Finance Minister Nirmala Sitharaman presented the Education Budget 2024, announcing a total allocation of Rs 1.48 lakh crore for education, employment, and skill development. The Budget includes substantial initiatives to enhance the country’s education system and youth employment opportunities.
One of the major announcements was the financial support for education loans up to Rs 10 lakh for students pursuing higher education in domestic institutes. Additionally, the government introduced a new centrally-sponsored scheme in collaboration with state governments and industries, aiming to skill around 20 lakh youth over the next five years.
A significant focus has been placed on upgrading 1000 Industrial Training Institutes (ITIs). The course content and design of these ITIs will be aligned with the skill needs of industries to ensure that graduates are well-prepared for the job market.
The government also announced an internship programme that will provide one crore youth with opportunities in top companies. Interns will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. The companies will cover these costs from their Corporate Social Responsibility (CSR) funds.
The PM POSHAN scheme received a notable increase in allocation, from Rs 11,600 crore in 2023-24 to Rs 12,467.39 crore in 2024-25. This increase underscores the government’s commitment to providing nutritious meals to students.
However, the Budget also saw a significant cut in funding for the University Grants Commission (UGC), which was reduced by 60.99 percent to Rs 2,500 crore from the previous year’s revised estimate of Rs 6,409 crore. In contrast, grants for central universities increased by over Rs 4,000 crore, reaching Rs 15,928 crore for the financial year 2024-25.
Overall, the Education Ministry’s Budget allocation increased by 6.8 per cent, from Rs 1,12,899.47 crore in 2023-24 to Rs 1,20,627.87 crore in 2024-25, reflecting the government’s ongoing efforts to enhance the educational landscape in India.