Education Budget 2024 : Major Education, Jobs, Women's Schemes and Upskilling Budget Highlights

Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-25 on Tuesday, outlining the government's main priorities.

The budget focused on nine key areas: improving farming productivity, creating jobs and developing skills, promoting fair social policies, advancing manufacturing and services, growing cities, ensuring energy security, improving infrastructure, encouraging innovation and research, and implementing new reforms.

Significant funds and initiatives aim to transform India's education and job market. The budget allocates Rs 1.48 lakh crore for education and skill development. It focuses on making higher education accessible, providing skill training, and creating jobs for the youth.

Key initiatives include financial support for internships, job incentives, and programs for first-time job seekers. The Economic Survey presented in Parliament yesterday highlighted that only 51% of India's youth are employable, showing the importance of these initiatives.

Education Budget Highlights

Total Allocation: Rs 1.48 lakh crore for education, employment, and skilling.

Higher Education Loans: Financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers provided to one lakh students annually, with a 3% interest subvention.

Skill Development Initiatives: A new centrally sponsored scheme to skill 20 lakh youth over five years. Upgrade of 1,000 Industrial Training Institutes (ITIs) using a hub-and-spoke model to align course content with industry needs.

Revised skill loan scheme: Loans up to Rs 7.5 lakh, expected to assist 25,000 students annually.

Jobs Budget Highlights

New Schemes:

First Timers: Incentives for first-time job seekers.
Job Creation in Manufacturing: Focus on generating jobs in the manufacturing sector.
Support to Employers: Financial support for employers hiring new employees.
Direct Salary Support: A scheme for the direct transfer of one month's salary (up to Rs 15,000) in three installments for first-time employees registered with the Employees' Provident Fund Organisation (EPFO).

Employment-linked Incentives: Incentives for both employees and employers based on EPFO contributions during the first four years of employment. Reimbursement of up to Rs 3,000 per month for two years for employers hiring additional employees.

Internship Opportunities: Internships for 1 crore students in top companies, with a monthly allowance of Rs 5,000 for a 12-month period. Companies to bear training costs through their Corporate Social Responsibility (CSR) funds. Interns to receive a one-time support of Rs 6,000.

Women’s Hostels: Establishment of women's hostels for working women to support their employment needs.

These announcements show the government's focus on improving education, promoting skill development, and creating jobs for young people in India.

Budget 2024 Education SectorUpdates: Budget Allocation Up by 6.8%

Mahadeo Jaiswal, Director of IIM Sambalpur, says the Education Ministry’s budget has increased by 6.8% this year. This shows the government's strong focus on improving education. The Finance Minister has outlined a plan that highlights education, job creation, and skill development with a big allocation of Rs 1.48 lakh crore.

One major initiative is offering financial support for loans up to Rs 10 lakh through E-vouchers. This will help students pay for higher education in India, making it easier for them to reach their academic goals without worrying about money and increasing job chances.

👉 CBSE Class 12 Study Materials

CBSE Class 12 Syllabus 2024-25	CBSE Class 12 Previous Year Papers
NCERT Books For Class 12 Books	NCERT Class 12 Solutions
CBSE Class 12 Full Study Material	CBSE Class 12 Sample Paper 2023-24

👉 CBSE Class 10 Study Materials

CBSE Class 10 Syllabus 2024-25	NCERT Solutions For Class 10
CBSE Class 10 Previous Year Question Papers	CBSE Class 10 Books
CBSE Class 10 Full Study Material	CBSE Class 10 Sample Paper