The 2024-25 budget allocates a significant amount for education, employment, and skills development in India. The government plans to focus on creating jobs, improving skills, supporting small businesses, and assisting the middle class.
One key initiative is a scheme offering internships to one million young people in top companies, with a monthly allowance of ₹5,000 and a one-time grant of ₹6,000.
The budget also includes three employment-linked incentive schemes aimed at encouraging new hires and providing financial assistance to both employees and employers. These schemes will offer a one-month salary to new employees in formal sectors, paid in three installments, with a maximum benefit of ₹15,000 for those earning up to ₹1 lakh per month. This is expected to benefit 21 million young people.
To promote women’s participation in the workforce, the government will establish women’s hostels and childcare facilities. Additionally, a new National Cooperation Policy will be introduced to foster overall development.
To support higher education, the government will provide financial assistance for loans of up to ₹10 lakh for students pursuing higher education in domestic institutions.
