The Union Budget for 2024-25 has allocated an impressive Rs 1.48 lakh crore to brace education, employment, and skilling initiatives across India. Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman emphasized that this substantial investment will primarily target employment generation, skill enhancement, MSMEs, and the middle class.
A key highlight of the Budget is the introduction of a new scheme designed to provide internship opportunities for 1 crore young individuals in 500 leading companies. These internships will come with a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000, aiming to support youth in gaining valuable work experience and financial stability.
"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 recognising the first time employees and supporting employees and employers,” said the Finance Minister. (Source: NDTV)
Further details revealed that the government will offer one month's wage to all new entrants in the formal sector. This Direct Benefit Transfer scheme will distribute one month's salary in three instalments to first-time employees registered with the EPFO, capped at Rs 15,000. The scheme is eligible for individuals earning up to Rs 1 lakh monthly, aiming to benefit 210 lakh youth.
Sitharaman also announced measures to enhance women's participation in the workforce, including establishing working women hostels and creches. Additionally, a National Cooperation Policy will be introduced to foster overall development. Financial support for loans up to Rs 10 lakh for higher education in domestic institutions was also confirmed, reinforcing the government's commitment to making education more accessible.
