Union Budget 2024: Govt announces five schemes for employment and skilling, allocates Rs 2 lakh crores
Indian Finance Minister Nirmala Sitharaman presents 2024 Union Budget.
Indian Finance Minister Nirmala Sitharaman on Tuesday (July 23) announced that five schemes will be introduced to provide employment that will benefit 4.1 crore youth with an outlay of Rs 2 lakh crores while presenting the 2024 Union Budgetin the Parliament.
"I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling," 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," the finance minister added.
Also Read:Union Budget 2024: Nirmala Sitharaman's budget already set a record. Here's how.
"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,"Sitharaman further said.
The FMalso announced financial support for higher education loans.
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"Government to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions," she said.
FM Sitharaman highlights Modi 3.0 government's nine priority areas
FM Sitharamansaid thatthe 2024 Union Budgetwill build the path for the future and emphasised the nine priority areas for the Modi 3.0 government.
These nine areas are: productivity and resilience in agriculture, employment and skilling, improved human resources, social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-gen reforms.
Watch:India Budget: Government's take in focus
"The Budget envisages sustained efforts on nine priority areas for generating ample opportunities for all. Future budgets will build on these priorities of the 2024 Budget," the finance minister said.
(With inputs from agencies)