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In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

<ul class="summary-list"><li>The biggest worry for allocators to hedge funds is crowding, according to a new Bank of America survey.</li><li>But the survey also found that allocators' own portfolios of managers have become more concentrated.</li></ul>Allocators are growing more worried about crowding at hedge funds. But these same investors are increasingly concentrating their portfolios into the same few mega firms, according to a new Bank of America survey of allocators.The survey — which spoke to 160 allocators with roughly $680 billion invested in around 4,300 hedge funds globally — found that the biggest hedge fund managers in the industry are still gobbling assets and market share despite their investors bickering about costs."Respondents have generally moved towards fund consolidation rather than diversification within their HF portfolio," the report reads."Anecdotally, we are hearing 'one in, two out' (i.e., 1 new allocation per 2 full redemptions) as the new normal."The result is the biggest are getting bigger.Only $7 billion of net inflows into the entire $4.3 trillion industry in the first half of 2024, and multi-strategy hedge funds like Millennium, Citadel, and others led the way. This flavor of hedge fund brought in $10 billion in net flows in 2024's first six months, and the average multimanager firm runs $1.7 billion.By comparison, the average hedge fund overall runs $528 million.Despite this, allocators, paradoxically, have grown even more concerned about crowding risks in their hedge fund portfolios. According to Bank of America, half of respondents said that "crowding" will be their top concern as they close out the year.While one of the selling points for multimanager funds is their broad reach across different markets, geographies, and asset classes, these firms have proven to move in lockstep in volatile markets over the years — or <a target="_blank" href="https://www.businessinsider.com/hedge-funds-betting-electricity-power-grid-congestion-trading-2024-3">chase after a hot area that one firm has found</a>.For example, when the pandemic sent markets spiraling in early 2020, many of these firms lost money <a target="_blank" href="https://www.businessinsider.com/citadels-relative-value-losses-last-week-wiped-nearly-all-gains-2020-3">on the basis trade</a>, a type of relative value bet that seeks to advantage of price differences between similar securities. In the years since, concentration in this trade and the leverage these managers use to juice their returns <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-30/ken-griffin-s-citadel-hedge-fund-rivals-draw-scrutiny-over-crowding-leverage">have gotten the attention of regulators</a>.LPs have finally regained a bit of leverage over these multimanager funds, some of which have struggled to outperform the risk-free rate since interest rates increased. Bank of America notes that <a target="_blank" href="https://www.businessinsider.com/exoduspoint-multistrategy-hedge-funds-lower-fees-adopt-cash-hurdle-2024-9">fee hurdles</a> are becoming more common — 42% of respondents have some sort of hurdle in place for at least one of the funds in their portfolio — amid a "buyers' market.""Asset raising remains challenging for most managers," the survey noted, which should lead to "increasing manager/allocator alignment."

Allocators that crowded into the biggest hedge funds are worried about these managers crowding into the same trades

