Union Budget 2024: Nirmala Sitharaman floats NPS Vatsalya for parents to save for their kids

NPS for kids: FM Nirmala Sitharaman on Tuesday floated National Pension System for kids -- NPS Vatsalya. Under this scheme, parents can save for their minor kids and on entering the workfload, the plan can be converted into a full-fledged NPS account.

Sitharaman also announced the Centre will provide Rs 1.48 lakh crore for education and employment and skill. Financial support for loans upto Rs 10 lakh will be given to students aiming for higher education in domestic institutions. New centrally-sponsored scheme for skilling in collaboration with state governments and industries. About 20 lakh youth will be skilled over 5-year period.

A total of 1000 ITIs will be upgraded, course content and design will be aligned to the skill needs of industries.

The FM further announced that the government will provide internships to one crore youth. These interns will get Rs 5000 as stipend and one time assistance of Rs 6000. The companies will bare the cost from their CSR funds govt’s internship scheme.