 "PM package of 5 schemes: 4.1 crore jobs for youths in 5 years, says Economic Survey")
The Economic Survey of 2024-25 tabled by Finance Minister Nirmala Sitharaman in Lok Sabha on Friday mentioned the five key schemes introduced in last year’s Union Budget that helped generate employment for young workers in India.
The Prime Minister’s package of five schemes aims to benefit 4.1 crore Indian youth over five years with a central outlay of Rs 2 lakh crore. These are:
Scheme A - for first-timers: This initiative offers a one-month salary of up to ₹15,000 in three instalments to first-time employees registered with the EPFO. With a monthly salary limit of ₹1 lakh, the scheme is designed to assist 2.1 crore young individuals entering the workforce for the first time.
Scheme B - Job Creation in manufacturing: An incentive will be offered to both the employee and employer, based on the EPFO contributions made during the first four years of employment. This scheme encourages job creation within the manufacturing sector.
Scheme C - Support to employers: Under the scheme, the government will reimburse up to ₹3,000 per month for two years towards the EPFO contribution of employers for each additional employee. This initiative is expected to benefit 30 lakh youth and generate additional employment across various sectors
New centrally sponsored scheme for skilling: Over five years, 20 lakh youth will be skilled, and 1,000 ITIs will be upgraded through hub-and-spoke arrangements. This initiative is expected to enhance the development of skilled human capital, contributing to the creation of quality employment
Prime Minister’s Internship Scheme: The scheme offers internships in 500 top companies to one crore youth over five years. Participants will receive 12 months of hands-on business experience, with a monthly internship allowance of Rs 5,000 and a one-time assistance of Rs 6,000. This program aims to bridge the gap between academic knowledge and industry needs, supporting broader goals of enhancing employability and driving economic growth
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