<keyword id="19895579" type="General" weightage="100" keywordseo="gold" source="keywords">Gold</keyword> consistently reduces portfolio <keyword id="19908008" type="General" weightage="20" keywordseo="volatility" source="keywords">volatility</keyword> while improving returns, even with increased <keyword id="20108512" type="General" weightage="20" keywordseo="allocation" source="keywords">allocation</keyword>. By simulating portfolio performance with varying allocations of gold (2.5% to 10%), it's evident that the yellow metal bolsters return without adding significant risk, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>. On the other hand, <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> shows diminishing returns as its allocation increases. A 2.5% allocation of bitcoin can enhance risk-adjusted returns, but beyond that, the portfolio's volatility rises, leading to larger drawdowns and lower overall performance. The data underscores that while bitcoin may offer short-term upside, it introduces risk that erodes its effectiveness as a stable <keyword id="22820244" type="General" weightage="20" keywordseo="store-of-value" source="keywords">store of value</keyword>. Global equities experienced a sharp downturn, with the <keyword id="19919944" type="General" weightage="20" keywordseo="SP-500" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P 500" meta.hostid="261" meta.entityid="S&amp;P 500">S&amp;P 500</keyword> and <keyword id="19951906" type="General" weightage="20" keywordseo="NASDAQ" source="keywords" meta.keywordsubtype="org" meta.entityname="NASDAQ" meta.hostid="261" meta.entityid="NASDAQ">NASDAQ</keyword> dropping over 4% and 6%, respectively, at the peak of the selloff. Amid this volatility, the debate over whether bitcoin can be considered "digital gold" resurfaced, as investors re-examined its place as an inflation hedge and a store of value. While bitcoin enthusiasts often label the cryptocurrency as "digital gold," a closer examination of the data, particularly during turbulent market periods, challenges this claim. Gold, a time-tested asset known for its stability, has long been a <keyword id="20466459" type="General" weightage="20" keywordseo="safe-haven" source="keywords">safe haven</keyword> during <keyword id="22820245" type="General" weightage="20" keywordseo="market-downturns" source="keywords">market downturns</keyword>. Bitcoin, on the other hand, displays characteristics more akin to high-risk technology stocks, making it an unsuitable substitute for gold in times of market stress. The primary distinction between gold and bitcoin lies in volatility. On a five-year rolling basis, gold has proven to be far less volatile than bitcoin, a trend that underscores its role as a safe haven asset. Gold's stable value is supported by central bank holdings, long-term investment demand, and its status as a global store of wealth. Bitcoin, conversely, is at the extreme end of the volatility spectrum, with its price fluctuations resembling those of tech stocks--closely tied to blockchain adoption and innovation trends. The most recent market correction in early August 2024 further emphasized these differences. While bitcoin experienced sharp losses, gold remained relatively stable, reinforcing its value as a risk mitigator during crises. The comparison of year-to-date returns reveals the stark contrast: bitcoin's wild swings have made it less reliable for investors seeking protection in a turbulent market. Bitcoin and gold also show stark differences in their correlation with broader markets. Gold has historically exhibited a negative correlation during down markets, and a positive correlation during up markets, making it an ideal asset for a diversified portfolio. Bitcoin, on the other hand, behaves more like risk assets, amplifying market stress rather than mitigating it. This was especially evident during the Russian invasion of Ukraine in 2022, when gold outperformed while bitcoin faltered, aligning with other high-risk equities. Gold's global acceptance as a store of value--unrestricted by geographic or regulatory boundaries--provides further stability. Bitcoin, while growing in prominence, has not demonstrated the same universal acceptance or reliability, particularly during significant market downturns. The critical takeaway from the events of early August 2024 is that bitcoin has yet to demonstrate the same safe haven characteristics as gold. In times of significant market drawdowns, bitcoin has tracked risk assets like tech stocks, offering no meaningful protection for investors seeking stability. This reinforces the notion that bitcoin's most common use case is as an indicator of blockchain adoption rather than a dependable hedge against inflation or market turmoil.

Gold boosts returns and lowers risk, while Bitcoin heightens volatility, says World Gold Council

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

Asset Allocation Strategies

The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. The <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> emphasises the continuation and expansion of key programmes aimed at improving the lives of persons with disabilities through various schemes and projects. A significant portion of the budget is dedicated to the National Program for the Welfare of Persons with Disabilities, with Rs 615.33 crore allocated for this fiscal year, up from Rs 502 crore in the revised budget for 2023-24. The Department of Empowerment of Persons with Disabilities (DEPwD) has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-25, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. This programme includes Rs 315 crore for <keyword id="22518195" type="General" weightage="20" keywordseo="Assistance-to-Disabled-Persons" source="keywords">Assistance to Disabled Persons</keyword> for Purchase/Fitting of Aids and Appliances, an increase from Rs 305 crore. The <keyword id="22518194" type="General" weightage="20" keywordseo="Deendayal-Disabled-Rehabilitation-Scheme" source="keywords">Deendayal Disabled Rehabilitation Scheme</keyword> has seen a notable increase from Rs 130 crore to Rs 165.00 crore. Additionally, the Scheme for Implementation of the <keyword id="22345050" type="General" weightage="20" keywordseo="Persons-with-Disabilities-Act" source="keywords">Persons with Disabilities Act</keyword> is allocated Rs 135 crore, more than doubling the previous year's revised estimate of Rs 67 crore. <keyword id="21579628" type="General" weightage="20" keywordseo="Educational-support" source="keywords">Educational support</keyword> remains a priority, with Rs 142.68 crore earmarked for Scholarships for Students with Disabilities. This is slightly down from the previous year's Rs 155 crore but continues to reflect a commitment to empowering students with disabilities through higher education opportunities. The department's support for autonomous bodies includes significant funding, although there are some reductions compared to the previous year. The National University of Rehabilitation Science and Disability Studies and the Rehabilitation Council of India maintain steady allocations. However, funding for the Centre for Disability Sports has been reduced from Rs 76 crores to Rs 25 crores. Support to national institutes is set at Rs 370 crore, a decrease from the revised estimate of Rs 408.75 crore. The budgetary support to the national trust is reduced from Rs 35 crore to Rs 25 crore. Public sector undertakings, such as the <keyword id="22518196" type="General" weightage="20" keywordseo="national-handicapped-finance" source="keywords">National Handicapped Finance</keyword> and Development Corporation and the Artificial Limbs Manufacturing Corporation of India, have been allocated a combined total of Rs 194 crore, maintaining consistent support for these critical organisations. The establishment expenditure for the central administration, including the Secretariat and the Chief Commissioner of Persons with Disabilities (CCPD), is set at Rs 42.75 crore. This includes Rs 41.55 crores for the Secretariat and Rs 20 lakh for the CCPD. The department also focuses on regional development, with Rs 75.8 crore allocated for the North Eastern Areas, up from Rs 65.7 crores.

