Education Budget 2024: Govt Announces Loans Up To Rs 10 Lakh For Domestic Institutions

Union Finance Minister Nirmala Sitharaman announced student loans of Rs 10 lakh for higher education in domestic institutions, besides PM’s package of five schemes aimed at facilitating employment and skilling, with an allocation of Rs 2 lakh crore while presenting the Budget 2024-25 in Parliament on Tuesday.

Sitharaman also said the aim of the Model Skill Loan Scheme revision is to help as many as 25,000 students every year. She also said e-vouchers for loans up to Rs 10 lakh for higher education in domestic institutions would be given directly to 1 lakh students every year. She added the students can avail this on an annual interest subvention of 3 percent of the loan amount.

"Turning attention to the full year and beyond in this Budget, we particularly focus on employment, skilling, MSMEs and the middle class. I am happy to announce the Prime Minister's package of Rs 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore," she said.

“Government to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions,” she said.

"Turning attention to the full year and beyond in this Budget, we particularly focus on employment, skilling, MSMEs and the middle class. I am happy to announce the Prime Minister's package of Rs 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore," she said.

“Government to provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions,” she said.

Sitharaman also announced that e-vouchers will directly be provided to 1 lakh students.

“Government to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount,” she said.

Besides, FM Sitharaman also announced internship for one crore youth in top 500 companies.

"Internship in top companies - As the fifth scheme under Prime Minister's package, our government will launch a comprehensive scheme providing internship opportunities in 500 top companies to one crore youth in five years. They will gain exposure to 12 months to real life business environment, varied professions and employment opportunities," she said.

"And internship allowance of Rs 5000 per month along with a one-time assistance of Rs 6000 will be provided. Companies will be expected to bear the training cost and 10 per cent of the internship cost from their CSR funds," she said.

While presenting the budget in Parliament, Sitharaman also announced, “our government will implement three schemes for employment-linked incentives as part of the Prime Minister's package. These will be based on enrollment in the EPFO and focus on recognition of the first time employees and support.”

"This year, I have made a provision for Rs 1.48 lakh crore for education, employment and skilling. The people have given a unique opportunity to our government to take the country on the path of strong development and an all round prosperity," she said.

Besides, FM Sitharamna added that 1000 ITIs will be upgraded on the pattern of hub and spoke model.