Budget 2024-25 Promotes MSMEs and Ease of Doing Business

Union Minister for Labour and Employment, Dr. Mansukh Mandaviya, expressed gratitude to Prime Minister Narendra Modi for the visionary Union Budget 2024-25, which will open new avenues for the welfare of farmers, the poor, youth, and women.

With a thematic focus on employment, skilling, MSMEs, and the middle class, the budget sets forth ambitious initiatives and incentives aimed at transforming India's socio-economic landscape, he added.

Union Minister highlighted that, Prime Minister’s package of five schemes and initiatives stands as a testament to the government’s commitment to creating opportunities for 4.1 crore youth over the next five years with a central outlay of Rs. 2 lakh crore. This substantial investment underscores the government's dedication to enhancing education, employment, and skilling, with a provision of Rs. 1.48 lakh crore specifically allocated for these purposes, he added.

Union Minister Dr. Mansukh Mandaviya emphasized that the announcements made in the Union Budget 2024-25 will play a crucial role in creating more employment opportunities for youth, skilling the labour force, and facilitating ease of doing business.

The comprehensive initiatives, such as the Employment Linked Incentive Schemes and substantial investments in education and skilling, are designed to generate numerous job opportunities across various sectors, he stated.

He further mentioned that by incentivizing first-time employees and supporting both employees and employers, the Government aims to integrate more individuals into the formal workforce.

Additionally, the integration of the e-shram portal with other welfare schemes and the revamping of Shram Suvidha and Samadhan portals will simplify compliance procedures, thereby enhancing the ease of doing business for industry and trade, he further mentioned.

Dr. Mandaviya expressed confidence that these measures, coupled with focused efforts to increase women's participation in the workforce and support for MSMEs, are expected to create a more dynamic and skilled labour force, ultimately driving economic growth and development.