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Union Budget News: What did the youth and job sector get in Modi government’s Budget 3.0, read full details

Union Budget News: What did the youth and job sector get in Modi government’s Budget 3.0, read full details
Ronit Kawale 0 Comments July 23, 2024
New Delhi: The first budget of the third term of the Modi government was presented today. Like every year, Finance Minister Nirmala Sitharaman presented the country’s general budget in the House at 11 am. This budget focuses on youth and employment. The Finance Minister said in his/her budget that attention is being paid to employment and skills. The Finance Minister also said that we are announcing a skill scheme related to employment. This will benefit 2.1 lakh youth. The Finance Minister said in his/her budget speech that the 2024 budget is focused on the poor, women, farmers and youth.

Announcement of employment related skill scheme
The Finance Minister has announced employment-linked skill schemes under the PM package. These schemes will be based on enrollment in EPFO, with a focus on identifying first-time workers. First-time workers will receive one month’s salary upon entering the workforce across all formal sectors. The one-month salary will be provided in three instalments of up to Rs 15,000 through DBT. The eligibility limit for this benefit will be Rs 1 lakh per month salary, and it is expected to benefit 2.1 lakh youth.

For those who have availed and successfully repaid loan under TARUN category, Mudra loan limit will be increased to Rs 20 lakh from the present Rs 10 lakh.

Finance Minister Nirmala Sitharaman

Employment will be increased in the manufacturing sector
The Finance Minister said that for the first time, employment generation in the manufacturing sector will be encouraged through a scheme linked to employee employment. The scheme will provide incentives to employees and employers with respect to EPFO ​​contributions during the first four years of employment. It will benefit 30 lakh youth and will cover additional employment across all sectors. The government will reimburse employers EPFO ​​contributions up to Rs 3,000 per month for each additional employee for two years. The initiative aims to encourage additional employment of 50 lakh people.

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Ronit Kawale

Ronit Kawale is a seasoned professional with a diverse background in the financial sector and a current focus on web development and blogging. With prior experience at prestigious institutions such as Saraswat Bank and LIC of India, Ronit brings a wealth of knowledge in finance and administration to the table. Now, he's leveraging his expertise to bridge the gap between job seekers and government employment opportunities. Through his passion for web development and insightful blogging, Ronit aims to empower individuals with the information they need to navigate the world of government jobs effectively. Connect with him to stay updated on the latest job trends and insightful career advice.

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