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Questions and Answers
What is the primary focus of the PM's Package (4th scheme)?
How many Industrial Training Institutes are set to be upgraded under the scheme?
What unique approach is employed for the upgraded Industrial Training Institutes?
What financial support does the revised Model Skill Loan Scheme provide?
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What is a key feature of the financial support for higher education in domestic institutions?
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How many students are expected to benefit from the interest subvention under the higher education loan scheme?
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What support will be provided to enhance the participation of women in the workforce?
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In what way will the course content in the scheme be designed?
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What is the expected outcome for the number of students assisted by the Model Skill Loan Scheme annually?
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Study Notes
Prime Minister's Package Overview
- Aims to support employment and skilling for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore.
- Comprises 5 schemes including 3 "Employment Linked Incentive" initiatives based on EPFO participation.
Scheme A: First Timers
- Offers one-month wage support to individuals entering the workforce for the first time.
- Provides up to ₹15,000 in direct benefits, distributed in three instalments for EPFO-registered first-time employees with a salary cap of ₹21 lakh.
- Expected to benefit 210 lakh youth.
Scheme B: Job Creation in Manufacturing
- Focuses on creating additional employment in the manufacturing sector by hiring first-time workers.
- Offers employer and employee incentives for EPFO contributions during the initial 4 years of employment.
- Set to assist 30 lakh youth and their employers.
Scheme C: Support to Employers
- Targets all sectors for additional employment, covering salaries up to ₹1 lakh per month.
- Government reimbursement of up to ₹3,000 per month for 2 years for employers hiring additional staff, aligned with EPFO contributions.
- Anticipates incentivizing employment for 50 lakh individuals.
PM's Skilling Scheme
- A centrally sponsored initiative aiming to skill 20 lakh youth over a 5-year duration.
- Upgrades 1,000 Industrial Training Institutes with an outcome-oriented hub and spoke model.
- Course content is tailored to meet industry skill requirements.
Promoting Female Workforce Participation
- Initiatives include setting up working women hostels in collaboration with the industry and establishing childcare facilities (creches).
Model Skill Loan Scheme Revision
- Revamped to enable loans up to ₹7.5 lakh with a guarantee from a government-promoted fund, targeting 25,000 students annually.
Financial Support for Higher Education
- Provision of financial support for loans of up to ₹10 lakh for higher education in domestic institutions through e-vouchers.
- Annual interest subvention of 3% for 1 lakh students who have not availed benefits from government schemes, making education more accessible.
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Description
Explore the details of the Prime Minister's package aimed at facilitating employment and skill development for 4.1 crore youth. This quiz covers the announcement of five schemes and initiatives, along with deep dives into the Employment Linked Incentive schemes designed to support first-time employees.
