Tap to Read ➤

Youth and Skilling Initiatives Under Budget 2024

The Finance Minister announced the union budget 2024 on 23rd July. Concerning the youth & employment generation, a major portion of the budget is allocated. Check youth and skilling initiatives under Budget 2024 here!
Budget Allocation for Youth Upskilling
Sitharaman announced a Rs. 2 lakh crore package for five schemes which are aimed at creating jobs and providing skilling to 4.1 crore youth in the country.
Schemes for Employment Incentives
The Finance Minister announced a package for employment and skilling and 3 schemes for “Employment Linked Incentive”.
Employment Linked Incentive Schemes
  • Scheme A- for first-timers
  • Scheme B- job creation in manufacturing
  • Scheme C- to support employers
EPFO Incentivization by Job Creation
She also talked about job creation in manufacturing to incentivize employees and employers concerning the EPFO contribution.
Model Skill Loan Scheme Revamping
The FM also announced that the Model Skill Loan Scheme will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from a government-promoted fund.
Youth Skilling Initiative & Roadmap
With the allocated amount of Rs. 60,000 crore, govt aims to skill over 2 million youth over the next five years in collaboration with state governments and the industry.
Boost in Internship Opportunities
A year-long paid internship opportunity to 10 million youth in India’s top 500 companies over the next five years.