Finance Minister Nirmala Sitharaman, on Tuesday, presented the Budget for 2024-25, her 7th straight presentation. This is the first Budget during Prime Minister Narendra Modi-led government's third term in office.
The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country, the minister said.
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.
"The government will launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5000 per month as internship allowance and one-time assistance of Rs 6,000," the minister said.
