Union Budget 2024-25: ‘Internships, job opportunities & skill development’-Key highlights from Budget for youth

Union Budget 2024-25: Marking the first Union Budget of the Modi 3.0 government and Sitharaman's seventh consecutive budget presentation during the Monsoon Session of Parliament, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday. 

During her initial remarks, Nirmala Sitharaman outlined key priorities aimed at fostering economic growth and creating ample opportunities.

She listed productivity and resilience in agriculture, youth, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms as nine priority areas for the government. 

Focusing on opportunities and growth for youth in internships, job opportunities, and skill development, here are few insights from Nirmala Sitharaman’s budget speech.  

Key Highlights from Budget for Youth

• Union Finance Minister Nirmala Sitharaman in her Budget speech proposed creation of employment of about 4.1 crore youth over the next five years
• Government to launch an internship scheme to provide opportunities to one crore youth in top 500 companies over the next five years.
• Sitharaman proposed that for the interns to get exposure to real life environment an internship allowance will be provided of Rs 5000 per month.

• She further announced that companies facilitating the internship will bear training and 10 percent of training cost from their respective Corporate Social Responsibilty funds.
• Sitharaman in her Budget speech proposed the creation of employment of about 4.1 crore youth over the next five years.
• For skilling  youth so as to generate job opportunities, Sitharaman proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period.
• A total of 1,000 industrial training institutes will be upgraded
• The Model Skill Loan Scheme will be revised to facilitate loans up to 7.5 lakh with a guarantee from a government promoted Fund. This measure is expected to help 25,000 students every year
• Finance Minister also announced a financial support for loans upto 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 percent of the loan amount

Sitharaman concluded Budget for the youth by adding that employment, skilling, MSME, and middle class are among key focus areas of this Budget

- With inputs from agencies

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