Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.
The Union Budget for 2024-25 has an allocation of Rs 1.48 lakh crore for education, employment and skilling in the country. Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.
The Government will also launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000.
Ms Sitharaman said, "Our govt will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support to employees and employers. "
She added, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth."
Ms Sitharaman says, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"
Besides this, the government will also provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions.
Talking about the budget, Prateek Shukla, co-founder and CEO of Masai School, emphasised that, "The government's decision to prioritize employment and skilling under the budget is a major stride towards empowering India's youth population. The allocation of Rs 1.48 lakh crore towards education, employment, and skill development highlights the importance of improving the standard and accessibility of education throughout the nation."
He adds that in partnership with state governments and the industry, the new centrally supported skill-building program under the prime minister's package will future-proof the workforce by giving individuals the knowledge and talents they need to adjust to emerging technology and market trends.
(With inputs from agencies)