Education Budget 2024: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2024-25. As the first budget of the Modi 3.0 government, education sector stakeholders are eager to see what percentage of GDP will be allocated to education. This comes at a time when the country is advancing towards increased digital literacy, aligning with the vision of 'Viksit Bharat'.
Education Budget 2024: Schemes for Education Loans
On Education Loans, FM Sitharaman says,"Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions."
Education Budget 2024: Schemes for employment and skilling
Finance Minister Nirmala Sitharaman says, "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores. This year we have made a provision of ₹1.48 lakh crores for education, employment and skilling..."
Education Budget 2024: Model Skill Loans to Benefit 25,000 Students Annually
While presenting the Union Budget for 2024-25, Nirmala Sitharaman remarked, “Skilling loans – model skill loans schemes for up to 7 lakh rupees will benefit 25,000 students every year.”
Education Budget 2024: Scheme for first-time employees
Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth."
Education Budget 2024: Internships Opportunity in 500 Top Companies for 1 Crore Youth
As part of the 5th package, internship opportunities will be offered to 1 crore youth over 5 years in 500 top companies. This includes a monthly internship allowance of Rs 5,000 and a one-time assistance of Rs 6,000 for each intern. The Finance Minister stated that companies would be required to cover the training costs and 10 per cent of the internship costs using their CSR funding.
Education Budget 2024: 3 Schemes for ‘Employment Linked Incentive’
FM Nirmala Sitharaman announced 3 schemes for the ‘Employment Linked Incentive’
Scheme A- First Timers
Direct Benefit Transfer of 1 month salary in 3 installments up to ₹15,000 to first-time employees registered in EPFO
Scheme B- Job Creation in Manufacturing
Incentive to be provided directly to both employer and employee as per their EPFO contribution in the first 4 years of Employment
Scheme C- Support to Employers
Reimbursement to employers up to ₹3000 per month for 2 years towards their EPFO contribution for each additional employee
Education Budget 2024: Rs 1.48 lakh crore for education and employment and skill
Budget for FY25 to provide ₹1.48 lakh crore for education and employment and skill: FM Sitharaman
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