Industry impact: Education, skilling and social sector has been saved
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Industry impact: Education, skilling and social sector
The PM’s package includes key schemes for education, skills and employment, benefiting 41 million youth over the next five years through a budget provision of INR 2,000 billion:
Offering benefits to first-timers: It offers a direct benefit equivalent to one month's salary of up to INR 15,000 to first-time employees with salaries up to INR 100 thousand per month in formal sectors, benefiting 21 million youth.
Creating jobs in manufacturing: It provides incentives in the manufacturing sectors for first-time employees and employers for salaries up to INR 100 thousand for four years, benefiting 3 million youth and
their employers.
Supporting employers for additional job creation: It offers PF contribution support of up to INR 3,000 per month in all sectors for salaries up to INR 100 thousand for two years respectively, creating employment for 5 million people.
Enabling women's employment and self-employment: It includes the creation of working women hostels and creches, and provides support for organising self-help groups by women, facilitating market access for them.
Providing internships: It offers 10 million internships over five years in the top 500 companies for a period of 12 months with a stipend of up to INR 5,000 per month. Interns will receive a one-time payout of INR 6,000, where the training cost and 10 percent of the internship cost will be borne by the companies through their CSR funds.
Expanding opportunities for skilling: 1,000 ITIs will be upgraded in a hub-and-spoke model and 2 million youth will be skilled over a period of five years.
Skill and education loans: Skill loans guaranteed by a government fund will be provided to benefit 25,000 students per year and education loans of up to INR 1 million for higher education in domestic institutions through vouchers will be provided, benefiting 100 thousand students. It includes a 3 percent interest subvention for up to three years.
Refer to the flyer PDF for more details