Budget 2024: Finance Minister Announces Employment, Skilling Schemes Worth Rs 2 Lakh Crore

Finance Minister Nirmala Sitharaman has announced a package of five schemes and initiatives for employment, skilling, youth etc. with a total outlay of Rs 2 lakh crore.

For education of youth and those who are not eligible under other schemes, financial support for loans up to Rs 10 lakh for higher education in domestic institutions, would be provided. E-vouchers for this purpose would be given directly to 1 lakh students every year for annual interest subvention of 3% loan amount, Sitharaman said in her Budget 2024 speech.

• Internship Opportunities For Youth: As a fifth scheme under the PM's package, Sitharaman announced the government would provide internship opportunities to over 1 crore youth in top 500 companies. For this, an internship allowance of Rs 5,000 per month and a one-time allowance of Rs 6,000 would be provided under the scheme. She added that the training cost would be expected to be borne by the companies from their CSR funds.

For participation of women in workforce, the government will set up working women hostels in collaboration with industry and also set up creches. Women-specific skilling programs and for-women self-help groups would be set up.

"...Schemes announced in the interim budget are well underway," she added.

The Union Budget 2024 is the full budget after the new government, led by Prime Minister Narendra Modi, came to power in Lok Sabha elections 2024. Before this, in February, an interim budget was presented.