The Union Budget 2024-25 marks a significant advancement in the government’s approach to employment and skill development. With Rs 1.48 lakh crore allocated for education, employment, and skilling initiatives, the government is clearly committed to empowering the youth and enhancing their employability.
One of the standout announcements is the launch of a scheme to provide internship opportunities to 1 crore youth, including placements in Fortune 500 companies. This initiative offers invaluable industry exposure and practical experience, significantly boosting the employability of our young professionals.
The introduction of the three Employment-linked incentive schemes is a substantial improvement over last year’s broader initiatives. Scheme A’s Direct Benefit Transfer of 1-month salary up to Rs 15,000 for first-time employees registered in EPFO provides immediate financial support. Scheme B, which incentivizes job creation in manufacturing, offers direct benefits to both employees and employers, fostering industrial growth. Scheme C’s support to employers, with reimbursements up to Rs 3,000 per month for EPFO contributions for each additional employee, is a strong incentive for workforce expansion.
Upgrading 1,000 industry training institutes in a Hub and Spoke arrangement will bridge the skill gap and prepare youth for future jobs. The emphasis on women-led development and AI-driven upskilling for women highlights a commitment to gender equality and inclusive growth.
At Workruit, we are excited about these progressive measures and look forward to leveraging them to revolutionize India’s recruitment landscape through AI and digital tools.
