Education Budget 2024: With the aim of focusing on employment, skilling, MSMEs, and the middle class, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 on Tuesday.
Aiming to enhance the quality of education, improve infrastructure, and create job opportunities, Nirmala Sitharaman announced Rs 1.48 lakh crore for education, employment and skilling.
Highlighting a substantial allocation of Rs 1.48 lakh crore for the education sector in the Union Budget 2024-25, here are few insights from the Education Budget 2024.
Key insights from Education Budget 2024
- Finance Minister Nirmala Sitharaman made a provision of Rs 1.48 lakh crore for education, employment and skilling.
- Finance Minister Nirmala Sitharaman announced the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for Rs 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore.
- Under the Union Education Budget 2024-25, Nirmala Sitharaman proposed a revision to the Model Skill Loan Scheme, aimed at benefiting 25,000 students annually.
- Finance Minister also announced a financial support for loans upto Rs 10 lakh for higher education in domestic institutions
- She introduced e-vouchers for loans up to Rs. 10 lakh for higher education at domestic institutions, to be directly provided to one lakh students each year with an annual interest subvention of 3 percent of the loan amount.
- Focusing on women and students, Sitharaman highlighting plans to establish working women's hostels and creches in collaboration with the industry
- Revising the Model Skill Loan Scheme, Sitharaman announced that the scheme will now facilitate loans up to Rs. 7.5 lakh, backed by a government-promoted fund guarantee, expected to assist 25,000 students each year.
- A new central scheme, in collaboration with state governments and companies, aims to train approximately 20 lakh youth over the next five years.
- Additionally, 1,000 ITIs will be upgraded to align training content and design with industry skill requirements.
- With inputs from agencies
