Union Finance Minister Nirmala Sitharaman has introduced a new scheme under Budget 2024, offering education loans up to Rs 10 lakh for students pursuing higher education in domestic institutions. The Budget, presented in the Lok Sabha, allocates Rs 1.48 lakh crore for education, employment, and skilling, focusing on supporting employment, skilling initiatives, MSMEs, and the middle class.
The government will also launch a program providing internship opportunities to 1 crore youth across 500 top companies. Interns will receive Rs 5,000 per month and a one-time assistance of Rs 6,000.
The companies facilitating the internships will cover the cost of training and utilise their Corporate Social Responsibility (CSR) funds for this purpose. Interns will gain exposure to real-life work environments and receive a monthly allowance.
Ms. Sitharaman said, "Our government will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These schemes will be based on enrollment in the EPFO and will focus on recognizing first-time employees and providing support to employees and employers."
She added, "We will provide one month's wage to all individuals newly entering the workplace in formal sectors. Direct Benefit Transfer of one month's salary in three installments to first-time employees registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. This scheme will benefit 21 million youth."
Ms. Sitharaman also mentioned that working women hostels will be set up to promote higher female participation in the workforce through hostels and creches. The government will also introduce the National Cooperation Policy for overall development.