Union Budget 2024 for Education Sector: Finance Minister Nirmala Sitharaman delivers the interim Budget on Thursday, February 1. This budget will outline the government's intentions for the remaining term, with a comprehensive budget expected only after the Lok Sabha elections in 2024 when a new government takes charge.

Leading up to the Interim Budget 2024, stakeholders in the education sector have articulated their expectations and hopes for the sector from the Finance Ministry.

Here are the key points:

Expansion of Medical Education: Establishing New Colleges

In her Budget speech, Finance Minister Sitharaman disclosed plans for the establishment of additional medical colleges. The strategy involves leveraging existing hospital infrastructure across various departments. A dedicated committee will be formed to assess pertinent issues and offer recommendations in this regard.

Empowering Youth Through Education and Skill Development: FM's Remarks

Finance Minister Nirmala Sitharaman highlighted the transformative reforms brought about by the National Education Policy (NEP). Under the PM SHRI initiative, schools are focusing on delivering quality education while nurturing well-rounded individuals. The Skill India program has successfully trained 1.8 crore youths, with 54 lakh benefiting from upskilling and re-skilling initiatives, alongside the establishment of 3,000 new Industrial Training Institutes (ITIs). Moreover, significant strides have been made in higher education with the establishment of numerous prestigious institutions including 7 IITs, 16 IIITs, 7 IIMs, 16 AIIMS, and 390 universities.

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Female Enrollment In Higher Education

Over the past decade, female enrollment in STEM courses within higher education has surged by 28 percent. Finance Minister Nirmala Sitharaman underscored that women now comprise 43 percent of students enrolled in STEM programs.

Education Loan

The government aims to establish a fund that offers long-term financing and refinancing options for education loans at low interest rates.


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