The scheme would provide Rs 1,000 per month to those unemployed who have minimum 102 qualification or above.
Likewise, an allowance of Rs 1,500 per month would be given to the youths with physical disabilities. Both allowances will benefit 150,000 youths.
The Chief Minister also announced that the period of regularisation of contractual employees would be reduced to three years instead of five.
He announced that the monthly honorarium of Special Police Officers deployed in Chamba district bordering militancy-infested Jammu and Kashmir would be increased to Rs 6,000 from Rs 4,000.
There are around 500 Special Police Officers assisting the paramilitary forces after the massacre of 35 people in Churah area by terrorists in 1998.
The Chief Minister unfurled the national flag with the national anthem being played by a Home Guard band.
Singh said the state has been giving priority to upgrading the skills of the unemployed youth. In this regard, the government has implemented the Skill Development Allowance Scheme with an outlay of Rs 500 crore.
Till date the skill development allowance has been given to 152,000 youth.
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(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)