Dear FM, Follow BJP Manifesto if you Want to Tackle Unemployment
Nirmala Sitharaman will present the first budget of Modi government 2.0 on 5 July.
Video Editor: Vivek Gupta
First-time FM Nirmala Sitharaman will present the first Budget of Modi 2.0 on 5 July and for that she'll be faced with two big challenges – to boost the economy and to create new jobs. Both these challenges are related to each other.
The BJP had made tall promises to tackle unemployment before the Lok Sabha elections. If any of those promises will be reflected in the proposed Budget of the BJP then that'll be of much help to those unemployed. Before speculating the possible announcements in the Budget, its important to understand the economy and the current scenario of unemployment.
Unemployment was at the highest in the last 45 years. There is a lack of demand in many sectors. When the demand is low, the supply will also decline. Which means lesser workforce will be needed. Which is why these sectors are being crippled by unemployment. Let’s have a look at the solutions which the government is likely to resort to in order to address unemployment.
The government is likely to identify the main sectors and announce important policies in that regard. BJP in its manifesto had promised to identify 22 sectors. The party said that employment will be generated by encouraging those sectors. To encourage the start-up, the government is likely to propose the policy of giving collateral free loans of upto Rs 50 lakh. The government might also announce new innovation zones. Before the Lok Sabha elections, the BJP in its manifesto had promised to establish the Seed Start-up Fund worth Rs 20,000 crore to encourage the start-ups. An announcement confirming this is likely in the Budget.
The government might introduce new policies to create more workforce. For this, the government had also promised to introduce the 'National Reskilling & Upskilling' policy. The government might make announcements about technologies like Artificial Intelligence and Electric Mobility also. These sectors have a possibility to offer more jobs in the future.
Govt Likely to Announce New Innovation Centres for MSME Sector
Through these centres, the government might make the MSME familiar with technologies like artificial intelligence, robotics, internet of things, virtual reality and blockchain. Government might also lay emphasis on the interest rate in the manufacturing sector. There is scope for this sector to create more jobs.
Agriculture Sector Important in the Budget
Recession is high in rural areas. Modi government has announced to double farmers' wages by 2022. If the Budget proves to be taking progressive steps towards fulfilling this then it would not only generate employment in the agriculture sector but would also help demand to grow in sectors like FMCG and manufacturing sector, creating more jobs.
And finally, a thing that is unrelated to the Budget but important and that is that the government must practice its slogan 'sab ka saath, sab ka vikaas, sab ka vishwaas' because where there is no peace, safety and trust no economic reform can ever prosper.
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