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Indian Union Budget Highlights: Boosting Job Creation and Economic Growth

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Highlights:

₹ 1.48 lakh crore for employment, education, and skilling of youth. Other priorities include employment-linked incentive schemes, women's workforce participation initiatives, and comprehensive skilling programmes aimed at driving job creation, economic growth, and educational accessibility.

Employment Linked Incentive Schemes: Boosting Job Creation and Economic Growth

The Indian Union Budget has introduced three innovative Employment Linked Incentive (ELI) schemes aimed at job creation, especially for first-time employees. 

Scheme A: Incentives for First-Time Employees

Scheme A targets individuals who are newly entering the workforce. Under this scheme, first-time employees in all sectors will receive a one-month wage, providing a crucial financial boost as they begin their careers. This will be a Direct Benefit Transfer (DBT) to their EPFO account, up to ₹15,000, ensuring that new employees have a solid financial foundation as they embark on their professional journeys.

Scheme B: Job Creation in Manufacturing

Scheme B is dedicated to fostering job creation within the manufacturing sector. Both employees and employers will receive incentives linked to EPFO contributions for the first four years of employment. This scheme aims to benefit 30 lakh youths entering the workforce, thereby driving substantial growth in the manufacturing industry and contributing to the nation's economic development.

Scheme C: Support for Employers

To further encourage the hiring of additional employees, Scheme C offers significant support to employers. The government will reimburse up to ₹3,000 per year towards EPFO contributions for each additional employee. This reimbursement will ease the financial burden on employers, making it more feasible to expand their workforce and create new job opportunities.

Enhancing Women's Participation in the Workforce

Recognising the vital role of women in the economy, the budget includes measures to enhance women's participation in the workforce. These initiatives encompass the establishment of working women hostels and crèches, as well as the introduction of women-specific skilling programmes and support for women-led enterprises. These efforts aim to create a more inclusive and supportive environment for women, enabling them to thrive in their professional lives.

Centrally Sponsored Skilling Programmes

A significant focus of the budget is on skilling the youth to meet the demands of a dynamic job market. In collaboration with state governments and industries, the centrally sponsored skilling programme aims to skill 20 lakh youth over a five-year period. This ambitious initiative includes updating 1,000 industrial training institutes (ITIs) using the hub-and-spoke model. Courses will be upgraded and new ones introduced to ensure relevance and effectiveness. Additionally, the skilling loan scheme has been revised to facilitate loans up to ₹7.5 lakh, assisting 25,000 students each year in acquiring essential skills.

Education Loans and e-Vouchers

To support higher education, the budget introduces a revised education loan scheme offering loans up to ₹10 lakh for higher education in domestic institutions. Furthermore, e-vouchers will be provided directly to 1 lakh students each year, covering 3% of interest on these loans. This initiative aims to make higher education more accessible and affordable, empowering students to pursue their academic goals without financial constraints.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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