Union Finance Minister (FM) Nirmala Sitharaman, in her Budget 2024 speech, touched upon a number of government schemes and their impact. Here is a list of all the schemes that found mention in her seventh consecutive Budget speech:
Table of Contents
Budget 2024 Updates: 1) Internship Scheme for 1 Crore Youth
- An internship scheme has been launched to provide on-job training to one crore youth in the top 500 companies over the next five years.
- Interns will receive a stipend of ₹5,000 per month to gain practical experience.
- Hosting companies will cover training expenses, utilizing 10% of their Corporate Social Responsibility (CSR) funds for this purpose.
Budget 2024 Updates: 2) Centrally-Sponsored Scheme to Skill 20 lakh Youth over 5 Years
- The Model Skilling Loan Scheme will be updated to allow loans up to ₹7.5 lakh.
- To enhance skilling initiatives, 1,000 Industrial Training Institutes (ITIs) to be modernized using a hub-and-spoke model.
- The government to offer financial support for loans up to ₹10 lakh for higher education in domestic institutions.
- A new centrally-sponsored scheme, in collaboration with states and industry, will aim to train 20 lakh youth over five years.
Budget 2024 Updates: 3) Three Schemes for Employment-Linked Incentives
Scheme A: First-Time Employment Incentive
New employees to receive one month’s wage, up to ₹15,000, paid in three installments as a direct benefit transfer.
Scheme B: Manufacturing Job Creation
Incentives to be offered for hiring first-time employees in the manufacturing sector, with benefits based on EPFO contributions for the first four years of employment.
Scheme C: Employer Support
Employers to be reimbursed up to ₹3,000 per month for two years for EPFO contributions for each additional employee, with a salary cap of ₹1 lakh per month, benefiting 2.1 lakh youths.
Related Read: Top Highlights of Budget 2024 for MSMEs
Budget 2024 Updates: Key Schemes Mentioned by FM Nirmala Sitharaman in her 58-minute Budget Speech
Here are key schemes that found mention in the FM’s speech
National Education Policy 2020
- The Finance Minister highlighted the National Education Policy 2020 as a driver of transformative reforms, noting a 28% rise in female enrollment in higher education over the past decade.
- Announced on July 29, 2020, the policy has introduced significant changes in school, higher, and technical education.
PM Schools for Rising India (PM SHRI)
- Nirmala Sitharaman emphasized that the PM Schools for Rising India (PM SHRI) scheme is delivering high-quality education and nurturing well-rounded individuals.
- This centrally-sponsored scheme aims to establish over 14,500 PM SHRI Schools, managed by various governmental bodies and educational organizations.
Skill India Mission
- The Finance Minister noted that the Skill India Mission has trained 1.4 crore youth, upskilled 54 lakh individuals, and established 3,000 new ITIs since its inception in 2015.
- Additionally, the mission has seen the inauguration of numerous institutions, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities.
PM Mudra Yojana
- The PM Mudra Yojana has sanctioned 43 crore loans totaling ₹22.5 lakh crore to support young entrepreneurs.
- The FM highlighted that this flagship program provides affordable credit to underserved enterprises, integrating them into the formal financial system.
Garib Kalyan
- The Direct Benefit Transfer of ₹34 lakh crore through PM-Jan Dhan accounts saved ₹2.7 lakh crore by eliminating leakages, boosting funds for the Garib Kalyan initiative, the Finance Minister said.
- Launched in March 2020, the ₹1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana provided financial aid and essential supplies to the economically vulnerable during the COVID-19 pandemic.
PM-SVANidhi
- PM-SVANidhi has provided credit to 78 lakh street vendors, with 2.3 lakh receiving loans for the third time, Nirmala Sitharaman said.
- Launched by MoHUA on June 1, 2020, PM SVANidhi offers collateral-free micro-loans of ₹10,000, ₹20,000, and ₹50,000, with a 7% interest subsidy to support street vendors
PM-JANMAN Yojana
- PM-JANMAN Yojana aims to include vulnerable tribal groups previously left behind in development efforts.
- Managed by the Ministry of Tribal Affairs with state and PVTG collaboration, it integrates tribal communities through Central and Centrally Sponsored Schemes.
PM-Vishwakarma Yojana
- PM-Vishwakarma Yojana supports artisans across 18 trades, emphasizing traditional skills and craftsmanship.
- The scheme aims to improve the quality and accessibility of artisan products and services while preserving traditional skills.
Conclusion
In conclusion, Budget 2024 highlights the government’s focus on youth employment, skill development, and economic support. Through new internship schemes, employment incentives, and continued investment in programs like Skill India and PM Mudra Yojana, the budget aims to foster growth, inclusivity, and resilience in the economy. These initiatives reflect a comprehensive strategy to address both immediate and long-term developmental needs.
