Jyoti Mayal, Chairperson of the Tourism and Hospitality Skill Council (THSC), in this guest column, underscored the importance of skill development and the rising demand for a skilled workforce, that are addressed as key focal points in Budget 2024. She also voiced her support for the budget’s initiatives to expand internship and apprenticeship opportunities, recognizing their crucial role in driving economic growth.
By Jyoti Mayal
I am delighted to share that the Budget 2024 has placed a significant emphasis on skill development to address the evolving needs of the workforce and ensure that our economy remains competitive in a rapidly changing global environment.
The budget 2024 has allocated substantial resources for training in Future Skill jobs. This includes setting up new training centres and upgrading existing ones with modern equipment and technologies & preparing the workplace for the future. A major thrust is on youth empowerment through skill development.
The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has been revamped with new courses aligned with industry requirements. Additionally, internship and apprenticeship opportunities will be increased to provide hands-on experience through special funds. There will be a stronger focus on industry-aligned training programs and introduces a comprehensive internship scheme at a total cost of ₹63,000 crore, providing internship opportunities at 500 top companies to 10 million youth over the next 5 years. This initiative will offer exposure to real-life business environments, varied professions, and employment opportunities, with an internship allowance of ₹5,000 per month along with a one-time assistance of ₹6,000.
For the existing workforce, the budget proposes various upskilling and reskilling initiatives. These programs aim to ensure that workers can adapt to new roles and technologies, thereby increasing their employability and productivity.
The expansion of training centres, enhancement of curriculum, and introduction of new courses in cutting-edge technologies are key components of this initiative. Collaboration with state governments and private sector partners will be crucial in establishing new centers in underserved regions. The PMKVY has been allocated close to ₹12,000 crore for revamping and scaling up the scheme to include new-age courses and increase the number of beneficiaries.
The budget will help build a dedicated workforce for all industries, especially the tourism and hospitality sector. Infrastructure development will lead to an increase in domestic tourism, which will further demand skilled workers. This budget presents unique opportunities to align the schemes directly with industry and the private sector and take them to the last milestone.
Additionally, the budget includes the revision of the model Skill Loan Scheme to facilitate loans up to ₹7.5 lakh for each student with a guarantee from a government-promoted fund. This measure is expected to benefit 25,000 students every year. Financial support for loans up to ₹10 lakh for higher education in domestic institutions will also be provided to students not eligible for any benefit under government schemes and policies.
In conclusion, the Budget 2024 is a forward-thinking document that aims to bridge the gap between the skill-development ecosystem and employment opportunities. By focusing on outcome and quality of skilling, with course content and design aligned to the needs of the industry, the budget ensures that our workforce remains competitive on the international stage. This comprehensive approach to skill development will undoubtedly empower our youth, enhance their employability, and drive economic growth.
