(GIST OF YOJANA) Budget Empowers India’s Gen-Z MARCH-2023
(GIST OF YOJANA) Budget Empowers India’s Gen-Z
Budget Empowers India’s Gen-Z
Youth is its biggest asset for any country, as youth power entails a spirit of innovation, technology prowess, entrepreneurship and sports acumen.
India is blessed to have the highest number of young population. Under the leadership of the Prime Minister, several policies to meet the youth’s aspirations have been implemented to achieve the vision of a developed India in Amrit Kaal by 2047.
In the progressive landscape of India’s economic growth and development, youth has a significant leadership role.
With high energy, innovation and creativity levels, Indian youth are meaningfully contributing to India’s growth story.
Youth are becoming more conscious of convergence and inclusion and are supporting efforts to foster dialogue with their global counterparts. The Union Budget 2023-24 has emphasised ‘Amrit Peedhi’ as a priority under the “Saptarishi” guiding through the Amrit Kaal.
It focuses on seven key areas: inclusive development, youth power, last-mile connectivity, infrastructure, green growth, unleashing potential, and a robust financial sector.
Youth empowerment is one of the top priorities in this year’s budget.
Tapping the Demographic Dividend:
India is a consumer-driven economy with a young working-age population. Young people can adapt fast and be in sync with the dynamic macroeconomic ecosystem and technological change.
With a population of more than 1.4 billion, India marks a new phase in its growth story, enabling the opportunity to frame development strategies.
The median age in our country is 28.4, this is 38 in China and 47 in Germany. The rural youth population is 65 percent of the total population.
The population bulge with young people has produced a demographic dividend providing an unprecedented economic development trajectory.
Although there is a global economic slowdown, India’s GDP is projected to grow by 7 per cent in the current financial year as one of the world’s fastest-growing economies.
One of the top priorities of this year’s budget is youth empowerment. Additional allocations in the budget for skill development and employment opportunities will empower the youth.
The proposal to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 and set up Skill India International centres will facilitate imparting of world-class skill training to our youth.
Building the capacities of youth through quality education and skilling will contribute to economic growth.
A manifold increase in the budget for youth affairs and sports will help develop an enabling ecosystem for learning sports-related disciplines and technology, thus creating opportunities for the youth to make a career in the field of sports.
Education and Skill Development are the growth drivers for inclusive development. Building the capacities of youth through quality education and skilling will contribute to economic growth.
The 2023-24 Budget for the Ministry of Education is Rs 1,12,898.97 crores. It is the highest allocation so far.
The National Education Policy (NEP) lays the foundation for a comprehensive and inclusive education focusing on up-skilling and facilitating job creation at scale for well-rounded individuals armed with 21st-century skills.
India has an inherent entrepreneurial spirit as nearly 79% of organisations in India are family-led businesses.
Our new-age businesses and Startups are creating a competitive edge for innovation and prosperity. With the burgeoning Startup ecosystem and the entrepreneurship culture, Indian youth are geared to become entrepreneurs and solve real-life problems.
Many young entrepreneurs are now exposed to early-stage incubation support through Atal Tinkering Labs in schools which is crucial to boost entrepreneurship from a young age.
The launch of the Startup India Initiative in 2016 has boosted innovation and economic activities in our country.
India is the hub of the Startup ecosystem in the world, ranking third with more than 91,000 DP IIT- recognised startups and 108 unicorns worth 30 billion dollars; this has been manifested only by the contribution of India’s youth.
The Union Budget has proposed several strides to boost the startup ecosystem, improving the investment climate and boosting the entrepreneurial spirit of the youth.
Youth Power-one of the 07 top priorities:
Yuva Shakti is the prime driver for nation-building. India’s development journey depends on creating a progressive ecosystem for creating opportunities for youth to think big, create, innovate, and leapfrog for India’s growth and global impact.
The aspirational initiatives proposed in the Union Budget 2023-24 shall strengthen the Indian youth to realise their true potential thereby aiding their advancement, making them more competitive and securing formidable positions on the global front.
India’s youth are mindful of the critical challenges related to sustainable development; they are now more sensitised and have increased commitment to social, economic and environmental issues.
Policy-makers must create an enabling ecosystem for new-generation entrepreneurs who can become job providers. The time is ripe for India’s youth to rise to the occasion, channel their energy and tech prowess towards a self-reliant India and establish India’s name as a global leader.
Youth forms the core of new and developed India. The time is ripe for India's youth to rise to the occasion, channel their energy and tech prowess towards a self-reliant India and establish India's name as a global leader.