Finance Minister Nirmala Sitharaman, presenting the Union Budget 2024 on July 23, outlined several pivotal initiatives aimed at transforming the education sector in India. Here are the five key educational initiatives announced:
1. Increased Allocation for Education
The Union Budget for 2024-25 allocates ₹1.48 lakh crore for education, employment, and skilling. This significant increase demonstrates the government’s strong commitment to improving the education sector and providing better opportunities for the youth.
2. Financial Support for Higher Education
To make higher education more accessible and affordable, the government will offer financial support for loans up to ₹10 lakh for students in domestic institutions. This support will be provided through e-vouchers, benefiting one lakh students annually. Additionally, there will be an interest subvention of 3% on the loan amount, further easing the financial burden on students and their families.
3. Upgradation of Industrial Training Institutes (ITIs)
In an effort to align vocational training with industry needs, the government will upgrade 1,000 ITIs using a hub-and-spoke model. This initiative includes revising the model skill loan scheme and updating course content to meet current industry skill requirements, thereby enhancing the employability of ITI graduates.
4. Internship Scheme for Youth
A new internship scheme will be launched to provide practical experience to one crore youths across over 500 firms. This initiative aims to enhance employability by offering hands-on training and exposure to real-world work environments, bridging the gap between academic learning and industry expectations.
5. Skill Development Initiative
To address the skill gap and improve employment opportunities, the government plans to skill 20 lakh youth over the next five years. This initiative will focus on emerging sectors and industries, ensuring that the workforce is equipped with relevant and in-demand skills.