Union Budget 2024: 5 Key highlights for Education Sector

By Priyanka Roshan | July 23, 2024

Increased Budget Allocation

Rs 1.48 lakh crore allocated for education, employment and skilling initiatives.

Financial Assistance for Higher Education

The government will offer financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.

This support will be provided through e-vouchers, directly benefiting one lakh students annually, with an interest subvention of 3% on the loan amount.

Upgrading Industrial Training Institutes (ITIs)

1,000 Industrial Training Institutes (ITIs) will be upgraded using a hub-and-spoke model. 

This initiative aims to align course content with industry skill needs and revise the model skill loan scheme.

Skilling 20 Lakh Youth

Over the next five years, the government plans to skill 20 lakh youth, enhancing their employability and meeting the demands of the evolving job market.

Internship Opportunities for 1 Crore Youths

An internship scheme will be launched to provide opportunities for 1 crore youths in over 500 firms, fostering practical experience and career development.