by Vijaylakshmi 
“As chairperson THSC i am happy to say that the Budget 2024 has placed a significant emphasis on skill development to address the evolving needs of the workforce and to ensure that the economy remains competitive in a rapidly changing global environment,” Jyoti Mayal, chairperson of Tourism & Hospitality Skill Council and president of Travel Agents Association of India (TAAI), said in a statement.While the exact allocation for each scheme is yet to be declared, there is huge emphasis on the skill development mission which has received additional funding to expand its reach and effectiveness, she added.The union budget 2024-25 proposes to spend approx INR 60,000 crore over the next 5 years to skill around 20 lakh youth and make them job ready. To make this happen 1000 ITIs will be upgraded to function as a hub and spoke with course content curated and designed with the active collaboration of the industry.It’s not just about skilling, the government proposes to offer internship to 1 crore youth in top companies over a period of 5 years with a stipend of INR 5000 per month for one year. For the first time, in order to incentivize the employers, the government through the budget 2024-25 has also proposed an Employment Linked Incentive (ELI) in the lines of PLI.The government proposes to implement the scheme with a tripartite funding model with the Centre contributing around INR 30,000 crore, INR 20,000 crore as state contribution and remaining INR 10,000 crore from the industry using the CSR funds.Welcoming the budget proposal, Mayal said, “In order to prepare the workforce for the future, the budget allocates substantial resources for training in Future Skills job roles,”A major thrust is on youth empowerment through skill development, she said. 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. Special funds will be allocated for this, she informed. For the existing workforce, the budget proposes various upskilling and reskilling initiatives. These programs will ensure that workers can adapt to new roles and technologies, thereby increasing their employability and productivity. Expansion of training centers, enhancement of curriculum, and introduction of new courses in cutting-edge technologies are great step forward, she observed. More focus on industry-aligned training programs and an increase in the number of internships and apprenticeships with 500 top Indian companies. “The budget will help build a dedicated workforce for all Industry and specially the tourism and hospitality sector which has bounced back aggressively post Covid-19 pandemic. Infrastructure development will lead to an increase in domestic tourism which will further ask for skilled workers. This budget presents unique opportunities to align the schemes directly with industry and private sector and take it to the last milestone,” she said.
Published On Jul 29, 2024 at 08:00 PM IST
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