India Budget 2024: Sitharaman allocates Rs 1.48 lakh crore for education, employment, & skilling
A look at Modi 3.0's budget for education, employment, and skilling.
The Union Budget for the fiscal year 2024-25 will provide Rs 1.48 lakh crore (1,768.27 USD) for education, employment, and skilling in India. Presenting the budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said that 20 lakh youth would be skilled over a five-year period, adding,that 1,000 Industrial Training Institutes (ITIs) will be upgraded in hub and spoke arrangements in five years.
Sitharaman said thatthe model skill loans scheme would be revised to facilitate loans up to Rs 7.5 lakh (6,27,70,125.00 USD) with a guarantee from a government-promoted fund. "This measure is expected to help 25,000 students every year."
Education loans
She added that the central government would provide supportup to Rs 10 lakhs (11,948.85 USD) for higher education in domestic institutions.
Expanding on this point, the finance minister said thate-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.
Employment of youth over next 5 yrs
During her budget speech, Sitharaman proposed the creation of employment for about 4.1 crore youth over the next five years. And towards this, the finance minister has made an allocation of Rs 2 lakh crore.
Sitharaman also said that the government would launch internship opportunities in 500 companies for 1 crore youth over the next five years. Interns would get exposure to real-life environments and an allowance of Rs 5,000 per month.