Union Education Budget 2024 Highlights: Rs 1.48 lakh crore allotted for education, employment, and skill

Union Education Budget 2024 Highlights: Finance Minister Nirmala Sitharaman presented the Union Education Budget 2024 today, July 23, 2024. Catering to the education sector demands, the Finance Minister announced that the Central Government will offer financial aid of ₹1.48 lakh crore for education, skill development, and employment in the country. Furthermore, loans of up to 10 lakhs will be provided to the students to help them pursue higher education in domestic colleges. Check out the other major highlights of the Education Budget 2024 here, along with the top highlights of the overall budget 2024. 

Union Education Budget 2024 Highlights

The top highlights of the Union Education Budget 2024 have been stated below: 

• Upgraded Training Institutes: For the Skill Development Sector, 1000 industrial training institutions will be upgraded with the hub and spoke model. The model skill loan scheme will be updated to facilitate loans up to Rs. 7.5 lakhs, which will help 25,000 students every year. 

• E-vouchers for Education Loans: Students will be offered education loans up to Rs. 10 lakhs as e-vouchers every year with 3% interest subvention on loans. The offer will be provided to 1 lakh eligible candidates.

• Internship Opportunities: One crore youth will be offered internships in India’s top companies over five years, and provide them with Rs. 5000 as monthly allowance, and Rs. 6000 as one-time assistance. This will not be applicable to those who are full-time students and employed.

• Higher Education in Domestic Institutions: To assist higher education in domestic institutions, 10 lakhs loan support will be provided. 

Overall Budget 2024: Major Highlights

Here are the major highlights of Overall Budget 2024, as announced by Finance Minister Nirmala Sitharaman: 

• Youth and Skilling Initiatives: The Prime Minister’s five key schemes will be initiated to support and skill 4.1 crore youth over the upcoming 5 years. While a centrally sponsored scheme will support 20 lakh youth, Section A will assist the new workforce, Scheme B will help 30 lakh youth entering employment in manufacturing, and Scheme C will provide help to employers.

• Employment and MSME Focus: Focuses on increasing opportunities in multiple sectors such as manufacturing services, agriculture, energy, urban development, infrastructure, innovation and R&D.

• Women-Led Development: Three lakh crore will be allocated to schemes facilitating women, and girls' development. Women hostels and creches to increase women's participation in the workforce.

• Infrastructure Developments: Airports, Medical colleges, and sports institutions to be set up in Bihar to boost its infrastructure. 

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