Jobs and Employment for Youth: Govt to Spend Rs 2 Lakh Crores!

The 2024-25 Union Budget was presented on July 23 in Parliament. This financial year budget mainly focuses on education and skill development training. 

On July 23, Finance Minister Nirmala Sitharaman allowed 2 Lakh crores, focusing on the 4.1 crore youth in India. She stated that 1.4 Lakh crore is specially allowed for education, skill development, and jobs for the youth. Many education welfare schemes and incentive programs for skill development are to be initiated. This year, the main focus is on the youth and their development, and unique benefits are given to the organizations that provide jobs for the youth. 

The Finance Minister stated that 'job creation and skill development' are one of the priorities among the nine essential issues. Organizations that provide jobs and new joiners will get incentives from the government up to Rs 15,000. The government expects that this focus on employment and skills can benefit at least 2.1 crore people in the country in the next five years. 

It is expected that 5 lakh jobs will emerge in the country, and companies that provide new and additional jobs will receive EPF reimbursement that the company pays for the employees. This applies to the companies who pay a maximum salary of Rs 1 Lakh. 

The Finance Minister explained how the government is planning for skill development and the emergence of new jobs. They plan to start development programs for at least 20 Lakh youth. To improve women's employment, the government plans to establish working women hostels.

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