Given the fact that the Centre focuses on the sectors of employment generation, energy, finance, infrastructure, production: Report

New Delhi (India), July 25 (ANI): After the Union Budget 2024 was presented in Parliament on July 23, supply chain firm TeamLease Services has highlighted key areas of the economy that will provide the most employment opportunities. Job creation was the main focus of the first budget since Prime Minister Narendra Modi returned to power for his third term.

In the coming days, the main areas where new employment opportunities will be created will be sectors such as energy, financial services, infrastructure, manufacturing, healthcare and pharmaceuticals, agriculture, retail and e-commerce, tourism, and vocational education.

The Budget has outlined several job opportunities in the BFSI sector through various initiatives. These include Rs 10 lakh crore under PMAY-U 2.0 for affordable housing, which is expected to generate 15-20 per cent job growth. The setting up of over 100 new branches of India Post Payments Bank in the north-eastern region could result in an 8-10 per cent job growth in the payments banking sector, as per the report.

The prime minister’s Surya Ghar Muft Bijli Yojana will provide free electricity to 1 crore households through rooftop solar installations, creating around 2,000 jobs in manufacturing, installation and maintenance, it said.

The substantial funding for the National Green Hydrogen Mission will create employment in research, manufacturing and infrastructure. The development of Bharat Small Reactors and AUSC thermal power plants will also generate jobs in construction, operations and maintenance, according to the report.

The Budget lays a solid foundation for job creation and skill development through significant infrastructure investments. Projects like the Amritsar Kolkata Industrial Corridor, major road projects and new power plants, airports 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, operations, maintenance etc. in eastern India, including states like West Bengal, Bihar and Punjab, according to the report.

The SME Credit Guarantee Scheme will facilitate term loans for machinery without the need of collateral, helping small businesses expand. This will boost employment in states like Maharashtra, Gujarat, Uttar Pradesh and Madhya Pradesh. Since nearly 50 per cent of SMEs are based in rural areas, employment opportunities in these regions will also increase significantly, it added.

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

The Union Budget for 2024-25 will go a long way in creating jobs in agriculture. In two years, 1 crore farmers will be trained in organic farming, creating at least 1 lakh jobs in training centres and bio-inputs.

He also mentioned that setting up a dedicated e-commerce export hub will boost online trade. Moreover, the government has reduced TDS on e-commerce from 1 percent to 0.1 percent, which will ultimately create an opportunity for job creation.

The report added that government initiatives to raise the profile of important religious sites and monuments are aimed at boosting tourism and creating jobs in various sectors.

The Union Budget 2024-25, which has earmarked an amount of Rs 1.48 lakh crore for education, employment and skilling, aims to create diverse job opportunities and increase employment across cities, the report said. (ANI)