Unemployment has emerged as a big problem in the last few years. Even in the recently held general elections, opposition parties made unemployment the biggest issue. Perhaps this is the reason why the government has included many important initiatives and schemes for the youth in this year’s budget. Understand from the 10 points given below what is there for the youth in this year’s budget.
Prime Minister’s Employment Schemes: This year’s budget has announced employment and skill development schemes for 4.1 crore youth, with a central allocation of ₹2 lakh crore over 5 years.
Skilling Programme: 20 lakh youth will be trained under a new scheme for skill development. This program will be operated with the cooperation of state governments and industry.
Internship Opportunities: Internship opportunities will be provided to 1 crore youth in 500 top companies. The youth will be given an allowance of ₹ 5,000 per month during the internship.
Incentives for first time job seekers: Direct Benefit Transfer Scheme of one month’s salary will be implemented for new employees, which will benefit 210 lakh youth.
Employment creation in construction sector: Incentive schemes will be implemented to create new employment in the construction sector, which will provide jobs to 30 lakh youth.
Women’s participation in the workforce: To increase participation of women in the workforce, arrangements for hostels and crèches will be made for working women.
Financial Aid for Education: Youth will be provided financial assistance of loan up to ₹ 10 lakh to pursue higher education anywhere in the country, which will help them complete their education.
Model Skill Loan Scheme: The Skill Loan Scheme will be revised, allowing youth to get loans up to ₹7.5 lakh, which will help them in skill development.
Support for MSMEs: Young entrepreneurs will be provided assistance in the MSME sector, which will help them set up their businesses.
Social Justice and Inclusivity: Various schemes have been included in the budget to promote social justice and inclusivity for the youth, so that youth of all sections can get equal opportunities.
Through these initiatives, it is clear that this year’s budget has given special attention to youth development, employment and skill development, which will be helpful in empowering them economically and socially.