With the announcement of the first budget of the BJP-led NDA after Prime Minister Narendra Modi began his third term, Finance Minister Nirmala Sitharaman shared the government’s take on the increasing needs of the education sector.
This year, the budget was focused on Employment, skilling, MSMEs, and the middle class. By prioritizing education spending, the government is hoping to implement better policies that foster innovation, accessibility, and quality in schools.
Here are the updates from the Education Budget 2024:
- “Rs 2 lakh crore allocated to employ 4.1 crore youth over the next 5 years”: Union FM Nirmala Sitharaman has mentioned a plan to generate employment opportunities for around 4.1 crore youth over the next five years with the support of Rs 2 lakh crore from the government.
- “More working women hostels to be set”: To encourage the participation of women in the workforce, more working women hostels are to be set up. The overall development of this proposal will be taken care of by the National Cooperation Policy. The government will also provide financial support for loans up to 10 lakhs for higher education in domestic institutions.
- “Budget's special focus on upskilling”: The government’s allocation of INR 2 lakh crore for skilling will make a significant difference in the country’s educational infrastructure. The focus on more employment generation and the strategic package for upskilling the Indian youth is a smart move that will create better job opportunities and promote professional growth. With this special focus on skilling, 20 Lakh youth to be skilled in 5 years, says Finance Minister Nirmala Sitharaman.
- “Model skilling loan scheme”: There is a mention of revising the model skilling loan scheme to facilitate loans up to Rs 7.5 lakh by the Finance Minister.
- “Interest subvention of 3% of loan amount”: As per the new budget the government will provide e-vouchers to 1 lakh students every year with interest subvention of 3% of loan amount.
- “New medical colleges will be established in Bihar”
- “Loan support for higher education”: Financial support will be provided by the government in terms of loans up to Rs 10 lakhs for higher education in domestic institutions.
- “3 employment schemes have also been announced”: As per the budget 2024, govt will implement 3 schemes for employment-linked incentives as part of the Prime Minister's package. These will be EPFO-enrollment-based and focused on first-time employees while supporting employees and employers.
- “1,000 ITIs will be upgraded in the hub and spoke model”
- “Internship scheme for 1 crore youths in over 500 firms”: As per this scheme, internship opportunities will provided to 1 crore students at 500 top companies over 5 years. A one-time assistance payment of ₹6,000 and a monthly stipend of ₹5,000 is fixed for students under this scheme.
- “One month PF contribution”: The Union government has announced an incentive to 30 lakh new candidates in the job market by providing one month's PF contribution.
- “9 important priorities”: This year Agriculture, Employment, Social justice, Manufacturing, Urban Development, Energy, Infrastructure, Research and development, and Next-generation reforms are the government’s nine priority areas for focused development.
How Is College Vidya Contributing To Budget 2024?
After addressing the need for financial support for higher education, College Vidya came up with an idea of supporting learners with some monetary amount in their online education fees. This initiative has been given the name of “CV Subsidy” and the maximum amount allocated to students under this scheme is INR 10,000.
This scheme has been launched to contribute to the GER of India and the amount offered in it might seem a little in comparison to the benefits offered by the government but this extra help is quite a relaxation for most of the higher education aspirants.
To get this advantage from us, you only need to do one thing which is take admission to your choice of online university through College Vidya website and then claim the CV Subsidy amount applicable to your university.
Conclusion
With the implementation of the above-stated points of the Education Budget 2024, a bigger push towards skill-based learning, substantial reforms, technology, and increased investments in school education is expected which will transform the image of the Indian Education and Job sector.
