Budget 2024: Government to launch 3 employment-linked schemes

The government will launch three employment-linked schemes, Finance Minister Nirmala Sitharaman mentioned while presenting the Union Budget for 2024-25 on Tuesday. These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO), Sitharaman said in the Lok Sabha.

First Timers

The government announced three new employment-linked schemes aimed at boosting job opportunities. As part of the Union Budget 2024-25, Finance Minister Nirmala Sitharaman revealed that 30 lakh youths entering the job market will receive incentives through one month's provident fund (PF) contribution. This initiative is designed to support first-time job seekers, potentially benefiting 2.1 crore young individuals.

Job Creation in Manufacturing

The Budget places significant emphasis on job creation within the manufacturing sector. To further bolster employment, funds will be allocated to the private sector and domain experts for the development of climate-resilient seeds. Additionally, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) will continue to provide 100 days of wage employment annually to at least one member of every household seeking manual work.

Support to Employers

Support for employers is another key aspect of the Budget. New working women hostels will be established across the country to promote women's participation in the workforce. The Budget also highlights the government's commitment to local manufacturing and increased allocation for production-linked incentive (PLI) schemes in labor-intensive sectors.

Overall, the Union Budget aims to create a roadmap for 'Viksit Bharat' by 2047, balancing fiscal prudence with economic growth. The Budget's focus on rural economy support, taxation reforms, infrastructure development, and job and skill creation underscores the Modi government's vision for India's future.