Union Budget 2024: Rs 2 Lakh Crore Plan for Job Creation for 4.1 Crore Youth by 2029

Presenting the Union Budget 2024 on Tuesday, Finance Minister Nirmala Sitharaman mapped out a host of plans aimed at fostering employment, education, and skill development for the youth in India. The government has earmarked a substantial sum of Rs 1.48 lakh crore towards skill development, focusing on empowering the country's youth.

The Finance Minister allocated a sum of Rs 2 lakh crore for the creation of job opportunities for approximately 4.1 crore young people over the next five years, supported by an allocation of Rs 2 lakh crore. In addition, she proposed a sum of Rs 1.48 lakh crore specifically for skilling initiatives, aiming to train 20 lakh individuals within the same timeframe. This effort includes upgrading 1,000 industrial training institutes (ITIs) to align training programs with industry requirements.

Sitharaman introduced a new scheme to encourage first-time employment across all sectors, where new employees will receive a one-time wage subsidy. This subsidy will be disbursed through Direct Benefit Transfer (DBT), aiming to incentivize employment generation. Furthermore, the Finance Minister laid out plans to launch internship opportunities in 500 leading companies, benefiting one crore youth over five years. Each intern will receive a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000. Notably, companies will cover 90% of the training costs from their CSR funds, ensuring robust participation in the government’s internship scheme.

In terms of education, Sitharaman highlighted a new centrally funded scheme, in collaboration with state governments and private entities, aimed at providing skill training to meet industry demands. Students pursuing higher education domestically will also benefit from loan assistance of up to Rs 10 lakh under another initiative.

The Union Budget of 2024-25 focuses on specific 4 classes, i.e., Gareeb (Poor), Mahila (Women), Yuva (Youth), and Annadata (Farmers). The budget presented by Union Finance Minister Nirmala Sitharaman centers on the theme of Employment, Skilling, MSME and the Middle Class. Sitharaman also shed light on the scaffold of 9 priorities on which the Budget rests - Productivity and Resilience, Employment and Skilling, Inclusive Human Resource Development & Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development, and lastly, Next Generation Reforms.​