A big step towards the transformation of various sectors 

A big step towards the transformation of various sectors 

Why in the News?

The 2024-25 Budget presents a forward-thinking agenda, introducing various initiatives to stimulate India's economic growth and promote social progress.

Prioritized Areas in the Recent Budget 2024-25

1.       Job Creation and Skilling:

o    Allocation of ₹1.48 lakh crore to job creation, employment, and skilling.

o    Focus on building a service-oriented economy through the development of a skilled workforce.

2.      Energy Transformation:

o    Significant investments in solar panel manufacturing and nuclear energy.

o    ₹89,287 crore dedicated to sustainable energy solutions.

3.      Healthcare Initiatives:

o    Measures to improve healthcare access, including customs duty exemptions on life-saving cancer medications and advanced medical equipment components.

4.      Technology and Innovation:

o    Introduction of a framework with nine priorities for leveraging advanced technology.

o    Allocation of ₹1 lakh crore for research and innovation, along with a 50-year interest-free loan.

Accessibility and Affordability in the Budget

• Customs Duty Exemptions on Drugs:
• Exemptions on three essential cancer medications to reduce costs and improve accessibility.
• Support for Medical Equipment:
• Waiver of customs duties on components crucial for advanced medical technologies.
• Alignment with Domestic Capacity:
• Emphasis on aligning customs duties with domestic manufacturing capabilities under the phased manufacturing program.

Prioritizing Inclusivity and Fiscal Prudence

• Women’s Workforce Participation:
• Initiatives like hostels, creches, and skilling programs to boost women's participation in the economy.
• Research and Development:
• Encouragement for private sector collaboration to increase R&D investment, vital for innovation and sustainable growth.
• Public-Private Partnerships:
• Promotion of public-private partnerships to enhance healthcare delivery and infrastructure, emphasizing inclusivity and collaboration.

Conclusion: The government should broaden the scope of skilling programs to encompass a wider range of sectors and skill levels, ensuring the workforce is prepared for the demands of a service-oriented economy.