FM Boost For Young Talent: 20 Lakh To Be Skilled In 5 Years, One-Month Wage To Help 2.1 Cr New Entrants

Skill training for 20 lakh youth over five years to one-month wage for new entrants in job market, Finance Minister Nirmala Sitharaman announced a slew of schemes for youngsters in the Budget on Tuesday.

Sitharaman announced a Rs 2-lakh-crore PM package of five schemes to facilitate employment and skilling. A provision of Rs 1.48 lakh crore has been made for education, employment, and skilling.

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Among the three schemes, the government will provide one-month wage to all persons newly entering the formal workforce sector. This employment incentive for first-timers will benefit 2.1 crore youth. A direct benefit transfer (DBT) of one month’s salary, up to Rs 15,000, will be provided in three instalments. The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.

The government will also focus on job creation in manufacturing sector to incentivise employees and employers with respect to EPFO contribution.

For participation of women in the workforce, there will be focus on hostels, women specific skilling programme.

This year’s Budget is in paperless form, as done in the last three years. This is the first budget of the Modi 3.0 government and is expected to give a push to initiatives in various segments of the economy, in line with the Viksit Bharat 2047 Vision, while maintaining fiscal prudence.

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