The focus will be on wellness plans
The general budget for the financial year 2024-25 will be presented on July 23. The general public is expecting that this time Finance Minister Nirmala Sitharaman will make announcements that will bring relief to them. Especially employment should be promoted. In view of the upcoming assembly elections, the central government may also focus on welfare schemes. A report released by national rating agency Care Ratings on Tuesday said that the government may spend more money on employment guarantee schemes, PM Awas Yojana, PM Gram Sadak Yojana, PM Kisan Samman Nidhi and schemes related to small businesses. It is expected that Rs 75,000 crore more than the allocation released by the government for welfare schemes in the interim budget may be spent this time.
This is the plan to increase employment
The government may focus on employment in this year’s general budget. In order to provide employment to more and more people, the Productivity Linked Incentive (PLI) scheme will be promoted in the budget. The amount of allocation under the PLI scheme will be considered for increasing. Apart from this, more employment sectors like textile, leather, footwear and toys may be included in the PLI. Besides, efforts will also be made to provide jobs to the people at regular intervals through MNREGA and housing scheme etc.
It is expected to focus on skills development.
Gaurav Jalan, Founder and CEO of mPocket, says that in the upcoming full budget, the government will focus on employment, infrastructure and innovation. He expects the government to double down on initiatives related to skill development of youth to improve employability. Along with this, increasing employment will be the main agenda of the government. To promote small and medium-sized enterprises and increase the pace of development, incentives can be given to private sector research and investment.
Make the loan process easier
Gaurav Jalan says that for the development of small and medium-sized businesses, access to credit, i.e. the process of obtaining loans, should be made easier, which will increase employment opportunities. The contribution of fintechs in this regard should be seen as positive.
