Amid heightened expectations from various sector, stakeholders, salaried employees and ordinary people, Union Finance Minister Nirmala Sitharaman presented her seventh straight Union budget on Tuesday.
Laying the roadmap for Viksit Bharat (developed India) by 2047, the finance minister said focus of the budget will be employments, skilling, MSME, and the middle-class.
The priorities of the budget
Setting the tone for the third term of the Modi government, she laid out nine priorities of the Union budget.
There are:
* Productivity and resilience in agriculture,
* Employment and skilling
* Inclusive human resource and development, and social justice,
* Manufacturing services
* Urban development,
* Energy security,
* Infrastructure
* Innovation and research and development,
* Next generation reforms
As she began her speech, the minister said as she mentioned in the interim Budget, "we need to focus on 4 different castes, the poor, women, youth and the farmer."
Benefits for students and first-time employees
The finance minister said: I am happy to announce the prime minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of Rs 2 lakh crores. This year we have made a provision of Rs 1.48 lakh crores for education, employment and skilling."
"...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in three instalments to first-time employees as registered in the EPFO will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme will benefit 210 lakh youth."
She said e-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of loan amount.
The Centre has also announced an internship programme for youth with top companies.
For women
The government will set up working women hostels to promote the participation of women in the workforce.
"We will facilitate higher participation of women in the workforce by setting up of working women hostels in collaboration with industries and establishment of creches in addition the partnership will seek to organise women-specific skilling programmes and promotion of market access for women SHG enterprises," the minister said.
