Synopsis: In Budget 2024, the Indian government has unveiled a series of groundbreaking initiatives aimed at job creation and skill development. These include a direct benefit transfer scheme, an innovative job growth incentive plan, and significant revisions to the Model Skill Loan Scheme.
In a landmark move to boost employment, the Centre has rolled out a series of initiatives in Budget 2024, targeting job creation and skill development across the nation.
Finance Minister Nirmala Sitharaman highlighted three major schemes designed to generate employment and support workforce growth.
One of the key measures is the first-time employment scheme, which offers one month's wage to new workforce entrants across all sectors, expected to benefit approximately 2.1 crore youths.
Additionally, a direct benefit transfer (DBT) scheme will provide one month's salary, up to ₹15,000, in three installments, with an eligibility limit of ₹1 lakh monthly salary.
This initiative aims to directly support freshers entering the job market.
The government also introduced an innovative job growth incentive plan, which targets both employees and employers in the first four years of employment.
This scheme covers all employment with salaries up to ₹1 lakh per month and promises to reimburse employers ₹3,000 per month towards EPFO contributions for two years for each additional employee.
This initiative is set to create 50 lakh new jobs and benefit 30 lakh youth.
Further bolstering skill development, the revised Model Skill Loan Scheme will now allow loans up to ₹7.5 lakh with a government-backed guarantee fund, benefiting 25,000 students annually.
In addition, financial support will be provided for higher education loans up to ₹10 lakh for domestic institutions, and 1 lakh students will receive e-vouchers each year.
In an effort to increase female workforce participation, the budget includes provisions for establishing working women's hostels and crèches in collaboration with industry.
Enhanced skilling programs and support for women-led self-help groups (SHGs) are also on the agenda to boost female employment rates.
Disclaimer: This article is intended for informational purposes only and should not be construed as financial or investment advice. Readers are encouraged to seek professional guidance tailored to their specific needs.
