Finance Minister Nirmala Sitharaman presented her seventh consecutive Union Budget, the first full budget under PM Narendra Modi’s third term. Key announcements included an internship scheme providing ₹5,000 per month to one crore youth over five years, with additional one-time monetary help of ₹6,000.
The proposed internship scheme will involve 500 top companies in India, with funds from corporate social responsibility (CSR) buckets covering training and 10% of internship costs. According to Internshala’s 2024 report, India has seen a 200% increase in internship opportunities over the past five years.
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The Budget allocated ₹1.48 lakh crore to boost education, upskilling, and employment. Education loans up to ₹10 lakh will be available for students pursuing higher education in domestic institutions, ensuring broader access to quality education and skill development opportunities.
For employment generation, the government announced:
- ₹3,000 per month for companies’ EPFO contributions for new hires earning up to ₹1 lakh per month.
- A wage of up to ₹15,000 for one month for new workforce entrants in the formal sector.
- Skill training for 20 lakh youth over five years.
The government extended the PM Garib Kalyan Anna Yojana for five more years, benefiting 80 crore people. Focus areas include employment, skilling, MSMEs, and the middle class, aiming to create a more inclusive and supportive economic environment for all citizens.
