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India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

New Delhi, The <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> for 2024-25 will provide Rs 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> and skilling in the country. Presenting the <keyword id="19936553" type="General" weightage="20" keywordseo="Budget" source="keywords">Budget</keyword> in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said it will focus on employment, skilling, MSMEs and the middle class. She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country. As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the minister said. She added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget provides ₹1.48 lakh crore for education, employment, skill: FM

Anticipation is steadily building for the Union Budget of 2024, which President Murmu has hinted could be “historic”. Stakeholders are optimistic about policies aimed at enhancing domestic production and fostering economic growth. Consumers, on the other hand, eagerly await the potential benefits coming their way—including ones from the upcoming <keyword id="12026484" type="General" weightage="100" keywordseo="Railway-budget" source="Orion">Railway budget</keyword>. According to reports thus far, the Union Budget of 2024 is expected to place a significant emphasis on the Railway industry—one of the three cores of the Indian economy. This time, there is a strong expectation that the Railway budget will address various consumer-centric issues, including travel safety and overall experience quality. As Finance Minister Nirmala Sitharaman prepares to present the Union Budget on July 23, here are some key expectations for the Railway industry: <cmsannotation type="cmsannotation" annotationid="Highest-ever allocation for Indian Railways budget" comment="subhead" text="Highest-ever allocation for Indian Railways budget">Highest-ever allocation for <keyword id="6355455" type="General" weightage="20" keywordseo="Indian-Railways" source="Orion">Indian Railways</keyword> budget</cmsannotation> <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> is anticipated to heavily focus on several aspects of the railway sector. In the interim budget of 2024, the <keyword id="19905911" type="General" weightage="20" keywordseo="Ministry-of-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Railways" meta.hostid="261" meta.entityid="Ministry of Railways">Ministry of Railways</keyword> was allocated Rs 2.55 lakh crore for the fiscal year 2024-25. However, the upcoming budget is expected to increase this allocation significantly, ET NOW reports. It could potentially reach Rs 3 lakh crore, marking the highest-ever allocation for this sector. <cmsannotation type="cmsannotation" annotationid="Increased focus on passenger safety and capacity" comment="subhead" text="Increased focus on passenger safety and capacity">Increased focus on passenger safety and capacity</cmsannotation> During the Lok Sabha elections, the <keyword id="6360676" type="General" weightage="20" keywordseo="railways" source="Orion">railways</keyword> ministry faced significant criticism for various safety incidents and overcrowding in general coaches. To address these issues, the ministry is expected to allocate substantial funds to prevent operational mishaps, expand rail capacity and reduce congestion, the Business Standard reports. The government is expected to focus on the implementation of Kavach, an indigenously developed Automatic Train Protection System. Experts welcome the government’s emphasis on safety upgrades, particularly the network-wide implementation of train protection systems and the mechanisation of maintenance operations. <cmsannotation type="cmsannotation" annotationid="Enhancing passenger travel experience and quality" comment="subhead" text="Enhancing passenger travel experience and quality">Enhancing passenger travel experience and quality</cmsannotation> The budget is also anticipated to focus on improving facilities for passengers, modernising amenities and enhancing the overall quality of railway travel, as per Goodreturns. Capital expenditure will likely be directed towards upgrading coaches, with an initial plan to upgrade 40,000 bogies, and improving sanitation facilities. Passenger comfort and safety will continue to be priorities as the public increasingly values comfort over cost. <cmsannotation type="cmsannotation" annotationid="Possible reinstatement of Senior Citizen Railway Concession" comment="subhead" text="Possible reinstatement of Senior Citizen Railway Concession">Possible reinstatement of <keyword id="22455972" type="General" weightage="20" keywordseo="Senior-Citizen-Railway-Concession" source="keywords">Senior Citizen Railway Concession</keyword></cmsannotation> There is growing anticipation about the potential reinstatement of the Senior Citizen Railway Concession during Budget 2024, according to Business Today. This move is seen as particularly significant ahead of the upcoming general elections later this year. In March 2020, the Indian Railways discontinued discounts on train fares for senior citizens and women, requiring them to pay full fares like other passengers. Previously, the Senior Citizen Railway Concession was available for all classes of mail and express trains. Reports and RTI inquiries have revealed that the withdrawal of these concessions led to significant additional revenue for the Railways. During the suspension period, the Indian Railways accrued Rs 5,062 crore from eight crore senior citizens, with Rs 2,242 crore resulting from the absence of concessions. <cmsannotation type="cmsannotation" annotationid="Prioritising infrastructure spending" comment="subhead" text="Prioritising infrastructure spending">Prioritising infrastructure spending</cmsannotation> The <keyword id="19935166" type="General" weightage="20" keywordseo="Union-Budget-2024" source="keywords">Union Budget 2024</keyword> is expected to prioritise infrastructure spending, the Goodreturns report adds. The focus is likely to be on rapid development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Capital funds are likely to be allocated for expanding the metro network, NaMo Bharat corridors, Vande Bharat trains, high-speed corridors and economic corridors. Plans also include developing a high-speed rail network like the Mumbai-Ahmedabad route and allocating funds towards the Rapid Rail Transport System.

Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

Jaipur (Rajasthan) [India], July 19 (ANI): The <keyword id="6375844" type="General" weightage="20" keywordseo="ministry-of-micro" source="Orion">Ministry of Micro</keyword>, <keyword id="6375845" type="General" weightage="20" keywordseo="small-and-medium-enterprises" source="Orion">Small and Medium Enterprises</keyword> launched a new initiative called the 'Yashaswini' initiative under the '<keyword id="22467687" type="General" weightage="20" keywordseo="Empower-Her-Udan" source="Orion">Empower Her Udan</keyword>' campaign on Thursday, July 18, to encourage and support women entrepreneurs across the country. Under this campaign, the first phase is set to start on Friday, July 19, in Jaipur. According to the Director of <keyword id="6358354" type="General" weightage="20" keywordseo="MSME" source="Orion">MSME</keyword>, <keyword id="657556" type="General" weightage="20" keywordseo="Ankita-Pandey" source="Orion">Ankita Pandey</keyword>, around 600 women entrepreneurs in the state will be participating in the event, which will start at the <keyword id="14599491" type="General" weightage="20" keywordseo="Rajasthan-International-Centre" source="Orion">Rajasthan International Centre</keyword> today. Pandey said that the initiative is being introduced to provide a formal education for women operating commercial enterprises, along with creating awareness among them of all the <keyword id="7776964" type="General" weightage="20" keywordseo="MSME-schemes" source="Orion">MSME schemes</keyword> they can utilise. "The initiative is to introduce formal education for the women who operate commercial enterprises, along with creating awareness among them to utilise all the MSME schemes,' she said. Pandey further mentioned that women can register at different stalls at the centre based on the skills they require to develop to run an enterprise, including training, capacity building, how to make full use of their capital, how to get market access, how to develop their product, and also how to do digital marketing. She also mentioned that this will not be a one-day event and that workshops will be organised at local MSMEs for further development. "This is not a one-day event; it will be a continuous process and training workshops will also be organised at local MSME organisations for further development in this matter," she said. <keyword id="22467688" type="General" weightage="20" keywordseo="Union-Minister-for-MSME" source="Orion">Union Minister for MSME</keyword> Jitan Ram Manjhi, Union Minister of State for MSME Sobha Karandlaje, Chief Minister of Rajasthan Bhajan Lal Sharma and State Cabinet Minister Colonel Rajyavardhan Singh Rathore will be participating at the event today.

MSME launches Yashaswini Initiative to support women entrepreneurs; First phase to start on July 19 in Jaipur

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul> When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages. He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet. With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation. <div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div> The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort. If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.

Nvidia eyes partnership with India to develop a new AI chip, all you need to know

India currently faces a shortage of 2.41 million skilled workers in the telecom sector in the 5G era, which is forecast to jump by 3.8 times by 2030, a report showed on Friday. The country will require 22 million skilled workers in 5G-focused industries by 2025, in areas such as cloud computing, robots and the Internet of Things (IoT). One of the key challenges is that only 40 per cent of India's graduates in computer science, IT, and math are employable in the technology sector due to the mismatch between academic requirements and industry demands, according to the report by the Telecom Sector Skill Council (TSSC), launched in association with enterprise decision-making platform Draup at the India Mobile Congress (IMC) 2023 here. The number of employed talent in the Indian telecom industry is currently 11.59 million, with 2.95 million corporate talent and 8.24 million blue-collar talent. According to the report, India is the only country expected to have a skilled labour surplus, with 1.3 million workers in the technology, media and telecommunications (TMT) sector by 2030. "In anticipation of the upcoming 6G era, our focus remains on aligning our skilling initiatives with cutting-edge technologies, ensuring a workforce ready for the future of telecom," said Atul Tiwari, Secretary, <keyword id="2485309" type="General" weightage="50" keywordseo="ministry-of-skill-development" source="Orion">Ministry of Skill Development</keyword> and Entrepreneurship. The report, titled '<keyword id="19288877" type="General" weightage="50" keywordseo="telecom-talent" source="Orion">Telecom Talent</keyword> in 5G Era: Demand Supply Skill Gap Report 2023-24', highlighted that across 15 top streams, network operation and maintenance and project engineering have the most corporate talent, while network operation and maintenance and sales and distribution - service segment have the most blue-collar talent. According to Arvind Bali, CEO, TSSC, the telecom sector is the third-largest industry in India that accounts for roughly 6.5 per cent of all FDI inflow and also by 2027, the country is anticipated to account for 11 per cent of all 5G subscriptions worldwide. "India has a good chance to close the growing demand-supply gap by 2030 with the proper reskilling and hiring strategies that target adjacent talent in tier 2 and 3 cities and university supply," said Bali. With the help of AI, even more powerful 6G network technologies will emerge in the future, the report mentioned.

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Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

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Budget provides ₹1.48 lakh crore for education, employment, skill: FM

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Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure

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MSME launches Yashaswini Initiative to support women entrepreneurs; First phase to start on July 19 in Jaipur

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Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

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Nvidia eyes partnership with India to develop a new AI chip, all you need to know

BI India Bureau

Only 40% of India's IT, Comp Sc, math graduates employable in tech sector says TSSC

IANS

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