Education Budget 2024: E-Vouchers, Internships Among Key Schemes for Youth Empowerment

Finance Minister Nirmala Sitharaman delivered the first budget for Prime Minister Narendra Modi’s third straight NDA administration today, July 23. FM Nirmala Sitharaman’s presentation of the Union Budget 2024-25, which began at 11 a.m., revealed a significant commitment of Rs 1.48 crore towards enhancing education, employment and skilling across the country.

Sitharaman highlighted a fresh initiative that will provide e-vouchers to one lakh students each year. These vouchers would give financial assistance for loans up to Rs 10 lakh for higher education at domestic institutions, with a 3% interest subsidy.

“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,” Sitharaman elaborated.

Sitharaman also presented a comprehensive Prime Minister’s package that included five important programmes. Notably, the fifth initiative aims to provide internship opportunities to one crore young people over the next five years. Interns would be paid a monthly stipend of Rs 5,000 plus a one-time assistance of Rs 6,000 for the 12-month long internships. Companies who participate in the programme will be obliged to cover training expenses and 10% of internship costs with their CSR funding.

Furthermore, the budget addresses the need for assistance for working women by announcing the establishment of women’s hostels. The Model Skill Loan Scheme would provide loans of up to Rs 7.5 lakh yearly, with the goal of assisting 25,000 students. To strengthen vocational training, the budget contains a five-year plan for upgrading 1,000 Industrial Training Institutes (ITIs).

To encourage more youths to get into the manufacturing industry, a new incentive plan would provide a defined scale incentive straigh from their employers throughout their first four years of employment, benefiting 30 lakh youth and their employers.

–– with PTI Inputs