25 ignites a talent revolution in India, poised to propel the nation’s youth to global leadership.

By abolishing angel tax, the government has given a major fillip to the startup ecosystem, fostering more investments, growth, and innovation in India, and enhancing its capabilities to cater to global demands. Additionally, the reduction of capital gains tax for unlisted equity aligns it with listed equity is another strong move, further boosting investor confidence and liquidity in the startup space.”