New Delhi, July 23, 2024.
Union Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024-25 after the Cabinet gave its approval. She listed out a number of job creation measures in her budget speech. Here are some of the key steps government is all set to take for job creation in India.
1. Paid internship programme
Nirmala Sitharaman announced, “Internship in 500 top companies to be encouraged under 5th new scheme of Modi government. 1 crore youth to benefit from government’s internship scheme. Internship allowance of Rs 5000 per month and one-time assistance of Rs 6,000 to be provided under internship scheme. Companies to bear training costs from their CSR funds under govt’s internship scheme.”
2. Youth skilling scheme
The finance minister said Youth Skilling Scheme Provision Hiked Model skill loan scheme to be revised to facilitate loans up to Rs 7.5 lakh with guarantee from government promoted fund. Model skill loan scheme to benefit 25,000 students per year.
3. Roadmap for job growth
Sitharaman said that incentive to be provided at specified scale both to employee, employer in first four years of employment. She said, “All employment within salary of Rs 1 lakh per month to be counted. Government to reimburse to employers Rs 3,000 per month towards. EPFO contribution for two years for each additional employee.”
4. Three schemes for employment generation
The FM said, “Government to set up 3 schemes for employment generation. Scheme for first timers to provide 1-month wage to all persons newly entering the workforce in all sectors. First-time employment scheme to benefit 2.1 crore youths.”
