Education Budget 2024: FM Sitharaman Announces Rs 1.48 Lakh Crore Allocation For Education, Employment And Skilling

Union Education Budget 2024: This year 1.48 Lakh crore allocated for Education, Employment and Skilling.

Our major focus is on education and job creation, FM Nirmala Sitharaman said.

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Finance Minister Nirmala Sitharaman has allocated Rs 1.48 lakh crore for Education, Employment and Skilling. Sithraman unveiled a comprehensive strategy aimed at boosting employment, skilling, and support for Micro, Small, and Medium Enterprises (MSMEs). The FM outlined five new schemes specifically designed to aid employment and skilling, targeting 4.1 crore youth across the nation.

"We continue to focus on employment, skilling, and MSMEs. Five schemes to aid employment and skilling have been announced," said the Finance Minister. 

"Our major focus is on education and job creation," she added.

A new centrally sponsored scheme will be introduced under the Prime Minister's package for skilling, in collaboration with state governments and industry. This initiative aims to skill students over a five-year period, the FM announced.

1,000 ITIs will be upgraded in the hub and spoke model. Additionally, new medical colleges will be established in Bihar, the FM added

Loans Upto Rs 10 Lakh For Students

The government will provide financial support to youth who have not been eligible for any benefits under existing government schemes and policies for higher education. Students can receive education loans of up to Rs 10 lakh. E-vouchers for this purpose will be given directly to 1 lakh students every year with interest subvention of 3 percent of the loan amount, the FM said.

Internship Stipend Of Rs 5,000 To 1 Crore Youth

The FM announced that the Goverment will launch a scheme to provide internship opportunities in 500 top companies to one crore youth in five years. Internship allowance of Rs 5000 per month along with one-time assistance of Rs 6000 to be provided, the FM said adding that the companies will be expected to earn the training cost and 10 percent of the internship cost from their CSR funds.

In the Union Budget 2023, the central government allocated Rs 1,12,898.97 crore to the education sector. Out of this, Rs 68,804.85 crore was allocated to the School Education Department, while the Higher Education Department received Rs 44,094.62 crore.