Budget 2025 Expectations|Increase funding for skilling initiatives, including NAPS, says SMFG India Credit COO Swaminathan Subramanian

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

Taxpayers have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.

This is what Swaminathan Subramanian, Chief Operating Officer, SMFG India Credit has to say--

“This time of the year, the retail investors and India Inc. voice out their expectations from the Union Budget. As we keenly await the union budget announcement, the expectations to build on the success of existing frameworks and introduce forward-looking measures, are high.

The large set of current and potential employees across our nation look at the government for enhancing job creation and enabling incremental savings. 

Employment-linked incentive schemes, such as the National Apprenticeship Promotion Scheme (NAPS), have been instrumental in driving job creation and skilling across sectors, particularly in rural and underserved regions.

These initiatives have not only empowered youth with industry-relevant skills but have also strengthened workforce inclusion and productivity.

As we approach the upcoming budget, we anticipate enhanced focus on expanding such transformative programs. Increasing funding allocations for skilling initiatives, including NAPS, and introducing incentives to encourage greater industry participation can significantly accelerate workforce development.

Expanding the scope of employment-linked incentives to include targeted support for first-time job seekers and women professionals would further deepen their impact.

Investments in upgrading technical training infrastructure, strengthening Industrial Training Institutes (ITIs), and integrating digital and vocational training into skilling programs are essential to prepare India’s workforce for emerging economic opportunities.

Additionally, policies to bridge regional disparities in skilling and employment will contribute to greater social inclusiveness and sustainable growth.”

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.