Budget 2024 Prioritises Skill Development with Major Funding Boost and Industry Alignment, Announces Jyoti Mayal, Chairperson THSC
The government took a very significant budgetary step toward workforce alignment of skill schemes with industry demand and the reach of training programs in underserved areas through collaboration with state governments and private sector partners. Greater momentum for infrastructure development and the adoption of modern technologies will drive domestic tourism, creating a subsequent demand for skilled workers and new job opportunities.
As Chairperson THSC, I am happy to say that the Budget 2024 has placed a significant emphasis on skill development to address the evolving needs of the workforce and to ensure that the economy remains competitive in a rapidly changing global environment.
The exact amount for each scheme is yet to be declared however, there is a huge emphasis for Skill Development Mission which has received additional funding to expand its reach and effectiveness.
This includes setting up new training centres and upgrading existing ones with modern equipment and technologies.
To prepare the workforce for the future, the budget allocates substantial resources for training in Future Skills job roles.
A major thrust is on youth empowerment through skill development. The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has been revamped with new courses aligned with industry requirements. Additionally, internship and apprenticeship opportunities will be increased to provide hands-on experience. Special funds will be allocated for this.
For the existing workforce, the budget proposes various upskilling and reskilling initiatives. These programs aim to ensure that workers can adapt to new roles and technologies, thereby increasing their employability and productivity.
Expansion of training centres, enhancement of curriculum, and introduction of new courses in cutting-edge technologies.
Collaboration with state governments and private sector partners to establish new centres in underserved regions.
PMKVY – Budgeted Allocation close to ₹12,000 crore for Revamping and scale up the scheme to include new age courses and increase the number of beneficiaries. More focus on industry-aligned training programs and an increase in the number of internships and apprenticeships with 500 top Indian companies.
The budget will help build a dedicated workforce for all Industry and specially the Tourism & Hospitality sector which has bounced back aggressively post Covid-19 Pandemic. Infrastructure development will lead to increase in domestic tourism which will further ask for skilled workers. This budget presents a unique opportunity to align the schemes directly with Industry & Private sector and take it to the last mile stone. I congratulate the government & Honourable Finance Minister for looking at the Youth, Skill Gaps & unemployment.
