The Finance Minister made 10 major announcements related to jobs and education in the 77-minute budget speech. This includes increasing 75 thousand medical seats for NEET students and fellowship for 10 thousand students in IITs. At the same time, no major announcement was made regarding new jobs. Apart from this, those doing temporary jobs like gig workers i.e. delivery boys will now get the benefits of I-card, registration on e-shram portal and Jan Arogya Yojana.
Internship Opportunities in Top Companies
In a bid to improve employability, the government will provide internships to 20 lakh youth annually in the top 500 companies in India. Each intern will receive a stipend of Rs 5,000 per month. Over the next 5 years, 1 crore youth will be skilled through these initiatives.
The government is introducing incentives for job seekers and job providers in the manufacturing sector. First-time workers in this sector will receive EPFO-based incentives. The government will offer Rs 15,000 to those registering for EPFO for the first time, provided their monthly salary is under Rs 1 lakh.
Additionally, employers who add new employees to the EPFO system will receive Rs 3,000 per employee for two years. This scheme will benefit up to 2 crore 10 lakh youth.
unemployed in the country
The country is expected to experience an unemployment rate of 3.2% in the year 2024. This means that for every 1000 people in need of a job, 32 will be unemployed. The rate was the same at 3.2 in 2023, which is an improvement on the 4.1% rate for 2022.
Major Skilling Schemes Launched by the Government
In an effort to combat unemployment and improve job readiness, the government has launched several skilling schemes targeted at youth, especially in rural and backward areas.
Prime Minister Skill Development Scheme (PMKVY)
Launched in July 2015, PMKVY aims to prepare youth for employment by offering industry-specific skills. It benefits school/college dropouts and unemployed youth. Over 1.2 crore youth have been trained under this initiative.
National Skill Development Mission (NSDM)
NSDM, started in July 2015, seeks to skill 40 crore people by 2022. It provides training in fields such as IT, hospitality, and construction, benefitting more than 5 crore individuals.
Deendayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY)
DDU-GKY kicked off in September 2014 to teach job skills to young people in rural areas between 15 and 35 years old. It aims to help SC/ST groups, women, and people with disabilities by giving them free training, a place to stay, and meals. This program has made a difference for more than 11 lakh young folks so far.
