Union Finance Minister Nirmala Sitharaman on Tuesday announced Budget 2024-25 in the Lok Sabha. This was Sitharaman's seventh budget presentation on a trott in the Parliament that was mainly focused on youths, employment & infra push for states like Bihar & Andhra Pradesh. In the Union Budget 2024-25, the government identified nine priorities- productivity and resilience in agriculture, employment and skilling, social justice, manufacturing & services, urban development, energy security, infrastructure, innovation R&D, and next-generational reforms. Amid the NEET scandal & rage over Agniveer schemes, the Union Government tried to pacify the youths by announcing five schemes for youths and making several announcements to boost employment. Not only this, but FM Sitharaman also announced the standard deduction has been increased from Rs 50,000 to Rs 75,000 for salaried personnel. Below is a Budget 2024-25 breakdown in terms of youths & Employment-
What did the youths get in Budget 2024-25?
- Nirmala Sitharaman on Tuesday (July 23) announced five new schemes and initiatives to generate employment to youths. "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..." said Nirmala Sitharaman.
- Nirmala Sitharaman announced that the government 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 said.
- Furthermore, the Union Finance Minister announced, "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."
- New centrally-sponsored scheme for skilling in collaboration with states, industry; 20 lakh youth to be skilled over 5 years.
- Model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh
- Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution
- Fast-tracking growth of rural economy and employment opportunity will be policy goal
- Internship in top companies as the fifth scheme under PM's package. SItharaman said, "Our government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youths in 5 years. They will gain exposure for 12 months to real-life businesses and employment opportunities. An allowance of Rs 5000 per month along with a one-time assistance of Rs 6000 will be provided. The companies will be expected to bear the training costs and 10 percent of the internship costs from their CSR funds." Sitharaman said that youth will gain exposure for a period of 12 months in real-life business environments, varied professions, and employment opportunities.
- Sitharaman proposed revision of Model Skill Loan Scheme to help 25,000 students every year.
- E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions to be given directly to one lakh students each year for annual interest subvention of 3 percent of the loan amount.