Education Budget 2024: Key Highlights From FM Nirmala Sitharaman's Speech

Finance Minister Nirmala Sitharaman has delivered her seventh consecutive budget presentation today. The Union Budget 2024 is designed to chart a course towards Viksit Bharat by 2047 while highlighting the Modi government's accomplishments over the past decade. On February 1, 2024, during the Interim Budget 2024 speech, Sitharaman announced plans to establish additional medical colleges and form a committee to oversee this initiative. She also mentioned plans to upgrade Anganwadi centres.

Below, we outline the key highlights of the Union Budget 2024 and the allocation for the education sector for the upcoming financial year.

Education Budget 2024 Updates

Education Budget 2024: Rs 2 Lakh Crore Allocated to Employ 4.1 Crore Youth Over Next 5 Years

In her budget speech, Union Finance Minister Nirmala Sitharaman unveiled a plan to create employment opportunities for about 4.1 crore youth over the next five years. To support this initiative, the government has allocated Rs 2 lakh crore.

Education Budget 2024: FM Sitharaman on Interest Subvention of Loan Amount

Finance Minister Nirmala Sitharaman has announced that the government will provide e-vouchers directly to 1 lakh students each year, offering a 3 per cent interest subvention on their loan amounts.

Education Budget 2024: FM Sitharaman on Medical Colleges in Bihar

The Finance Minister revealed plans to establish new medical colleges in Bihar, aiming to expand medical education and training in the region.

Education Budget 2024: FM Sitharaman Announces Loan Support for Higher Education

Sitharaman stated that the government will offer financial support for loans up to Rs 10 lakhs for higher education at domestic institutions, facilitating greater access to advanced education.

Education Budget 2024: FM Sitharaman on Employment Schemes

The Finance Minister introduced three new employment-linked schemes as part of the Prime Minister's package. These schemes will focus on EPFO enrolment, recognising first-time employees, and providing support to both employees and employers.

Education Budget 2024: FM Sitharaman on ITI Development

Sitharaman also announced that 1,000 ITIs will be upgraded using a hub-and-spoke model, enhancing vocational training facilities across the country

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Education Budget 2024: Internship Opportunities for 1 Crore Youth in 500 Top Companies

As part of the fifth package, internship opportunities will be provided to 1 crore youth across 500 top companies over the next five years. This programme includes a monthly internship allowance of Rs 5,000 and a one-time assistance of Rs 6,000 for the participants.

Education Budget 2024: Rs 1.48 Lakh Crore Allocated for Education, Employment, and Skills Development

During her presentation of the Union Budget for 2024-25, Nirmala Sitharaman announced that the central government has allocated Rs 1.48 lakh crore towards education, employment, and skill development.

Education Budget 2024: FM Sitharaman Unveils New Centrally Sponsored Scheme

Finance Minister Nirmala Sitharaman has introduced a new centrally sponsored scheme as part of the Prime Minister's package for skill development, which will involve collaboration with state governments and industry. She also noted that students will receive skills training over five years.

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