Patna, 31 January 2025
The much-anticipated Economic Survey for the fiscal year 2024-25 was tabled in Parliament by Finance Minister Mrs. Nirmala Sitharaman. The report provides a comprehensive analysis of India’s economic scenario, with promising insights into agricultural advancements, industrial progress, skilling efforts, and employment generation.
Commenting on the release, noted author and social entrepreneur Dr. Birbal Jha applauded the government’s persistent efforts toward economic development and employment creation. “The Economic Survey reveals a roadmap for holistic national progress. The commendable efforts of the Finance Minister in presenting this detailed and insightful report deserve applause. India is clearly on the right track to harness its demographic dividend and establish itself as a global leader,” said Dr. Jha.
Empowering the Workforce with Skilling Initiatives
One of the standout highlights of the survey is the government’s aggressive push toward skill development under schemes like Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Jan Shikshan Sansthan (JSS), and the ITI Upgradation Scheme. These programs have successfully trained over 1.57 crore individuals, with over 1.21 crore certified.
Under the flagship PM Vishwakarma initiative, 11.79 lakh artisans have received basic skills training across 3,145 skill centers spanning 559 districts. In a dynamic job market, the government’s multi-layered skilling strategy is aimed at addressing specific workforce needs, including AI and task-specific training.
“The government’s focus on providing AI-based foundational skills to all sectors is a futuristic move. This will help Indian youth compete on a global level, making them industry-ready for a dynamic job landscape,” said Dr. Jha.
Creating Global Employment Opportunities
To enhance the global employability of Indian youth, the survey emphasizes the importance of internships, public-private partnerships, and international employment agreements. Dr. Jha acknowledged the government’s strategic MoUs with foreign countries as evidence of its seriousness in creating job opportunities both domestically and abroad.
Additionally, he called for policy reforms to remove GST from language training programs to facilitate better opportunities for Indians aspiring to work overseas.
Industrial and Entrepreneurial Growth
The resilience of the manufacturing sector, highlighted in the survey, reflects India’s robust recovery from the pandemic. The survey notes that the sector added over 22 lakh jobs since the pre-pandemic period, signaling renewed industrial vitality.
Moreover, initiatives like Mudra Yojana, Start-Up India, and Stand-Up India have encouraged a culture of entrepreneurship. “This entrepreneurial drive, supported by government initiatives, has fostered self-employment and contributed to sustainable livelihoods,” remarked Dr. Jha.
Formalization and Women Empowerment
The Economic Survey revealed that formal sector employment has more than doubled, with EPFO subscribers increasing from 61 lakh in FY 2019 to 131 lakh in FY 2024. Women have also benefited significantly, with skilling initiatives empowering over 32,000 women entrepreneurs between 2021 and 2024 under the SANKALP program.
The survey further highlighted the government’s efforts to formalize employment in unorganized sectors through the eShram portal, which has registered over 30.5 crore unorganized workers to provide them access to social security schemes.
A Vision for Sustainable Growth
“The focus on inclusive growth, sustainable job creation, and fostering entrepreneurship reflects the government’s long-term vision for a self-reliant India,” said Dr. Jha. He emphasized that simplifying compliance, promoting labor flexibility, and strengthening workers’ welfare are essential steps for driving job creation.
India’s Rising Global Economic Position
The survey confidently projects India as the world’s third-largest economy by 2030, with its youthful demographic being a key driver. The median age of 28 years stands in stark contrast to the aging populations of developed nations, giving India a strategic advantage on the global stage.
Dr. Jha concluded, “India stands at a pivotal moment in its history. With strong economic strategies, visionary leadership, and a skilled workforce, the nation is set to emerge as a global leader. The government’s dedication to skilling and employment will undoubtedly pave the way for a brighter future.”
As India continues its journey toward becoming a global economic powerhouse, the collaborative efforts of the government and its people remain crucial in achieving this ambitious vision of “Viksit Bharat.”