India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology. The government's commitment to comprehensive development and global branding of iconic tourist centres signals a strategic approach to tap into the vast opportunities within the tourism industry.

Finance Minister Nirmala Sitharaman emphasised the encouragement of states to undertake the holistic development of iconic tourist destinations. The focus includes global-scale branding, marketing initiatives, and the exploration of opportunities in spiritual tourism.

"States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale... Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," Sitharaman said in her budget speech.

Amid the pandemic, there has been a notable surge in domestic tourism. To capitalise on this trend, the budget proposes projects for port connectivity, tourism infrastructure, and amenities, particularly in island regions such as Lakshadweep. These endeavours aim not only to boost tourism but also to create additional employment opportunities.

"To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also," the finance minister said.

Infrastructure boost

The budget outlines a significant 11 per cent increase in infrastructure capital expenditure (capex) for the fiscal year 2025, amounting to ₹11.11 trillion. This substantial investment is expected to generate both formal and informal jobs, providing a crucial stimulus to the economy.

Industry experts highlight the positive effects on the hospitality sector, foreseeing increased employment due to a rise in religious and business tourism.

Additionally, the construction sector is expected to benefit from the ambitious construction of two crore houses under the PM Awas Yojana (Grameen).

Technological advancements

The budget's forward-looking approach includes substantial investments in sunrise sectors and deep tech.

Also watch |Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman

The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan is particularly noteworthy. This corpus is designed to provide long-term financing, encouraging the private sector to scale up research and innovation in emerging technological domains.

"For our tech-savvy youth, this will be a golden era. A corpus of₹1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains," the finance minister said.

(With inputs from agencies)