Union Budget 2024-25: Top Sectors for Job Growth

In the wake of the Union Budget 2024 announcement, TeamLease Services has delved into the details and pinpointed the sectors with the highest job creation potential for the coming year. The budget’s strong emphasis on job creation is set to unlock substantial employment opportunities across diverse industries, driving robust economic growth and enhancing temporary staffing prospects.

Top Sectors with Maximum Job Creation Potential:

Financial Services: The budget introduces several employment opportunities in the BFSI sector. ₹10 lakh crore for PMAY-U 2.0 may increase roles by 15-20%, and 100+ new India Post Payments Bank branches could add 8-10% more jobs. New measures for MSMEs, Mudra loans, and support for shrimp farming aim for a 10-15% rise in rural and credit roles. Technology and digitization will drive demand for fintech specialists.

Power & Energy: The PM Surya Ghar Muft Bijli Yojana will provide free electricity via rooftop solar, creating 2000+ jobs in manufacturing, installation, and maintenance. The National Green Hydrogen Mission and Bharat Small Reactors will generate jobs in research, production, and infrastructure. New power projects, including a 2400 MW plant at Pirpainti and an 800 MW AUSC technology plant by NTPC and BHEL, will add 1200-1500 jobs.

Infrastructure: The budget will create 20 lakhs jobs through major projects like the Amritsar-Kolkata Corridor, new power and medical facilities, and road upgrades in eastern India, and southern regions via the Visakhapatnam-Chennai and Hyderabad-Bengaluru corridors. With ₹1.5 lakh crore in interest-free loans and ₹11,11,111 crore in capital expenditure, the focus is on boosting employment and economic growth.

Manufacturing: The credit guarantee scheme for MSMEs provides collateral-free loans for machinery, boosting job creation in Maharashtra, Gujarat, Uttar Pradesh, and Madhya Pradesh, with increased opportunities in rural areas.

The Employment Linked Incentive scheme plans to generate 50 lakh jobs and benefit 30 lakh youth with EPFO reimbursements. ₹1.09 lakh crore is allocated for job creation over five years, and 1 crore youth will gain experience through internships at 500 top companies, including manufacturing.

Healthcare and Pharmaceuticals: The government exempts customs duties on three cancer medicines and reduces duties on medical tech, boosting domestic healthcare. With ₹2,143 crore for PLI in the pharma industry, this will create jobs for medical technologists and healthcare workers. Cities like Bangalore, Hyderabad, and Pune will see increased employment in medical tech.

Agriculture and Agri-Tech: The Union Budget 2024-25 will boost job creation in agriculture with initiatives like training 1 crore farmers in natural farming, and creating 1 lakh jobs in training and bio-input centres. A review of agriculture research will lead to more R&D roles, supported by private sector funding. The rollout of Digital Public Infrastructure (DPI) for a digital crop survey in 400 districts will generate IT, data management, and digital training jobs. The Agri-tech industry is expected to see a 20% job growth compared to last year.

Retail and E-commerce: The establishment of dedicated e-commerce export hubs aims to boost online trade, with TDS on e-commerce reduced from 1% to 0.1%. Currently, India’s e-commerce exports are $2 billion, compared to China’s $350 billion, but could reach $350 billion by 2030. Despite banking challenges, this initiative will enhance global trade presence and generate jobs in logistics, technology, customer service, and marketing, driving economic growth.

Tourism and Hospitality: Government initiatives to develop key religious and historical sites aim to boost tourism and job creation. Projects inspired by the Kashi Vishwanath Temple model will enhance Vishnupad and Mahabodhi Temple corridors, creating jobs in hospitality and local services. Rajgir’s development will generate employment in hospitality and retail, while Nalanda’s focus as a major tourist centre will create roles in tour operations, cultural preservation, and local crafts. These projects will significantly impact Gaya, Bodh Gaya, Rajgir, Nalanda, and parts of Orissa, creating numerous job opportunities.

Education and Skill Development: The Union Budget 2024-25 allocates ₹1.48 lakh crore for education, employment, and skilling, creating diverse job opportunities. Key initiatives include upgrading 1,000 ITIs, a skill development scheme for 20 lakh youth, and financial support for 25,000 students annually. Major cities and educational hubs will see job growth in vocational training, content development, and skill training.

The Union Budget 2024-25 promises to foster substantial job creation across various sectors, driving job security, fosters a skilled workforce, and opening up numerous opportunities in temporary staffing.

“The union budget has effectively addressed the need for job creation across several key sectors. The introduction of the employment-linked incentive scheme in the budget marks a significant advancement in reducing informal employment in the country. TeamLease Services is committed to supporting these initiatives and implementing strategies that will translate these policies into tangible employment opportunities, driving sustained economic growth,” said Kartik Narayan, CEO- Staffing, TeamLease Services.

Disclaimer: This article was first published on Business News.

Are you looking to expand your workforce with skilled contract manpower? Contact us to leverage our expert temporary staffing services.