Taking forward the theme of the first full-year Budget of the newly elected government, the Finance Minister announced a Prime Minister’s package of five schemes and initiatives…reports Asian Lite News
The Centre has set aside Rs 1.48 lakh crore for education, employment and skilling of youth, which is 30 per cent higher than the previous allocation of Rs 1.13 lakh crore.
“In this Budget, we particularly focus on employment, skilling, MSMEs and the middle class,” stated Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament on Tuesday.
Taking forward the theme of the first full-year Budget of the newly elected government, the Finance Minister announced a Prime Minister’s package of five schemes and initiatives.
The package aims to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore. “This year, I have made a provision of Rs 1.48 lakh crore for education, employment and skilling,” she added.
Delving into further details of the announcement, Sitharaman stated that the government will implement the following three schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers, she said.
The Finance Minister said that 20 lakh youths will be skilled over five years.
The government will also provide financial support of up to Rs 10 lakh for higher education in domestic institutions.
As part of the scheme, 1,000 Industrial Training Institutes will be upgraded in a hub and spoke arrangements.
The Finance Minister on Tuesday laid out nine priorities of Prime Minister Narendra Modi’s government, with a focus on employment, skilling, agriculture and manufacturing.
These are — agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation R&D and next-gen reforms.
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Experts hail allocation
Experts hailed the Rs 1.48 lakh crore allocation for education, employment, and skilling in the Union Budget presented by Finance Minister Nirmala Sitharaman in the Parliament on Tuesday.
“The 2024 budget sounds positive and forward-looking, with a focus on job creation, education, skill development, and building a more inclusive workforce,” said Neeti Sharma, CEO, TeamLease Digital.
“The provision of Rs 1.48 lakh crore made to support education, employment, and skilling demonstrates a robust commitment to workforce development. Schemes enabling industries to create new jobs, financial support for higher education loans, ITI upgrades, and internship schemes will all enable a higher-skilled and employable workforce,” she added.
Sharma said the proposed initiatives will bolster industries such as manufacturing, healthcare, and MSMEs.
Welcoming the Budget as a “positive development,” Anuraag Saxena, CEO, E-Gaming Federation said that jobs are the “primary driver of economic growth, and putting new initiatives and allocations into practice would not only improve the employment situation.”
He added that the budget will “also have a significant impact on developing a trained labour force for all industries, including online skill gaming.”
“The urgency around skilling requirements has been rightly reflected through announcements related to skilling loans, interest subvention on higher education loans, and incentives to corporates for providing internship opportunities,” said Ranen Banerjee – Partner and Leader of Economic Advisory, PwC India.
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