Education Budget Important Highlights July 2024: FM Announces Internship for 1 Crore Youth

Education Budget Important Highlights July 2024: Finance Minister of India, Nirmala Sitharaman, announced the Union Education Budget 2024 today, July 23, 2024. The detailed Education Budget Important Highlights July 2024 is given here. As per the FM, the Central Government of India has assigned Rs 1.48 lakh crore to be invested in different areas such as education, employment, and skill development in India. Moreover, Sitharaman has also stated that a funded scheme on behalf of the Centre will be launched to train 20 lakh youths in India for 5 years. This will be done in partnership with the state governments and other important companies in the specific sectors.

As per the Education Budget Important Highlights July 2024, the main highlight of the Union Budget is that the central government will provide internships to one crore youths in India. Each intern under this scheme will receive a stipend of INR 5000 along with a one-time aid of INR 6000. Moreover, students who are currently pursuing higher education in domestic institutions in India would also be eligible for an education loan, which is applicable up to INR 10 lakhs. Additionally, the finance minister has also announced that a total of 1000 ITIs will be updated with the latest training content and industry-based designs, which will be linked to skill requirements in the industry.

Also Read | Government to Provide Upto 10 Lakh Loan Support: Union Education Budget Highlights 2024

Education Budget Important Highlights July 2024

Below, the detailed highlights of the Education Budget for July 2024 has been given to understand the Union Budget 2024.

• The Union Budget 2024 will focus more on creating jobs for the middle class and on creating opportunities for employment, skilling, and MSME.
• The Union Budget outlines nine priorities for the following areas: Productivity, Employment and Skills, Manufacturing and Services, Reform, innovation, Energy Security, Social Justice, urban development, and Infrastructure.
• More medical institutions will be set up in Bihar.
• Establishing working women’s hostels and making creches available all over India will promote engagement among working women in India.
• A funded scheme will be launched to train 20 lakh youth over 5 years.
• E-vouchers will be distributed to almost 1 lakh students every year with a 3% interest subvention on the principal loan amount.
• Almost 1000 ITIs will be upgraded with the latest industry-based syllabus and skill enhancement curriculum.
• Internship opportunities will be provided to 1 crore youths in India, and each intern will receive INR 5000 monthly.
• Education loans up to INR 10 lakhs will be provided to those students studying in domestic institutions.
• Skilling loans, a model skill loan scheme of up to INR 7 lakh rupees, will be provided. This will benefit almost 25,000 students annually.
• Employees who will join the manufacturing jobs will get a set incentive from their company in the first 4 years, which will benefit almost 30 lakh youths.
• As per the First Timers Scheme, the government will offer a one-month wage to all new workers in all types of industries. The wage will be paid in three instalments.
• A PM Package consisting of 5 schemes will be announced soon to develop education, employment, and skill enhancement in India. A total of INR 1.48 lakh crore has been allotted for this.

For additional information, visit the official website of the Finance Ministry of India.

Keep checking the GetMyUni Education News to stay updated with the latest news on entrance exams, counselling processes, and competitive exams.