Nirmala Sitaraman elaborates on her presentation of the Budget in Parliament
Nirmala Sitaraman elaborates on her presentation of the Budget in Parliament
The Union Finance Minister Nirmala Sitaraman after presenting the budget addressed members of the parliament.
Elaborating on the budget presented by her she said that the government will provide all assistance to the state to reconstruct and rehabilitate through multilateral development assistance.
She also said that the government is particularly focusing on employment, skilling, MSMEs, and the middle class.
The Finance Minister even made an announcement of Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs two lakh crore
Further adding that this year, she has made a provision of
Rs 1.48 lakh crore for education, employment and skilling. She also said that as part of the Prime Minister’s package the government will also implement three schemes for ‘Employment Linked Incentive’ and these will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
Continuing, the Finance Minister also said that the said Scheme for First Timers will provide one-month wage to all persons newly entering the workforce in all formal sectors. The direct benefit transfer of one-month salary in three instalments to first-time employees, as registered in the EPFO, will be up to Rs 15,000. The eligibility limit will be a salary of Rs one lakh per month. The minister said the scheme is expected to benefit 210 lakh youth.
The minister also said that Scheme B for job creation in manufacturing will incentivize additional employment in the manufacturing sector, linked to the employment of first-time employees. An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first 4 years of employment. The scheme is expected to benefit 30 lakh youth entering employment, and their employers.
The employer-focussed Scheme C will cover additional employment in all sectors. All additional employment within a salary of Rs 1 lakh per month will be counted. The government will reimburse to employers up to Rs 3,000 per month for two years towards their EPFO contribution for each additional employee. The scheme is expected to incentivize additional employment of 50 lakh persons.
The government will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches. “In addition, the partnership will seek to organize women-specific skilling programmes, and promotion of market access for women SHG enterprises.”Sitharaman announced a new centrally sponsored scheme, as the 4th scheme under the Prime Minister’s package, for skilling in collaboration with state governments and Industry.
That 20 lakh youth will be skilled over a 5-year period, 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation. Course content and design will be aligned to the skill needs of industry, and new courses will be introduced for emerging needs.
She further said that the Model Skill Loan Scheme will be revised to facilitate loans up toRs 7.5 lakh with a guarantee from a government promoted Fund. This measure is expected to help 25,000 students every year, she said.
For helping our youth who have not been eligible for any benefit under government schemes and policies, she feels happy to announce a financial support for loans upto Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount,” she said.
That under the 5th scheme under the Prime Minister’s package, the government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to one crore youth in five years.
Concluding her address in the parliament, she said that they will gain exposure for 12 months to real-life business environment, varied professions and employment opportunities. An internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 will be provided. Companies will be expected to bear the training cost and 10 per cent of the internship cost from their CSR funds.
News Edit K.V.Raman
