2024-07-24
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Union Budget 2024-25 Focuses on Education, Employment, and Skilling
Union Budget 2024-25: Major Boost for Education Sector
Union Budget 2024-25 Focuses on Education, Employment, and Skilling
The Union Budget for 2024-25 has earmarked Rs 1.48 lakh crore for education, employment, and skills, reflecting a strong emphasis on enhancing these sectors. Presenting the budget in the Lok Sabha, Finance Minister Nirmala Sitharaman highlighted the government's focus on employment, skilling, MSMEs, and the middle class.
Key initiatives include the launch of a scheme to provide internship opportunities to 1 crore youth in 500 top companies, with a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000. Additionally, three employment-linked incentive schemes will be implemented as part of the Prime Minister's package. These schemes will be based on enrollment in the Employees' Provident Fund Organisation (EPFO), focusing on first-time employees and providing support to employees and employers. New employees in all formal sectors will receive one month’s wage, and first-time employees registered with the EPFO will receive a Direct Benefit Transfer of one month's salary in three installments, up to Rs 15,000. The eligibility limit for this scheme is a salary of up to Rs 1 lakh per month, benefiting 210 lakh youth.
Further supporting women in the workforce, the government will establish working women hostels and promote higher participation of women through hostels and creches. A new National Cooperation Policy will also be introduced to aid overall development. Financial support will be provided for loans up to Rs 10 lakhs for higher education in domestic institutions, aiming to increase accessibility and affordability of higher education. Overall, the Union Budget 2024-25 demonstrates a comprehensive approach to enhancing education, employment, and skills in India, aiming to empower the youth and support economic growth.
Key initiatives include the launch of a scheme to provide internship opportunities to 1 crore youth in 500 top companies, with a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000. Additionally, three employment-linked incentive schemes will be implemented as part of the Prime Minister's package. These schemes will be based on enrollment in the Employees' Provident Fund Organisation (EPFO), focusing on first-time employees and providing support to employees and employers. New employees in all formal sectors will receive one month’s wage, and first-time employees registered with the EPFO will receive a Direct Benefit Transfer of one month's salary in three installments, up to Rs 15,000. The eligibility limit for this scheme is a salary of up to Rs 1 lakh per month, benefiting 210 lakh youth.
Further supporting women in the workforce, the government will establish working women hostels and promote higher participation of women through hostels and creches. A new National Cooperation Policy will also be introduced to aid overall development. Financial support will be provided for loans up to Rs 10 lakhs for higher education in domestic institutions, aiming to increase accessibility and affordability of higher education. Overall, the Union Budget 2024-25 demonstrates a comprehensive approach to enhancing education, employment, and skills in India, aiming to empower the youth and support economic growth.
