Skilling, apprenticeship programmes part of measures to ensure youth are equipped to meet the demands of future employment
Stating that the capital investment outlay would be increased by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of the GDP, Finance Minister Nirmala Sitharaman said, “The budget makes the need once again to ramp up the virtuous cycle of investment and job creation.” The outlay is almost three times that of 2019-20 and Sitharaman added that the substantial increase in recent years is central to the government’s efforts to enhance growth potential and job creation, crowding in private investments, and providing a cushion against global headwinds.
The unemployment rate as on 19 December 2022, based on The Centre for Monitoring Indian Economy’s (CMIE) data, stood at 9 percent on a 30-day moving average basis, up from 6.5 percent in January 2022.
The minister said that the “government aims to skill lakhs of youth for over three years with enabled demand-based skilling and sector-specific skilling i.e. they will be trained with skills that are relevant in the industry."
To this end, Sitharaman said that the government plans to set up 30 Skill India International Centres to ensure job creation under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), The centres will focus on skills including coding, artificial intelligence, robotics, mechatronics, Internet of Things (IoT), and 3D printing drones, among others.
“By prioritizing PMKVY 4.0, skill development, job creation, and industry-aligned curriculum, the country's youthful workforce will be equipped with the skills necessary to meet the demands of future employment. This will seamlessly bridge the divide between education and employment opportunities,” said Dr Shuchi Gautam, I/C Director, Thakur Global Business School, Mumbai.