Hungry for jobs perennially, millennials tried to wrap their head around Union budget as finance minister delivered what government has in store for them. Not only will the financial assistance from government to the ministry of Skill and Development help the students across the country with more scholarships, it will also hone the youth ready to enter the job market, experts told MAIL TODAY.
"Under Pradhan Mantri Kaushal Vikas Yojana, our target is to skill one crore people in the youth sector. We will further bring 2,300 institutions across India under Pradhan Mantri Yuva Yojana and another 3.5 crore under SANKALP scheme in the next four years. The ministry has tied up with the World Bank to give India its share of employable youth. The budget announced has further strengthened and augmented our resolve to create entrepreneurs for industry," said a Skill and Development ministry official.
The ministry, currently focussing on giving India an employable workforce, suffered a setback due to insufficient funds.
"We were previously running institutions for skill development which lacked infrastructure and results did not match the standards. With this big boost in budget, ministry will smoothly provide quality deliverables to the country," said another official.
The Union budget 2017 gives Skill Development ministry Rs 2766.11 crores.
"The budget allocation shows that government is focussing on building a promising future with entrepreneurs," said the ministry official. Even for the socially backward, the budget is riding on a train of healthy share of money to spend in the coming financial year.
"Ministry has received Rs 410 crore extra than last year so we will provide more scholarships to the pre-matric and post-matric students in SC/ST/OBC and disabled community," an official from ministry of Social Justice and Empowerment told MAIL TODAY.
K Narayan, managing director of National Backward Classes Finance and Development Corporation told MAIL TODAY that skill development helps in providing jobs and a healthy budget allocation means more resources to hone candidates.
The post-matric scholarship provided by the ministry largely benefits the students who opt for engineering and medical science.