Finance Minister Nirmala Sitharaman delivered the first budget for Prime Minister Narendra Modi’s third consecutive NDA administration today, July 23. The Union Budget 2024-25, presented at 11 a.m., introduced several significant initiatives focusing on education, employment, and skill development with a commitment of Rs 1.48 crore.
Key Announcements:
- E-Vouchers for Higher Education Loans:
- A new initiative to provide financial support through e-vouchers for higher education.
- One lakh students will receive e-vouchers annually.
- The e-vouchers will offer financial assistance for loans up to Rs 10 lakh with a 3% interest subsidy for higher education at domestic institutions.
- “For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount.”
- Prime Minister’s Package for Youth Employment:
- Five key programmes under the Prime Minister’s package.
- The fifth initiative will provide internship opportunities to one crore young people over the next five years.
- Interns will receive a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000 for 12-month internships.
- Participating companies must cover training expenses and 10% of internship costs through their CSR funding.
- Support for Working Women:
- Announcement of the establishment of women’s hostels to assist working women.
- Model Skill Loan Scheme:
- Provision of loans up to Rs 7.5 lakh annually to assist 25,000 students.
- Aim to bolster vocational training and skill development.
- Upgrading Industrial Training Institutes (ITIs):
- A five-year plan to upgrade 1,000 ITIs to improve vocational training standards.
- Incentives for Youth in the Manufacturing Industry:
- A new incentive plan to encourage youth to enter the manufacturing sector.
- Defined scale incentives provided directly from employers for the first four years of employment.
- The initiative is expected to benefit 30 lakh youth and their employers.
These comprehensive measures aim to enhance educational opportunities, create employment, and improve skill development across the country, aligning with the government’s focus on empowering youth and supporting economic growth.
