NewDelhi: Finance Minister Nirmala Sitharaman, in her Union Budget 2024-25 speech, announced several initiatives aimed at boosting employment and skill development across the country. Key highlights include substantial financial support for institutions providing employment, EPFO benefits for 10 lakh youth, and direct salary payments for new hires by the government.
EPFO Benefits for Youth:
– The government will provide EPFO benefits to 10 lakh young employees.
– For first-time job holders, Rs 15,000 will be directly deposited into their EPFO accounts by the government.
Salary Support for New Hires:
– Companies that hire youth will receive salary support from the government.
– This initiative aims to significantly reduce the financial burden on companies and promote job creation.
Incentive Schemes and Internships:
– Three new incentive schemes will be launched to promote employment.
– Internship opportunities will be provided to 10 million youth in major companies, offering Rs 5,000 per month for a 12-month duration.
– Successful interns will have job opportunities in the top 500 companies in the country.
Financial Commitments:
– The government plans to spend Rs 1 lakh crore on employment and skill development over the next five years.
– An additional Rs 2 lakh crore will be allocated solely for job creation.
– The target is to generate 4 crore jobs within the next five years.
Nine Priorities for Economic Growth:
– Productivity
– Employment
– Social Justice
– Urban Development
– Energy Security
– Infrastructure
– Innovation
– Reforms
Agricultural Initiatives:
– Natural Farming: The government aims to convert one crore farmers to natural farming within the next two years.
– Vegetable Production Clusters: Promotion of large-scale vegetable production clusters to boost output.
– Climate-Resilient Seeds: Introduction of 109 new high-yielding, climate-resilient seeds for 32 agricultural and horticultural crops.
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