Union Budget 2024: Major boost for students and youth employment

In a landmark presentation of her seventh budget, Union Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 in the Lok Sabha today, placing a significant focus on youth and education. This year's budget introduces several measures aimed at bolstering employment and educational opportunities for young Indians.

A pivotal highlight is the new Education Loan Scheme, which offers students loans for higher education up to Rs 10 lakh. This initiative is set to ease the financial burden on students and promote higher education. Additionally, students availing themselves of government facilities can access an annual loan of Rs 1 lakh at a remarkably low-interest rate of 3%.

Also read: Union Budget 2024: FM announces new tax slabs; know the rates

To further support youth employment, the government has announced five new schemes. The PF Support Scheme will assist employers by offering incentives linked to EPF enrollment, providing up to one month's salary or Rs 15,000 for new employees earning below Rs 1 lakh monthly. This scheme is expected to benefit 2.1 crore people across India.

Moreover, the budget includes plans to upgrade 1,000 Industrial Training Centres and offers skill training programs for 20 lakh youth, with a special focus on women. This comprehensive approach aims to enhance the employability and skill sets of young Indians, fostering a robust workforce for the future.

With these announcements, the Narendra Modi government reiterates its commitment to prioritizing youth development and employment, paving the way for a brighter future for India's younger generation.