Government Launches Ambitious Skill Development Initiative for 20 Lakh Youth

The government has announced a new scheme to skill 20 lakh youth over the next five years. The initiative, revealed by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25, includes revised loan schemes and the upgrade of 1,000 ITIs on a hub-and-spoke model.

The government on Tuesday unveiled a new centrally-sponsored scheme aimed at skilling 20 lakh youth over the next five years.

The announcement came from Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2024-25.

The revised model skilling loan scheme will now facilitate loans up to Rs 7.5 lakh.

In a move to enhance skilling efforts, 1,000 ITIs will be upgraded using the hub-and-spoke model. Additionally, financial support for loans up to Rs 10 lakh will be provided for higher education in domestic institutions.

According to Sitharaman, the new centrally-sponsored scheme for skilling will be executed in collaboration with states and industry to train 20 lakh youth over five years.