FICCI Director General Jyoti Vij has praised the Union Budget presented on July 23 and called it a job creator. She says, "In the last elections, employment was a big issue, and the government has rightly accelerated measures to increase job creation. The middle class has also benefited, the new tax system has provided some relief. There has been a lot of focus on women-led development; the government is not only talking about it but is actively pursuing it. She has said many more things in her special comment on the budget.The Union Budget presented by Finance Minister Nirmala Sitharaman has taken several important decisions aimed at protecting the interests of workers and promoting employment. Labour productivity is very important for the development of any country. India's workforce is around 56.5 crore, of which more than 45 percent are employed in agriculture, 11.4 percent in manufacturing, 28.9 percent in services and 13.0 percent in construction.

The announcement of labor reforms is a welcome step

According to the United Nations Population Projections, the working age population (15-59 years) in India will continue to grow till 2044. According to this estimate, about 78.51 lakh jobs need to be created annually in the non-agricultural sector to meet the growing needs of the Indian economy. The announcement of important employment related measures and labour reforms in the Union Budget is a welcome step.

It is necessary to bring the unorganized sector into the organized sector

Bringing the unorganized sector into the organized sector is a necessary step to fulfill the dream of developed India. The e-Shram portal is the first national database of unorganized workers, with more than 29 crore workers registered on the portal. The e-Shram portal was launched to create a national database with the aim of registering about 38 crore workers in the unorganized sector. The integration of the e-Shram portal with the National Career Service Portal and other portals of other ministries and departments will create a better and easier labor ecosystem, benefiting workers, employers and policy makers alike. The integrated services will ensure timely receipt of workers' rights and benefits, improving their all-round development.

The role of Shram Suvidha and Samadhan Portal is important

The renovation of the Shram Suvidha and Samadhan Portal will create a more efficient, transparent and user-friendly labour ecosystem. The Integrated Shram Suvidha Portal has been developed to facilitate reporting and submission of returns. The portal is envisaged as a point of contact between the employment providers and enforcement agencies, bringing transparency in their operations. For integration of data between various enforcement agencies, every inspectable unit under any labour law has been given a labour identification number under the portal. This is a major step towards ease of doing business.

One of the most prominent schemes introduced in the budget is the employment-linked incentive scheme. These schemes are specifically designed to provide financial incentives to employers for hiring new workers in the construction sector. With this move, the government aims to encourage job creation in the formal sectors, which will significantly contribute to reducing unemployment and boosting economic growth.

Establishment of working women hostel is a commendable initiative

Another commendable initiative taken by the government is to increase the participation of women in the workforce by setting up working women hostels and creches in collaboration with the industry. With the youngest population in the world with an average age of 28 years, India can use the dividend of its population which is equipped with employable skills and can meet the needs of the industry. Providing internship opportunities for one crore youth in top 500 companies with government contribution and CSR by the industry is a very innovative idea. These trainees will be able to gain knowledge as per the needs of the industry and build professional networks which will increase job opportunities as well as self-employment opportunities.

Lack of skills as per current needs

Nearly 65 percent of India's rapidly growing population is under the age of 35, and many of them lack the skills needed to meet current needs. An estimated 51.25 percent of youth are considered employable, in other words, about one in every two youth is not employable immediately after college. This initiative by the government will help strengthen the relationship between educational institutions and industry.