Union Finance Minister Nirmala Sitharaman unveiled a ₹2 lakh crore package in Budget 2024, focusing on youth employment, education, and skills through five new schemes aimed at significant national development goals.
During the presentation of Budget 2024-25, Union Finance Minister Nirmala Sitharaman announced a comprehensive package of five schemes aimed at bolstering employment, education, and skills development for the youth. This initiative, part of the Prime Minister's vision, is set to benefit 4.1 crore young individuals over the next five years, with a substantial central outlay of ₹2 lakh crores.
Focus on Education and Skilling Initiatives
Sitharaman highlighted a significant allocation of ₹1.48 lakh crores towards enhancing education, employment, and skilling opportunities. One of the key measures includes financial support for loans up to ₹10 lakh for higher education within India. Additionally, the government plans to upgrade 1,000 ITIs using a hub-and-spoke model to improve vocational training facilities across the country.
Centrally-Sponsored Skilling Scheme
A new centrally-sponsored scheme was introduced to train 20 lakh youth over the next five years, emphasizing collaboration with states and industries. The model skilling loan scheme has been revised to offer loans up to ₹7.5 lakh, aiming to empower more youth with skills necessary for the evolving job market.
Employment Generation and Women's Participation
The budget also outlines three employment-linked schemes, including incentives for 30 lakh youth entering the workforce by covering one month's PF contribution. Furthermore, to encourage women's workforce participation, working women hostels will be established nationwide. Additionally, support for developing climate-resilient seeds underscores the government's commitment to sustainable agricultural practices.
In conclusion, Budget 2024-25 reflects a comprehensive approach towards empowering India's youth through education, skilling, and employment initiatives. With substantial investments and strategic schemes, the government aims to create a robust ecosystem that nurtures talent and fosters economic growth in the years ahead.
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