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Informist, Tuesday, Jul 23, 2024

--BUDGET: To form econ policy framework to focus on job generation 
--BUDGET: To promote pvt investment in infra, provide framework soon 
--BUDGET: Framework for creative redevelopment of cities soon 
--BUDGET: Will build on detailed formulation of econ policy framework 
--BUDGET: To integrate e-shram portal with other portals 
--BUDGET: To facilitate wide array of svcs to labour 
--BUDGET: Open architecture database for an evolving labour mkt
 

NEW DELHI – The government will formulate a comprehensive economic policy framework to set the scope for the next generation of reforms that will facilitate employment opportunities while sustaining high growth, Finance Minister Niramal Sitharaman said today in her Budget speech for 2024-25 (Apr-Mar). Next-generation reforms are among the nine priorities of the full Budget presented in Parliament.

"Our government will initiate and incentivise reforms for improving productivity of factors of production and facilitating markets and sectors to become more efficient," Sitharaman said. "These reforms will cover all factors of production, namely land, labour, capital and entrepreneurship, and technology as an enabler of improving total factor productivity and bridging inequality."

The Centre would require support from the state governments to implement the next generation of reforms, Sitharaman said. As such, the Centre has raised the allocation for the 50-year interest-free loans to states for capital expenditure to 1.50 trln rupees in 2024-25 from 1.06 trln rupees projected in the revised estimates for the last fiscal year.

The Centre will work with the state governments to initiate land-related reforms and labour-related reforms, Sitharaman said. Under land-related reforms, the government will cover land administration, planning, management, and urban planning and building bylaws. "These will be incentivised for completion within the next three years through appropriate fiscal support," Sitharaman said.

Under labour-related reforms, the government will integrate the e-shram portal with other portals, Sitharaman said. "Open architecture databases for the rapidly changing labour market, skill requirements and available job roles, and a mechanism to connect job aspirants with potential employers and skill providers will be covered in these services."

The government will also revamp the Shram Suvidha and Samadhan portals to enhance ease of compliance for industry and trade, Sitharaman said.  End

Reported by Krity Ambey

Edited by Rajeev Pai

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