Union Budget: Rs 1.48 lakh crore for education, employment and skilling of youth

New Delhi, July 23 : The Centre has set aside Rs 1.48 lakh crore for education, employment and skilling of youth, which is 30 per cent higher than the previous allocation of Rs 1.13 lakh crore.

“In this Budget, we particularly focus on employment, skilling, MSMEs and the middle class,” stated Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament on Tuesday.

Taking forward the theme of the first full-year Budget of the newly elected government, the Finance Minister announced a Prime Minister’s package of five schemes and initiatives.

The package aims to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore. “This year, I have made a provision of Rs 1.48 lakh crore for education, employment and skilling,” she added.

Delving into further details of the announcement, Sitharaman stated that the government will implement the following three schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers, she said.

The Finance Minister said that 20 lakh youths will be skilled over five years.

The government will also provide financial support of up to Rs 10 lakh for higher education in domestic institutions.

As part of the scheme, 1,000 Industrial Training Institutes will be upgraded in a hub and spoke arrangements.

The Finance Minister on Tuesday laid out nine priorities of Prime Minister Narendra Modi’s government, with a focus on employment, skilling, agriculture and manufacturing.

These are -- agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation R&D and next-gen reforms.