Finance Minister Nirmala Sitharaman has highlighted job creation and employability as key priorities in her recent budget announcement. Addressing the challenge of generating millions of jobs for the growing youth population, the FM introduced several new measures aimed at boosting employment opportunities and skills development.
Key initiatives include:
- New Internship Program: Corporations can now employ interns at Rs 5,000 per month for up to a year, with funding possible through corporate social responsibility (CSR) budgets. The goal is to skill 10 million youth over the next five years.
- E-Voucher Scheme for Higher Education: An e-voucher scheme will provide annual interest subventions of 3% on loans up to Rs 10 lakh for higher education in domestic institutions. Each year, 1 lakh students will benefit from this scheme.
- Direct Benefit Transfer for First-Time Employees: A direct benefit transfer scheme will offer up to Rs 15,000 in three installments to first-time employees registered with the EPFO, aimed at supporting their initial employment phase.
- Incentives for Job Creation in Manufacturing: New incentives will be provided to both employees and employers in the manufacturing sector, based on EPFO contributions during the initial four years of employment.
- Support for Employers: Employers will receive reimbursement of up to Rs 3,000 per month for two years for each additional employee, covering part of their EPFO contribution.
These measures are designed to enhance job opportunities, support employers, and address the long-term policy challenge of creating sustainable employment for India’s youth.
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