New Delhi: Union Finance Minister Nirmala Sitharaman is presenting the Budget 2024 today, allocating Rs 1.48 lakh crore for education, employment, and skilling. This allocation is expected to support the education sector's growth and development.
In her budget speech, Sitharaman stated, "We have made a provision of Rs 1.48 lakh crore for education, employment, and skilling. The people have given us an opportunity to contribute to the country's development and prosperity."
Another allocation of Rs. 2 lakh crore was announced to upskill youth and create jobs. Last year's budget also focused on education, with plans to develop new research institutes, hire over 38,000 instructors for Ekalavya Schools, and update the apprenticeship program.
Skill Development Initiative
Finance Minister Nirmala Sitharaman also announced a new centrally sponsored scheme to skill 20 lakh youth over the next 5 years. "20 Lakh youth to be skilled in 5 years," she said.
The scheme will focus on upgrading around 1,000 ITIs (Industrial Training Institutes) with a hub and spoke arrangement, tailoring course content to meet the needs of the industry, particularly emerging sectors.
Loan Scheme for Higher Education In Domestic Institutions
Additionally, the budget includes a proposal to provide loans of up to Rs 10 lakh for higher education in domestic institutions at an annual interest rate of 3%.
This initiative aims to benefit 1 lakh students every year, who will receive e-vouchers to avail themselves of the loan. This scheme is expected to make higher education more accessible and affordable for students from all backgrounds.
The education sector received the largest-ever allocation of Rs 1,12,898.97 crore in the Union Budget 2023, with the higher education department getting Rs 44,094.62 crore and the department of school education receiving Rs 68,804.85 crore.
