Budget 2024 Live Expectations: Will There Be Tax Breaks for the Healthcare and Health Insurance Sector?

Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeship, predicts that the upcoming budget 2024-25 of the government will strengthen India’s economic priorities. Key focus areas include strategic initiatives like Make in India, PLI programme, Skill India Mission and Digital India, aimed at strengthening the global economic position and strengthening domestic industries.

Reddy emphasises the need to create jobs and address skills gaps with GDP growth expected to exceed 7%.

It calls for the expansion of apprenticeship programmes to create a skilled workforce, proposing a significant increase in engagement levels to match developed economies.

The key recommendations include a tripartite commitment to apprenticeship programmes, raising the cap on apprenticeship places in PLI-registered organisations, encouraging SMEs, extending the duration of apprenticeships, simplifying the regulatory framework and integrating the Apprenticeship Credit Framework with the NEP and NSQF.

These measures are expected to improve skill development, formalise the workforce and align India’s demographic dividend with economic growth projections, allowing India to effectively position itself in the global supply chain.