Jayant Chaudhary Praises Nirmala Sitharaman for Skill Development Focus in Union Budget 2024
New Delhi, India – Minister of State for Skill Development, Jayant Chaudhary, praised Finance Minister Nirmala Sitharaman for her focus on employment-linked schemes in the Union Budget 2024. He highlighted that this budget mentioned ‘skill development’ 14 times, a record since India’s independence.
Chaudhary also commended the increase in the loan amount limit under the ‘Model Skill Loan Scheme’ from 1.5 lakh rupees to 7.5 lakh rupees. This scheme aims to provide education and upskilling opportunities to 25,000 youth across the country, with support from various financial institutions.
Chaudhary stated, “Today, we have inaugurated the scheme which was announced by the union finance minister in her budgetary speech. Skill loans which were earlier up to Rs 1.50 lakhs and limited to fewer banks only, have been increased to Rs 7.50 lakhs and RRBs, and NBFCs also have been connected to this scheme.”
The Union Budget has introduced several schemes to create employment opportunities and enhance skills, aiming for a developed India by 2024. These initiatives are expected to benefit 4.1 crore youth over the next five years, with a central outlay of Rs 2 lakh crore.
Key initiatives include:
- Employment-linked incentives
- Enhancing skilling and women’s workforce participation
- Support for MSMEs in job creation
- Strengthening capital infrastructure
Three of the five schemes will be implemented through the Employee Provident Fund Organisation (EPFO), targeting first-time employees and providing support to both employees and employers.
The first scheme offers a one-month wage (up to Rs. 15,000) in three instalments for first-time employees in the formal sector. The second scheme incentivizes job creation in the manufacturing sector, offering benefits based on EPFO contributions. The third scheme reimburses Rs. 3,000 per month for two years towards EPFO contributions for each additional employee with a salary of up to Rs. 1 lakh per month.
The fourth scheme aims to skill 20 lakh youths over five years in collaboration with state governments and industry, upgrading 1,000 Industrial Training Institutes. The fifth scheme offers internship opportunities to one crore youth in 500 top companies, providing an internship allowance of Rs. 5,000 per month and a one-time assistance of Rs. 6,000.
Doubts Revealed
Jayant Chaudhary -: Jayant Chaudhary is a politician in India. He is the Minister of State for Skill Development, which means he helps make sure people learn new skills to get jobs.
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and budget.
Union Budget 2024 -: The Union Budget is a plan for how the government will spend its money in a year. The 2024 budget is the plan for the year 2024.
Skill Development -: Skill development means learning new skills or improving existing ones to get better jobs. It helps people become more capable and find good work.
Model Skill Loan Scheme -: The Model Skill Loan Scheme is a program where people can borrow money to pay for learning new skills. The loan limit was increased from 1.5 lakh rupees to 7.5 lakh rupees.
1.5 lakh rupees -: 1.5 lakh rupees is 150,000 rupees. In India, ‘lakh’ is a term used to represent 100,000.
7.5 lakh rupees -: 7.5 lakh rupees is 750,000 rupees. It is a larger amount of money that people can borrow to learn new skills.
25,000 youth -: 25,000 youth means 25,000 young people. These are the people who will benefit from the increased loan limit.
4.1 crore youth -: 4.1 crore youth means 41 million young people. ‘Crore’ is a term used in India to represent 10 million.