Budget 2024: Govt Allocates ₹1.48 Lakh Cr for Education, Jobs and Skilling

Finance Minister presented the 7th straight Union Budget in Parliament, marking the first complete budget of Prime Minister's third term.

In the Union Budget for 2024-2025, the government plans to allocate ₹1.48 lakh crore for improving employment, education and skill building. It means a large portion of the budget will go towards helping people get jobs, learn new skills and receive better education.

Finance Minister mentioned the budget aims to support the middle class, small businesses and create more job opportunities. She also noted that the government will continue PM Garib Kalyan Anna Yojana, a program that provides free food to 80 crore people for another five years.

Additionally, the budget will focus on helping poor people, women, youth and farmers addressing needs highlighted in the interim budget.

In the Union Budget for 2023-24, Indian government allocated a record amount of money to education, setting aside ₹1,12,898.97 cr, represents about 2.9% of India's total GDP highlighting government's emphasis on enhancing education and higher education.

For 2024-25 budget, allocation for education increased slightly by 6.8% in the interim budget. It went up from ₹1,12,899.47 crore to ₹1,20,627.87 crore. It means government is continuing to invest more in education, reflecting its commitment to strengthening and expanding educational opportunities in the country.

Govt announces Internship Scheme for 1 Cr Youth in Top 500 Companies

Finance Minister introduced a new internship program designed to support students. Over the next five years, this scheme will offer ₹5,000 per month to interns. It targets providing internship opportunities to one crore young people in the top 500 companies across India. In addition to the monthly stipend, each intern will receive a one time payment of ₹6,000.

The companies participating in this scheme will use funds from their corporate social responsibility budgets to cover training costs and a portion of the internship expenses. According to Internshala's Annual Internship Hiring Trends Report 2024, internship opportunities in India have surged by 200% over the past five years.

Government Unveils New Measures for Job Creation

Government has introduced a new scheme to encourage companies to hire more people. For the next two years, companies will get ₹3,000 every month for each additional employee they hire as long as that employee earns up to ₹1 lakh per month. It aims to create jobs for up to 50 lakh people.

Anyone who starts a new job in the formal sector will receive a one time wage support of up to ₹15,000. This support will be provided in three phases helping around 2.1 crore young people with salaries up to ₹1 lakh per month. Government also plans to train 20 lakh youth in new skills over the next five years.

Furthermore, the focus will be on improving employment opportunities, skill development, supporting small businesses and aiding the middle class. PM Garib Kalyan Anna Yojana which offers food assistance has been extended for another five years helping 80 crore people across the country.