To empower youth and help them realise their dreams, the Union Budget 2023-24 prioritises youth power, according to Finance Minister (FM) Nirmala Sitharaman. She added that though the NEP (National Education Policy) is formulated along these lines, skilling and job creation are areas which need to be focussed on with emphasis.

Keeping this in view, the Pradhan Mantri Kaushal Vikas Yojna (PMKVY) 4.0 will be launched "to skill lakhs of youth within the next three years", the FM said. "On-job training, industry partnership and alignment of courses with needs of the industry will be emphasised," she said. The scheme will also focus on new-age courses meant for "Industry 4.0", like Coding, Artificial Intelligence (AI), Robotics, Mechatronics, the Internet of Things (IoT), 3D Printing, Drones and soft skills.

Further, to skill the youth for international opportunities, 30 Skill India International Centres will be set up in various states. A unified Skill India digital platform will also be set up to expand the skilling ecosystem. This will help enable demand-based formal skilling, facilitating access to entrepreneurship skills and linking with employers including MSMEs (Micro, Small & Medium Enterprises).

To support 47 lakh youth for three years by providing stipends, "Direct Benefit Transfer (DBT) under a pan-India national apprenticeship promotion scheme will be rolled out," Sitharaman said. Next, she added that jobs for youth would also be created with the growth of tourism.