Union Budget’s Game-changing Impact On India’s Youth
By aligning its initiatives with the government's vision, CEDMAP and similar institutions are poised to play a crucial role in this transformative journey, writes the author
As the Skill India Mission, launched by Honorable Prime Minister Narendra Modi, approaches its decade milestone in July 2025, the Union Budget 2024-25 stands as a monumental testament to the government's unwavering commitment to upskilling India's youth, enhancing employment opportunities, and creating a conducive environment for entrepreneurship and self-employment.
With youth as one of its four key focus areas, and employment and skilling as its second priority, the Union Budget clearly underlines the Government of India’s vision to empower the nation’s young population through multiple schemes under the Prime Minister's package.
The comprehensive schemes addressing the employment needs of both youth and women, along with a robust focus on skill development, signify a major positive shift. The strategic emphasis on integrating first-time job seekers into the organized sector workforce acknowledges the existing hiring biases. By instituting rigorous checks and balances, the government aims to prevent misuse and ensure effective implementation of these schemes.
One of the most transformative initiatives is the internship program designed to provide exposure to one crore youth in 500 top companies over the next five years. This program promises to be a game-changer, offering young individuals valuable professional experience and preparing them for the global job market. The internship allowance will alleviate financial burdens, making it easier for participants to engage in these opportunities and incentivize their learning process.
Institutions like the Centre for Entrepreneurship Development, Madhya Pradesh (CEDMAP) have been at the forefront of the mission to upskill India’s youth. The alignment of CEDMAP's efforts with the new government schemes will amplify the impact, ensuring a broader reach and more profound outcomes.
Furthermore, the budget addresses the educational aspirations of India’s youth. The provision of Rs 10 lakh education loans with interest subvention for students not availing other schemes will democratize access to premium educational institutions, making higher education more inclusive. This move will make education in India truly inclusive, enabling a greater number of students to pursue their academic aspirations without financial constraints.
The Union Budget’s holistic approach extends beyond education and skilling. It promotes an environment conducive for self-employment and entrepreneurship. The Rs 100 crore credit guarantee for manufacturing MSMEs is a significant boost for small businesses, vital for India’s economic growth. With the manufacturing sector contributing 17% to India’s GDP, this support is crucial for the progress of the nation and the strengthening of its 63 million MSMEs.
Moreover, the budget’s fiscal prudence is commendable. Despite increasing resources for employment generation, agriculture, and other sectors, the Finance Minister has adhered to the fiscal discipline, reducing the fiscal deficit target from 5.1% to 4.9% of GDP. This transparency and commitment to fiscal responsibility reflect the government’s dedication to sustainable economic growth.
The Union Budget represents a strategic blueprint for nurturing a skilled, educated, and entrepreneurial youth. By aligning its initiatives with the government's vision, CEDMAP and similar institutions are poised to play a crucial role in this transformative journey. The convergence of targeted government schemes and dedicated institutional efforts will empower India’s youth, equipping them to drive the nation’s growth and innovation on a global scale. As these initiatives take root, we can anticipate a future where the young generation is not only skilled and employable but also a formidable force in shaping India’s socio-economic landscape, heralding a new era of prosperity and development.
