By: ICN Bureau
Last updated : July 24, 2024 10:14 am
This will play a crucial role in creating more employment opportunities for youth, skilling the labour force, and facilitating ease of doing business
Union Minister for Education Dharmendra Pradhan hailed the 2024-25 Budget as a pivotal milestone on India's path to becoming a developed nation by 2047.
Pradhan also highlighted the ₹1.48 lakh crore allocation to education, employment, and skilling.
He elaborated on the Prime Minister’s Package, which includes:
- Strengthening the skilling and apprenticeship ecosystem;
- Skill development and internship opportunities for 1 crore youth by India’s top companies;
- Providing employment-linked incentives to first-time employees across sectors;
- Providing incentives to both employees and employers for EPFO contributions; and
- Providing model skill loans up to Rs. 7.5 lakh to 25,000 students annually and education loans up to Rs. 10 lakh for pursuing education in domestic HEIs to 1 lakh students every year with an annual interest subvention of 3%.
He noted that these are comprehensive and concrete measures by Nirmala Sitharaman that will be a win-win for all stakeholders—students, academia, and industry. This is going to fulfil the aspirations of our youth, empower people with more livelihood opportunities, increase accessibility to quality education and skills, and create over 4.1 crore new jobs in the next five years.
Union Minister for Labour and Employment, Dr. Mansukh Mandaviya highlighted that, Prime Minister’s package of five schemes and initiatives stands as a testament to the government’s commitment to creating opportunities for 4.1 crore youth over the next five years with a central outlay of Rs. 2 lakh crore.
This substantial investment underscores the government's dedication to enhancing education, employment, and skilling, with a provision of Rs. 1.48 lakh crore specifically allocated for these purposes, he added.
Union Minister Dr. Mansukh Mandaviya emphasized that the announcements made in the Union Budget 2024-25 will play a crucial role in creating more employment opportunities for youth, skilling the labour force, and facilitating ease of doing business.