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

The <keyword id="19905108" type="General" weightage="20" keywordseo="ministry-of-defence" source="keywords">Ministry of Defence</keyword> has sanctioned over Rs 300 crore through its <keyword id="20416767" type="General" weightage="100" keywordseo="technology-development-fund" source="keywords">Technology Development Fund</keyword> (TDF) to create an ecosystem aimed at enhancing capabilities in cutting-edge technology and promoting '<keyword id="20460685" type="General" weightage="20" keywordseo="aatmanirbharta" source="keywords">Aatmanirbharta</keyword>' in defence, an official statement said on Thursday. The Technology Development Fund (TDF) scheme is a flagship programme of the Ministry of Defence, executed by <keyword id="19948662" type="General" weightage="20" keywordseo="drdo" source="keywords">DRDO</keyword> under the '<keyword id="20018809" type="General" weightage="20" keywordseo="make-in-india" source="keywords">Make in India</keyword>' initiative. Under this initiative, the government provides grants-in-aid to Indian industries, including <keyword id="19910977" type="General" weightage="20" keywordseo="msmes" source="keywords">MSMEs</keyword> and <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>, as well as academic and scientific institutions, for the development of defence and dual-use technologies that are currently not available in the Indian defence industry. With these initiatives, the Ministry aims to engage private industries, especially MSMEs and startups, to foster a culture of design and development in military technology and support them with grants-in-aid. The TDF seeks to enhance the capacity and capability of Indian industries for the design and development of defence technologies in the country. It aims to create an R&amp;D ecosystem where industry and academia work together to meet the current and future requirements of the Armed Forces and the defence sector. The government aims to achieve 'Aatmanirbharta' in defence technology by building a robust defence manufacturing ecosystem in the country. The <keyword id="19910956" type="General" weightage="20" keywordseo="defence-ministry" source="keywords">Defence Ministry</keyword> on Wednesday highlighted several successful startups benefiting from the scheme. Pune-based startup <keyword id="22281521" type="General" weightage="20" keywordseo="Combat-Robotics" source="keywords" meta.keywordsubtype="org" meta.entityname="Combat Robotics" meta.hostid="153" meta.entityid="Combat Robotics">Combat Robotics</keyword>, with the help of the scheme, has successfully developed an innovative simulator for <keyword id="20146841" type="General" weightage="20" keywordseo="unmanned-vehicles" source="keywords">unmanned vehicles</keyword>. This multi-domain simulator supports unmanned ground vehicles (UGVs), unmanned underwater vehicles (UUVs), unmanned surface vehicles (USVs), and unmanned aerial vehicles (UAVs), serving as an excellent development tool for agencies working on autonomous systems. Another Pune-based defence equipment startup, ChiStats Labs Private Limited, is developing virtual sensors for aero gas turbine engine health monitoring, which helps to increase the operational reliability and longevity of the engines. The system is built on modern artificial intelligence/machine learning (AI/ML) technologies. Bengaluru-based NewSpace Research and Technologies Pvt. Ltd., under the project titled 'Autonomous Drone as First Responder for Search and Report Operations in Enclosed/Indoor Environments', has created a cutting-edge UAV capable of exploring indoor environments under various conditions, including zero light. The success of this project will open up various applications, including search and rescue operations, surveillance, industrial inspections, environmental monitoring, and hazardous environment exploration, contributing significantly to technological advancements in unmanned aerial systems, the Ministry added. The technology has been developed under the technical guidance and mentorship of CAIR, Bengaluru.

Defence ministry allocates Rs 300 cr for technology development fund to promote Make in India products

Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> in her Budget speech proposed creation of <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> of about 4.1 crore <keyword id="19916812" type="General" weightage="20" keywordseo="youth" source="keywords">youth</keyword> over the next five years. Towards it, the finance minister has made an allocation of Rs 2 lakh crore. Similarly, for <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced. She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT) The Finance Minister said that the government will launch internship opportunities in 500 companies to one crore youth in five years. Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said. The companies will bear training and 10 per cent of training cost from CSR funds. Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

You Searched For "allocations" and got 9 results

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

PTI

Allocators that crowded into the biggest hedge funds are worried about these managers crowding into the same trades

Bradley Saacks

Gold boosts returns and lowers risk, while Bitcoin heightens volatility, says World Gold Council

ANI

Fund allocations to key sectors and schemes hiked in budget

ANI

Asset Allocation Strategies

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

PTI

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

PTI

Defence ministry allocates Rs 300 cr for technology development fund to promote Make in India products

ANI

Budget 2024: ₹2 lakh crore allocated to employ 4.1 crore youth over next 5 years

ANI

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