On Tuesday, Finance Minister Nirmala Sitharaman presented the Union Budget for 2024–25 after receiving Cabinet approval. Her budget speech highlighted several measures aimed at job creation in India. Here are some key initiatives:
1. Paid Internship Programme
The government is set to launch a paid internship programme in 500 top companies. Announcing this, Sitharaman stated, “Internship in 500 top companies to be encouraged under the 5th new scheme of the Modi government. 1 crore youth to benefit from the government’s internship scheme. An internship allowance of Rs 5000 per month and one-time assistance of Rs 6,000 will be provided under the internship scheme. Companies will bear training costs from their CSR funds.”
2.Youth Skilling Scheme
In an effort to boost youth employability, the finance minister announced an increase in provisions for the Youth Skilling Scheme. The revised model skill loan scheme will facilitate loans up to Rs 7.5 lakh with guarantees from a government-promoted fund. This scheme aims to benefit 25,000 students per year
3. Roadmap for Job Growth
Sitharaman outlined incentives for job growth, stating that incentives will be provided to both employees and employers in the first four years of employment. She said, “All employment within a salary of Rs 1 lakh per month will be counted. The government will reimburse employers Rs 3,000 per month towards EPFO contributions for two years for each additional employee.”
4.Three Schemes for Employment Generation
To further boost employment, the government will set up three schemes focused on employment generation. The first scheme will provide a one-month wage to all persons newly entering the workforce across all sectors. This first-time employment scheme is expected to benefit 2.1 crore youths.
These initiatives reflect the government’s commitment to job creation and youth empowerment, aiming to provide substantial support to both employers and employees in the coming years.
Commentaires