Budget 2024: For Education, Employment, and Skill

General Studies Paper -3 

Context: Recent Union Budget for 2024-25 aims to provide ₹1.48 lakh crore for education, employment and skilling in the country.

Budget Allocations (Overall Vision)

• The budget’s emphasis on education, employment, and skilling reflects the government’s commitment to building a robust and inclusive economy.
• It aims to lead India toward strong development and all-round prosperity.

Education Initiatives in Budget 2024-25

• It aims to facilitate access to quality education and empower our youth with the necessary skills for the future.
• Higher Education: Financial support for loans up to ₹10 lakh will be provided to youth pursuing higher education in domestic institutions, especially those who haven’t previously benefited from government schemes and policies

Prime Minister’s Package for Employment and Skilling

• Scheme A – First Timers: First-time employees registered with the EPFO will receive one month’s salary (up to ₹15,000) in three instalments.
• Scheme B – Job Creation in Manufacturing: Incentives will be provided directly to both employees and employers based on their EPFO contributions during the first four years of employment.
• Scheme C – Support to Employers: The government will reimburse up to ₹3,000 per month for two years towards EPFO contributions for each additional employee.
• Additionally, a new centrally sponsored scheme aims to skill 20 lakh youth over five years, upgrading 1,000 Industrial Training Institutes.

Employment and Skilling

• Prime Minister’s Package for Youth: Budget announced a comprehensive package aimed at facilitating employment, skilling, and other opportunities for 4.1 crore youth over the next five years. This package has a central outlay of ₹2 lakh crores.
• Centrally-Sponsored Scheme for Skilling: The government has launched a new centrally-sponsored scheme to skill 20 lakh youth over the next five years.
• This collaborative effort with states and industry will focus on imparting relevant skills to enhance employability.
• Model Skilling Loan Scheme: The existing model skilling loan scheme will be revised to facilitate loans of up to ₹5 lakh. This will encourage more individuals to pursue vocational training and skill development.
• Skill Development and Upgradation: As part of this budget, 1,000 Industrial Training Institutes (ITIs) will be upgraded. Skill development remains a critical pillar for economic growth and individual empowerment.
  • Additionally, a plan called ‘Purvodaya’ will be formulated to promote all-round development in the eastern region of India, covering states like Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
• PM Garib Kalyan Anna Yojana Extension: The government has extended the PM Garib Kalyan Anna Yojana for five more years. This scheme benefits a staggering 80 crore people in the country, ensuring food security for vulnerable populations.
• Focus on Marginalised Groups: As mentioned in the interim budget, there is a renewed focus on supporting the poor, women, youth, and farmers. The budgetary provisions aim to uplift these sections of society through targeted interventions.
• Rural Development and Infrastructure: A substantial provision of ₹66 lakh crores has been allocated for rural development, including rural infrastructure.
  • Phase IV of the Pradhan Mantri Gram Sadak Yojana (PMGSY) will be launched to provide all-weather connectivity to 25,000 rural habitations.

Conclusion

• Budget 2024-25 reflects a holistic approach, addressing employment, skill development, and economic growth. It aims to create ample opportunities for all segments of society, from youth to women to the middle class.
• It underscores the critical role education and skill development play in shaping India’s future. By investing in our youth and promoting employment opportunities, the government aims to create a more resilient and prosperous nation.