The Economic Survey of 2024-25, presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Friday, highlighted five key schemes introduced in the previous year’s Union Budget that contributed to job creation for young workers in India.
The Prime Minister's initiative, comprising five schemes, is designed to support 4.1 crore Indian youth over a span of five years, with a central allocation of Rs 2 lakh crore. These are:
Scheme A - For First-Time Job Seekers: This program provides a one-time salary of up to ₹15,000 in three installments for first-time employees registered with the EPFO. With a monthly salary cap of ₹1 lakh, it is aimed at assisting 2.1 crore young individuals entering the workforce for the first time.
Scheme B - Manufacturing Job Creation: This incentive-based scheme supports both employees and employers through EPFO contributions made during the first four years of employment, with a focus on promoting job creation within the manufacturing sector.
Scheme C - Employer Support: The government will reimburse employers up to ₹3,000 per month for two years for the EPFO contribution for each new employee. This initiative is projected to benefit 30 lakh youth and foster job creation across various sectors.
New Centrally Sponsored Skilling Scheme: Over the next five years, 20 lakh youth will receive skills training, and 1,000 ITIs will be upgraded through hub-and-spoke arrangements. This program aims to build skilled human capital and support the creation of high-quality employment opportunities.
Prime Minister’s Internship Scheme: This initiative provides internships in 500 top companies to one crore youth over the next five years. Participants will gain 12 months of practical business experience, receive a monthly stipend of ₹5,000, and a one-time allowance of ₹6,000. The program aims to bridge the gap between academic learning and industry needs, boosting employability and supporting economic growth.
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