Need for speed: FM deploys Rs. 2 Lakh crore plans to employ, skill 4 crore

In a clear recognition of the challenge of unemployment in a country with the world’s largest young population, govt unveiled for four crore youths a Rs 2 lakh crore mega package of five schemes spread over a 5-year period to boost jobs, skilling and other opportunities. Three new schemes under the PM’s package will incentivise first-time employees, providing one-month wage to new entrants in the workforce in all formal sectors, and also support employers.

This comes against the backdrop of joblessness among youths running into double digits and emerging as a major issue in Lok Sabha polls.

According to the Economic Survey, India needs to generate 78.5 lakh jobs in the non-farm sector on average per year till 2030. Govt has said the private sector needs to create job opportunities as it has robust balance sheets and profitability is at a 15-year high.

There will be direct benefit transfer of one month’s salary in three instalments to first-time employees, as registered in EPFO, of up to Rs 15,000. The eligibility limit is a salary of Rs 1 lakh a month and is set to benefit 2.1 crore people.