Rs 1.48 Lakh Crore for Education: What’s in the 2024 Budget?

Rs 1.48 Lakh Crore for Education: What’s in the 2024 Budget?

Last Updated Jul - 23 - 2024, 08:47 PM | Source : Education Times | Visitors : 45

Finance Minister Nirmala Sitharaman unveils Union Budget 2024 with Rs 2 lakh crore allocated for skill development, employment, and new medical colleges in Biha

The Union Education Budget 2024 was introduced on Tuesday by Union Finance Minister Nirmala Sitharaman. With a federal outlay of Rs 2 lakh crore, Sitharaman unveiled the Prime Minister’s package, which consists of five schemes and initiatives targeted at promoting employment, skill development, and other opportunities for 4.1 crore youngsters over a five-year period.

A budget of Rs 1.48 lakh crore has been set aside for skill development, employment, and education this year.

She proposed a revision of the Model Skill Loan Scheme to help 25,000 students every year. She announced to give e-vouchers for loans up to Rs 10 lakh for higher education in domestic institutions to be given directly to one lakh students each year for annual interest subvention of 3% of loan amount.

Over 20 lakh youth will be skilled over a 5-year period. A total of 1,000 ITIs will be upgraded, course content and design will be aligned to the skill needs of industries.

The FM further announced that the government will provide internships to one crore youth. These interns will get Rs 5,000 as stipend and one time assistance of Rs 6,000. The companies will bear the cost from their CSR funds.

Medical colleges in Bihar

Sitharaman announced new medical colleges would be established in Bihar. This move aims to enhance healthcare infrastructure and educational opportunities in the region. The minister also mentioned that there will be special focus on women and students where the government will give a lot of emphasis on setting up of working women’s hostels and creches in collaboration with industry.

On February 1, she presented the Interim Budget 2024 during which she said that more medical colleges will be set up and a committee will be formed to examine this purpose. She added that there are plans for the “upgradation of Anganwadi centres” as well.

Around 1.4 crore youth have been trained under the Skill India Mission and 3,000 new ITIs have been established, the minister said. She also highlighted that seven IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities have been set up.

In the Union Budget 2023, the Centre’s allocation for the education sector was Rs 1,12,898.97 crore, which was the highest allocation granted to the Ministry of Education ever. The school education department was allocated Rs 68,804.85 crore, while the higher education department was allocated Rs 44,094.62 crore.

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