Empowering India's Youth: Key Focus Areas and Achievements from Budget 2024-25

India's youth population is a vital asset and a driving force for the country's socio-economic development. Recognizing the importance of empowering the youth, the government has allocated significant resources and implemented various initiatives aimed at fostering their growth and development. The recently announced budget for the fiscal year 2024-25 highlights several focus areas and achievements in empowering India's youth, ranging from poverty alleviation to skill development and entrepreneurship. 

Let's delve into these key focus areas and their implications for India's youth. 

Focus Area 1: Poverty Alleviation and Multidimensional Development 

The budget emphasizes poverty alleviation and multidimensional development, with a focus on improving the living standards of vulnerable populations. The percentage of the population identified as multidimensionally poor has seen a significant decline over the years, indicating progress in addressing poverty at its root causes. Additionally, the implementation of schemes like Garib Kalyan and Desh ka Kalyan, along with Direct Benefit Transfer (DBT) initiatives, has resulted in substantial savings and improved welfare outcomes for millions of beneficiaries. 

Percentage of Population who are Multidimensionally Poor: 

• 25 crore people moved out of Multidimensional poverty. 

Garib Kalyan, Desh ka Kalyan: 

• DBT has led to savings of ₹2.7 lakh crore. 

Focus Area 2: Skill Development and Education 

Empowering India's youth through skill development and education remains a key priority in the budget. Significant investments have been made in programs like Skill India Mission, aimed at providing vocational training and enhancing employability skills among youth. The budget allocation for initiatives like the Prime Minister's Scholarship Scheme for Higher Education (PM-SHRI) reflects the government's commitment to supporting higher education and research opportunities for deserving students. 

Skill India Mission: 

• 1.4 crore youth trained under Skill India Mission. 

Prime Minister's Scholarship Scheme for Higher Education (PM-SHRI): 

• Budget Allocation: ₹16 crore in 2023-24 (BE) to ₹23 crore in 2024-25 (BE). 

Focus Area 3: Strengthening Institutions and Infrastructure 

The budget underscores the importance of strengthening educational institutions and infrastructure to provide quality education and research opportunities. Investments in premier institutions like Indian Institutes of Technology (IITs), universities, and All India Institutes of Medical Sciences (AIIMS) aim to enhance academic excellence and expand access to higher education and healthcare services across the country. 

Indian Institutes of Technology (IITs): 

• Increase in Budget Allocation: ₹723 crore in 2014 to ₹1113 crore in 2023. 

All India Institutes of Medical Sciences (AIIMS): 

• Increase in Budget Allocation: ₹7 crore in 2014 to ₹22 crore in 2023. 

Focus Area 4: Entrepreneurship and Financial Inclusion 

Fostering entrepreneurial aspirations among youth is a key focus area highlighted in the budget. The implementation of initiatives like the Pradhan Mantri Mudra Yojana (PMMY) has facilitated access to credit and financial assistance for aspiring entrepreneurs, with millions of loans sanctioned to support small businesses and self-employment ventures. 

Pradhan Mantri Mudra Yojana (PMMY): 

• 43 crore loans sanctioned under PM Mudra Yojana. 

Conclusion: The budget for the fiscal year 2024-25 demonstrates the government's commitment to empowering India's youth through targeted interventions and investments in key focus areas. From poverty alleviation to skill development and entrepreneurship, the budget prioritizes initiatives aimed at unlocking the potential of India's youth population and fostering their holistic development. By addressing the diverse needs and aspirations of young people, India is poised to harness the demographic dividend and drive sustainable socio-economic growth in the years to come.

Sat Feb 3, 2024