• Source:JND
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Education Budget 2024: Finance Minister Nirmala Sitharaman introduced the Union Budget 2024 in Parliament today, July 23. It was her seventh straight budget, breaking the late Morarji Desai's record of six straight budgets. While delivering the Union Budget 2024, Nirmala Sitharaman stated, "We have allocated Rs. 1.48 lakh crore for education, employment, and skilling." As part of the PM's package, plans for employment-related skill development were also revealed. 

Loan up to 10 Lakhs for students

She also stated that the government would grant financial assistance for loans of up to Rs 10 lakh for higher education at local institutions. Furthermore, the government would issue e-vouchers directly to 1 lakh students each year, with an interest subsidy of 3% of the loan amount. Up to 1,000 ITIs would be upgraded in a hub-and-spoke manner, and the government will alter the manner Skill Loan plan to allow loans of up to Rs 7.5 lakh. Furthermore, the FM has announced a new government sponsored skill development initiative in conjunction with states and industry, with the goal of training 20 lakh youth over the next five years.

Finance Minister Nirmala Sitharaman says, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions"


Internships Opportunity in 500 Top Companies to be provided to one crore students

As part of the fifth package, 500 major corporations will provide internship chances to 1 crore youth over a five-year period. This comprises an internship allowance of Rs. 5,000 per month and a one-time aid of Rs. 6,000 for youth. FM indicated that the corporations will be required to provide the training and 10% of the internship costs through their CSR financing.

"The government will launch a scheme to provide internship opportunities to one crore (ten million) students in the next five years. These internships will be offered in the top 100 companies. Each student will receive an internship allowance of Rs. 5,000 per month, along with a one-time assistance of Rs. 6,000. The minister also mentioned that the companies participating in the scheme will be expected to cover the training costs and 10% of the internship costs using funds from their Corporate Social Responsibility (CSR) initiatives."