Union Budget 2024: Education Loans To Paid Internships – 10 Major Announcements In Education And Job Sector

Union Education Budget 2024: For the Education sector, key announcement includes upgraded skill loans, education support, new internships, and the establishment of new medical colleges in Bihar.

Education Budget 2024: Rs 1.48 lakh crore has been allocated for education, employment, and skilling.

Source : ABPLIVE AI

Union Budget 2024-25: Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, July 23, 2024. FM Sitharaman announced a significant allocation of Rs 1.48 lakh crore for education, employment, and skilling. The budget outlines transformative measures aimed at enhancing higher education and skill development. For the Education and Job sector, key announcements include an upgraded skill loan scheme, substantial support for education loans, a new internship initiative, the establishment of new medical colleges in Bihar and Employment-linked incentives. 

Union Budget 2024: 10 Major Announcements In Education And Job Sector

Here are the top 10 important announcements from the Union Budget 2024 for Education and Job sector:

1. Budget Allocation 2024

For the Financial year 2024-25, Rs 1.48 lakh crore has been allocated for education, employment, and skilling.

2. Education Loan 

The Finance Minister announced Education loans up to Rs 10 lakh for students of higher education in domestic institutions. E-vouchers will be issued to 1 lakh students annually, providing a 3 percent interest subvention on the loan amount.

3. Internship Scheme

A new Internship scheme will be introduced, offering opportunities for 1 crore youths in over 500 leading companies. Interns will receive Rs 5,000 per month and a one-time assistance payment of Rs 6,000.

4. Employment Generation Plan

The government has outlined a plan to create job opportunities for about 4.1 crore youth over the next five years, with a budget allocation of Rs 2 lakh crore.

5. New Medical Colleges

New medical colleges will be established in Bihar.

6. Upgrading ITIs

The government will upgrade 1,000 Industrial Training Institutes (ITIs) using a hub-and-spoke model.

7. Support For Working Women

To increase female participation in the workforce, women’s hostels and creches will be set up.

8. Schemes For Women And Girls

The budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls.

9. Enhanced Skill Loan Scheme

The Model Skill Loan Scheme will be revised to provide loans up to Rs 7.5 lakh with a guarantee from a government-backed fund, aiming to assist 25,000 students each year.

10. Employment Linked Incentives

Scheme A - First Timers: First-time employees registered with EPFO will receive a Direct Benefit Transfer of one month’s salary in three installments, up to Rs 15,000

Scheme B - Job Creation in Manufacturing: Incentives will be provided to both employers and employees based on their EPFO contributions during the first four years of employment.

Scheme C - Support to Employers: Employers will receive a reimbursement of up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee.