As Centre eyes employment generation, energy, financials, infra, manufacturing sectors to be in center: Report

New Delhi [India], July 25 (ANI): After the Union Budget 2024 was presented in parliament on July 23, the people supply chain company TeamLease Services identified the top areas of the economy that will provide the highest job opportunities. Job creation has been the primary focus of the first budget since Prime Minister Narendra Modi returned to power in his third term.

The sectors such as power and energy, financial services, infrastructure, manufacturing, healthcare and pharmaceuticals, agriculture, retail and e-commerce, tourism, skills & education will be the top areas where job opportunities will be created in the upcoming days.

The budget presents several employment opportunities in the BFSI sector through various initiatives. These include Rs 10 lakh crore under PMAY-U 2.0 for affordable housing, expected to drive a 15-20 per cent growth in job opportunities. Establishing over 100 new branches of India Post Payments Bank in the North Eastern region could result in an 8-10 per cent increase in jobs within the payments bank sector, according to the report.

The government’s PM Surya Ghar Muft Bijli Yojana will provide free electricity to 1 crore households via rooftop solar installations, generating approximately 2000+ jobs in manufacturing, installation, and maintenance. it stated.

Significant funding for the National Green Hydrogen Mission will create employment in research, production, and infrastructure. Developing Bharat Small Reactors and AUSC thermal power plants will also generate jobs in construction, operation, and maintenance, as per the report.

The budget lays a strong foundation for job creation and skill development through significant infrastructure investments. Projects like the Amritsar Kolkata Industrial Corridor, major road projects, and new power, airport, and medical facilities will drive regional development and create around 20 lakh direct and indirect jobs in functions like industrial construction, manufacturing, logistics, civil engineering, plant construction, operation, maintenance, etc. in eastern India, including states like West Bengal, Bihar, and Punjab, as per the report.

The credit guarantee scheme for MSMEs will facilitate term loans for machinery without requiring collateral, aiding in small business expansion. This will boost employment in states such as Maharashtra, Gujarat, Uttar Pradesh, and Madhya Pradesh. With nearly 50 per cent of MSMEs based in rural areas, job opportunities in these regions will also see a significant increase, it added.

The report anticipated that the allocation of Rs 2,143 crore for PLI for the pharmaceutical industry will stimulate job creation in the healthcare sector.

The Union Budget 2024-25 will significantly impact job creation in agriculture. Over two years, 1 crore farmers will be trained in natural farming, creating a minimum of 1 lakh jobs in training and bio-input centres.

It further mentions that the establishment of a dedicated e-commerce export hub will boost online trade. Additionally, the government has reduced TDS on e-commerce from 1 per cent to 0.1 per cent which will eventually create an opportunity for job creation.

The government’s initiatives to enhance key religious and historical sites aim to boost tourism and create jobs across various sectors, the report adds.

The Union Budget for 2024-25, with an allocation of Rs 1.48 lakh crore for education, employment, and skilling, is set to create diverse job roles and boost employment in various cities, the report said.