Budget Declaration July 23, 2024: Emphasizing Skill Development for an Employable India
Sangeeta Gupta
President Apprenticeship and Trainees @ 2COMS Consulting Pvt. Ltd. | Expertise in Management and Key Account Management
Budget Highlights:
On July 23, 2024, Finance Minister Nirmala Sitharaman unveiled a transformative Union Budget, focusing on skill development as a cornerstone for creating an employable India. The budget allocated ?20,000 crores specifically for skill development initiatives, underscoring the government's commitment to empowering the youth and enhancing their employability in a rapidly changing job market.
Why Skill Development is Necessary Among Youth
In an era where technological advancements and globalization are reshaping industries, skill development is crucial for the youth of India. According to the National Skill Development Corporation (NSDC), India needs to upskill approximately 500 million people by 2025 to meet the demands of emerging job markets (NSDC, 2024).
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The apprenticeship program is a vital component of this strategy. It provides young individuals with practical, hands-on experience, allowing them to apply theoretical knowledge in real-world settings. The government aims to increase the number of apprentices from 1 million to 3 million by 2026, reflecting a robust strategy to enhance employability (Ministry of Skill Development and Entrepreneurship, 2024).
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Future of Apprenticeship Training to Make India Employable and Skilled
The future of apprenticeship training in India is bright, with the government actively promoting initiatives like the National Apprenticeship Promotion Scheme (NAPS) and the National Apprenticeship Training Scheme (NATS). This scheme incentivizes businesses to hire apprentices by offering financial support and tax benefits.
A report from the Ministry of Skill Development & Entrepreneurship (MSDE) highlights that 75% of individuals who complete apprenticeship programs secure full-time employment within six months (MSDE, 2024). This statistic emphasizes the effectiveness of apprenticeships in equipping youth with the skills and experience needed to thrive in the job market.
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Initiatives to be Taken by Organizations for Implementing Apprenticeship Programs
Organizations play a pivotal role in the success of apprenticeship programs. Here are several initiatives that can be undertaken:
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·?????? Mentorship and Guidance: Establishing mentorship programs where experienced professionals guide apprentices can significantly enhance the learning experience, providing invaluable insights and support.
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·?????? Investment in Digital Platforms: Organizations should invest in online training and assessment tools to facilitate skill development. This approach can broaden access to training and allow for flexible learning opportunities.
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·?????? Regular Skill Assessments: Conducting periodic evaluations can help identify skill gaps and tailor training programs accordingly, ensuring that apprentices are equipped with the necessary competencies.
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·?????? Engagement with Government Schemes: Organizations should actively engage with government initiatives to leverage available resources and support for their apprenticeship programs.
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The budget declaration on July 23, 2024, by Nirmala Sitharaman marks a significant commitment to skill development and employability for India's youth. By emphasizing apprenticeship programs and fostering collaboration between educational institutions and businesses, India can build a skilled workforce ready to meet the demands of the future. As organizations implement proactive training initiatives, the vision of a capable and employable India becomes increasingly attainable.
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Why do You NEED US?
We, the 2COMS Group have been ranked #1 TPA in India for the last 5 years. With our expertise and huge success from PAN India Clients, we are known as the best service providers across India for implementing Apprenticeship programs across organizations.
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Want to know more about us? Check our website for more information about our service and its tremendous success. https://www.2coms.com/.
Our Apprenticeship Subject Matter Experts (SMEs) can be reached at following numbers:
Visham Thapa? ?????????????????????? 99602 55007
Faiyaz Mohammed ??????????????? 98315 13090
Navbir Singh ? ??????????????????????? 88093 35313
Krishna Nair ? ??????????????????????? 97935 90703
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References
Assistant Vice President at 2COMS Consulting Pvt. Ltd.
7 个月There is no reason for the company to not implement apprenticeship programs. Many companies have largely benefited from the Central Govt financial support in the Apprenticeship ecosystem. This for sure is going to grow big in the nation.
Talent and Clients Acquisition
7 个月?? Exciting times ahead! The significant boost in funding for Skill Development Programmes and the expansion of the Apprenticeship Programme are fantastic steps towards empowering our youth. Investing in training and real-world experience is crucial for preparing a skilled workforce that can thrive in today’s dynamic job market. Looking forward to seeing the positive impact these initiatives will have on both individuals and the broader economy. Let's keep building a brighter future with 2COMS Train@work Team ??
Branding Consultant. @2coms Consulting Private Limited | Gold Medalist HR | Speaker , Trainer, Content Creator | Project Manager |Tech Recruiter|
7 个月Indeed , Apprenticeship has immense future scope in India across various sectors. A Programme to Empower our Youth. Informative article. Thanks Ma'am for sharing your valuable insights on this.