Finance Minister Nirmala Sitharaman had presented the Union Budget 2024 on July 23, 2024, outlining the government's plans for the education sector.
Here are the five key educational initiatives announced during the Budget presentation:
1. Increased Allocation for Education: The Union Budget for 2024-25 will allocate ₹1.48 lakh crore for education, employment, and skilling in the country, demonstrating the government's commitment to improving the education sector.
2. Financial Support for Higher Education: The government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions, making higher education more accessible and affordable for students. This support will be provided through e-vouchers, which will be directly given to one lakh students annually, along with an interest subvention of 3 per cent of the loan amount
3. Upgradation of Industrial Training Institutes (ITIs): The government will upgrade 1,000 ITIs using a hub-and-spoke model, aligning course content with industry skill needs, and revising the model skill loan scheme to enhance vocational training.
4. Internship Scheme for Youth: An internship scheme will be launched to provide opportunities for 1 crore youths in over 500 firms, enabling them to gain practical experience and enhance their employability.
5. Skill Development Initiative: 20 lakh youth will be skilled over the next five years, focusing on emerging sectors and industries, to address the skill gap and enhance employment opportunities.
