New Delhi, July 23 : Experts hailed the Rs 1.48 lakh crore allocation for education, employment, and skilling in the Union Budget presented by Finance Minister Nirmala Sitharaman in the Parliament on Tuesday.

The Finance Minister said that the government will provide financial support of up to Rs 10 lakh for higher education in domestic institutions.

The government will also launch a scheme to provide internship opportunities to one crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000. About 20 lakh youth will be skilled over five years.

FM Sitharaman announced a Rs two lakh-crore PM package of five schemes to facilitate employment and skilling.

"The 2024 budget sounds positive and forward-looking, with a focus on job creation, education, skill development, and building a more inclusive workforce,' said Neeti Sharma, CEO, TeamLease Digital.

'The provision of Rs 1.48 lakh crore made to support education, employment, and skilling demonstrates a robust commitment to workforce development. Schemes enabling industries to create new jobs, financial support for higher education loans, ITI upgrades, and internship schemes will all enable a higher-skilled and employable workforce,' she added.

Sharma said the proposed initiatives will bolster industries such as manufacturing, healthcare, and MSMEs.

Welcoming the Budget as a 'positive development,' Anuraag Saxena, CEO, E-Gaming Federation said that jobs are the 'primary driver of economic growth, and putting new initiatives and allocations into practice would not only improve the employment situation.'

He added that the budget will 'also have a significant impact on developing a trained labour force for all industries, including online skill gaming.'

'The urgency around skilling requirements has been rightly reflected through announcements related to skilling loans, interest subvention on higher education loans, and incentives to corporates for providing internship opportunities,' said Ranen Banerjee - Partner and Leader of Economic Advisory, PwC India.

/IANS