In a move that will benefit 2.1 crore youth, Finance Minister Nirmala Sitharaman announced a one-month wage, up to Rs 15,000 in three installments, for all persons newly entering the formal workforce sector in the Budget on Tuesday. The FM also announced a scheme to provide internship in top 500 companies to 1 crore youth in five years.
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From skills to loans to internships, a look at Budget announcements for the youth:
For new job entrants: A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be provided. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month.
#UnionBudget2024: "Our government will launch a comprehensive scheme providing internship opportunities in 500 top companies to one crore youth in five years": FM Nirmala Sitharaman.Track LIVE: https://t.co/myc9RwAPCL pic.twitter.com/DPbkjDsom5
— News18 (@CNNnews18) July 23, 2024
Internship scheme: The government’s scheme is aimed at giving interns exposure to real-life business. Interns will be given Rs 5,000 per month along with one-time assistance of Rs 6,000.
Manufacturing jobs: The government will also provide incentive of specified scale directly to employee and employer in first four years of employment will be provided to employees entering manufacturing jobs. This will benefit 30 lakh youth and employers.
Support to employers: As support to employer, additional employment in all sectors within a salary of 1 lakh/month will be provided Rs 3,000 per month for 2 years to cover EPFO charges. This will incentivise additional employment of upto 50 lakh persons.
Skills: A total of 20 lakh youth will be skilled over 5 years.
Education loans: Financial support of up to Rs 10 lakh for higher education in domestic institutions will be provident. There will be an annual Interest Subvention for 3 percent.
This year’s Budget is in paperless form, as done in the last three years. This is the first budget of the Modi 3.0 government and is expected to give a push to initiatives in various segments of the economy, in line with the Viksit Bharat 2047 Vision, while maintaining fiscal prudence. People of India have reinforced their faith in the government led by Modi and re-elected it for the third term, she said, while presenting the Budget in Lok Sabha.
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India’s economic growth continues to shine while the global economy is still in the grip of policy uncertainty, Sitharaman added. The country’s inflation continues to be stable and is moving towards 4 per cent, and core inflation stands at 3.1 pc.
Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and an interim budget on February 1, 2024.
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