“पढ़ेगा इंडिया, तभी तो काम करेगा इंडिया”
In the 2024 Union Budget, the government has unveiled a series of ambitious schemes to boost employment and skill development across various sectors, with a particular focus on youth and women. These initiatives are set to transform the employment landscape, ensuring inclusive growth and opportunities for all.
First Timers: The government has launched Scheme to support first-time workforce entrants in all formal sectors. New employees registered with the EPFO will receive a direct benefit transfer of one month’s salary, up to ₹15,000, in three instalments. This initiative is designed to benefit 210 lakh youth, with an eligibility cap of ₹1 lakh per month.
Job Creation in Manufacturing: Scheme aims to stimulate employment growth in the manufacturing sector, especially for first-time employees. Both employees and employers will receive incentives related to their EPFO contributions for the first four years of employment. This scheme is projected to benefit 30 lakh new employees and their employers.
Support to Employers: Aiming to boost employment across all sectors, this employer-focused scheme will reimburse up to ₹3,000 per month for two years towards the EPFO contribution for each new employee earning up to ₹1 lakh per month. This initiative is expected to incentivise the employment of 50 lakh individuals.
Boosting Women’s Workforce Participation: To enhance women’s participation in the workforce, the government will collaborate with industry to set up working women hostels and establish creches. Additionally, women-specific skilling programs and market access promotion for women SHG enterprises will be organised.
New Skilling Programme: A new centrally sponsored skilling scheme will be launched in collaboration with state governments and industry, aiming to skill 20 lakh youth over five years. This initiative includes upgrading 1,000 Industrial Training Institutes (ITIs) with an outcome-oriented approach, aligning course content with industry needs, and introducing new courses for emerging skill requirements.
Revised Skilling Loans: The Model Skill Loan Scheme will be revised to offer loans up to ₹7.5 lakh with a government-promoted fund guarantee, benefiting 25,000 students annually.
Education Loans: To support youth not eligible for existing government benefits, the government will offer financial support for loans up to ₹10 lakh for higher education in domestic institutions. E-vouchers providing an annual interest subvention of 3% on the loan amount will be issued to 1 lakh students each year.
Inclusive Human Resource Development and Social Justice: Reaffirming its commitment to comprehensive development, the government will adopt a saturation approach to cover all eligible individuals with education and health programs. This approach aims to empower farmers, youth, women, and the poor by enhancing their capabilities.
