The govt. announces plans to boost skill-building programs and generate 4.1 crore new jobs

Union Finance Minister Nirmala Sitharaman unveiled an ambitious goal to generate 4.1 crore employment over the next five years during her budget speech. The plan is supported by a sizeable contribution of Rs 2 lakh crore.

A special Rs 1.48 crore fund is part of the plan, which aims to skill 20 lakh youth and improve their employability and preparation for the workforce. As part of the project, 1,000 industrial training facilities will be upgraded nationwide.

One noteworthy aspect of the proposal is that it uses Direct Benefit Transfer (DBT) to enable a one-time pay subsidy for all new hires in all sectors.

Furthermore, during a five-year period, the government would provide one crore youth with internship opportunities in 500 organizations.

These internships would offer hands-on training along with a monthly stipend of Rs 5,000. The corporations will also cover the cost of the training, with an additional 10% coming from Corporate Social Responsibility (CSR) funds.

The Finance Minister emphasized that job creation, skill development, MSMEs, and middle class support are the main areas of emphasis for this budget.