During her Budget speech today, Finance Minister Nirmala Sitharaman revealed that the government will introduce ID cards for gig workers. Additionally, a social security scheme will grant these workers access to healthcare services.
Sitharaman stated that the government plans to invest in street vendors as well as workers in online and urban sectors. Gig workers engaged with online platforms will receive identity cards and be registered on the e-Shram portal.
The government also announced plans to revamp the PM SVANidhi scheme, which will include enhanced loan offerings from banks, UPI-linked credit cards with a limit of Rs 30,000, and comprehensive capacity-building support.
A new committee, comprising representatives from various stakeholders, has been formed to propose a framework aimed at providing social security and welfare benefits for gig and platform workers.
Furthermore, the Ministry of Labour and Employment issued an advisory urging aggregators to register themselves and the platform workers they engage with on the e-Shram portal.
The definitions for gig workers and platform workers have been established for the first time in the Code on Social Security 2020, which was enacted by Parliament. This Code includes provisions related to social security and welfare for gig and platform workers.
It outlines the development of appropriate social security measures that cover aspects such as life and disability insurance, accident coverage, health and maternity benefits, and old age protection for these workers.
In her address, Sitharaman emphasized that Budget 2025 aligns with the government’s commitment to foster economic growth, promote inclusive development, incentivize private sector investments, boost household sentiment, and enhance the spending capacity of India’s emerging middle class.
The budget session of Parliament commenced on January 31 and is scheduled to conclude on April 4. The budget speech included details on the government’s fiscal strategies, revenue and expenditure plans, tax reforms, and other notable announcements.
With today’s presentation, Sitharaman has delivered her eighth budget.
According to the Economic Survey 2024-25, which was presented in Parliament on Friday, India’s economy is expected to grow between 6.3 percent and 6.8 percent in the next fiscal year 2025-26.
The Economic Survey also highlighted that India must achieve a sustained growth rate of approximately 8 percent for one or two decades to realize its Viksit Bharat ambitions, especially given the sluggish growth observed in the first half of the current financial year.
