Budget 2024: Rs 2 lakh crore allocated to employ 4.1 crore youth over next 5 years

Union Finance Minister Nirmala Sitharaman, in her Budget speech on Tuesday, proposed the creation of employment for about 4.1 crore youth over the next five years. To support this initiative, the Finance Minister has allocated Rs 2 lakh crore.

For skilling citizens to generate job opportunities, she allocated Rs 1.48 crore, aiming to skill 20 lakh youth over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced.

Sitharaman also proposed a one-time wage for all first-time employees in all sectors, with the incentive provided through Direct Benefit Transfer (DBT).

The government will launch internship opportunities in 500 companies for one crore youth over five years. Interns will gain exposure to real-life environments and receive an allowance of Rs 5000 per month. The companies will bear the training costs, with 10% of these costs covered by CSR funds.

Sitharaman emphasized that employment, skilling, MSMEs, and the middle class are key focus areas of this Budget.

(With inputs from agencies)