Union Finance Minister Nirmala Sitharaman announced five new schemes and initiatives to create employment opportunities for the youth in the Union Budget 2024. Unveiling these initiatives on July 23, Sitharaman highlighted the Prime Minister’s package, which is set to benefit 4.1 crore youth over the next five years, with a substantial central outlay of ₹2 lakh crore. This fiscal year alone, ₹1.48 lakh crore has been allocated towards education, employment, and skill development.
The Minister detailed three key employment-linked incentive schemes under this package. These schemes will be tied to enrollment in the Employees’ Provident Fund Organization (EPFO) and are designed to acknowledge first-time employees while providing support to both employees and employers. This initiative is part of a broader strategy to enhance job creation and skill development, thereby addressing unemployment and underemployment among the youth. The government’s commitment is reflected in the substantial budgetary allocations aimed at ensuring the successful implementation of these schemes, thereby fostering a more robust and skilled workforce.
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