Finance Minister Nirmala Sitharaman announced a new scheme during the Union Budget 2024-25 presentation to boost employment and skilling among India’s youth.
Over the next five years, this scheme will provide internship opportunities for one crore youth in the top 500 companies of India.
Key Highlights of the Scheme
- Benefeciaries: One crore youth
- Duration: Five years
- Internship Stipend: Rs 5,000 per month
- One-time Assistance: Rs 6,000
- Cost of Training: To be borne by companies as part of their Corporate Social Responsibility (CSR) initiatives
Objectives and Impact
This initiative is part of a broader package to enhance India’s skilling capacity and generate sufficient employment opportunities.
The finance minister emphasized that this scheme is expected to significantly benefit the youth, enabling them to gain valuable experience and skills in some of the country’s top companies.
Launches Youth-Centric Initiatives
The Budget also introduced other schemes targeting youth employment and skilling:
- Skilling Initiative: Skilling of 20 lakh youth over the next five years in partnership with states and industry.
- Educational Loans: Up to Rs 10 lakh for students to pursue higher education in domestic institutions.
- ITI Upgradation: 1,000 ITIs to be upgraded on a hub-and-spoke model.
Budget Allocation
The Union Budget 2024 has allocated Rs 1.48 lakh crores towards education, employment, and skilling of youth, marking a 30% increase from the previous financial year.
Focus Areas
Finance Minister Sitharaman highlighted that the government’s focus areas include youth, poor, women, and farmers. The Budget is built on nine key priorities: employment, social justice, urban development, and energy security.
This approach aims to equip India’s youth with the skills and opportunities necessary to drive the nation’s economic growth and become a developed country by 2047.
Click here to view the key features of the union budget 2024 – 2025.
Source: Lawctopus
