Budget 2024 Live: Internship Opportunities for 10 Million Youths, Mudra Loan Amount Increased to 20 Lakhs

Union Budget 2024: Significant Announcements for Youth and Self-Employment

Today, Finance Minister Nirmala Sitharaman presented the first full budget of the NDA government led by Prime Minister Narendra Modi in Parliament. The budget includes several significant announcements for various sectors and sections of society. This budget focuses particularly on youth and self-employment, taking significant steps in these directions.

Internship Opportunities for Youth:

One of the key highlights of this budget is the number of internship opportunities for youth. The government has planned to provide internship opportunities for 10 million youths at 500 top companies. This plan includes a monthly stipend of ₹5000 for the internship and a one-time assistance of ₹6000. This initiative aims to provide young people with work experience and a clear career path.

Increased Loan Amount under Pradhan Mantri Mudra Yojana:

The Pradhan Mantri Mudra Yojana aims to promote self-employment. Launched in 2015, this scheme provides collateral-free loans up to ₹10 lakhs. However, this amount has now been increased to ₹20 lakhs. This change is intended to benefit those youths who wish to start their own business but lack initial capital.

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Promoting Self-Employment: The Mudra scheme is a significant step towards promoting self-employment. It helps young people start and successfully run their businesses.

Types of Loans under the Mudra Yojana:

1. Shishu Loan: This loan provides up to ₹50,000 and is meant for starting businesses.
2. Kishor Loan: This loan ranges from ₹50,000 to ₹5 lakhs and is for growing businesses.
3. Tarun Loan: This loan ranges from ₹5 lakhs to ₹10 lakhs and is for established businesses. The limit has now been increased to ₹20 lakhs.

How to Avail the Benefits of the Schemes: To avail of the benefits of these schemes, one must apply at the relevant bank or financial institution. It is essential to have the necessary documents ready and to understand the terms and conditions of the scheme thoroughly.

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Conclusion: Budget 2024 has taken several significant steps to promote youth and self-employment. This budget not only provides new employment opportunities but also helps make youths self-reliant.