What is the breakdown of the Rs 1.48 lakh cr education budget?
For FY 2024–2025, the government has set aside Rs 1.48 lakh crore for education, employment, and skill development, with an emphasis on higher education, job creation, and foundational education. Below is a summary of the funds allotted to different departments and organizations.
For the fiscal year 2024–2025, the government has set out Rs 1.48 lakh crore for employment, skill development, and education. This is a thorough explanation of the allocation and what it means.
With a budget of Rs 73,498 crore, the Department of School Education and Literacy has been given the largest share.
The amount allotted to the Department of Higher Education is Rs 47,619.77 crore. In comparison to the prior year, this indicates a growth of Rs 3,525.15 crore (7.99%). Important distributions consist of:
IITs: Rs 10,202.5 crore, up 841 crore from 2023–2024
NITs: INR 5,040 million
IISERs: INR 1,540 million
IISc: 875.77 crore rupees
Central Universities: INR 15,928.2 million
deemed universities: 596 billion rupees
IMPROVE YOUR SKILLS AND SKILL DEVELOPMENT
The budget seeks to improve the ecosystem for apprenticeships and skill development. Important projects consist of:
Internships: An initiative to offer one crore young people the chance to intern at 500 premier companies, with a monthly stipend of Rs 5,000 and a one-time grant of Rs 6,000.
Employment-linked incentives include model skill loans up to Rs 7.5 lakh to 25,000 students annually, as well as incentives for companies and employees to contribute to EPFOs.
Education loans: Up to Rs 10 lakh, with a 3% annual interest subsidy, are available to one lakh students annually to pursue their studies in domestic higher education institutions (HEIs).
The government's dedication to enhancing the infrastructure of education and generating employment opportunities is demonstrated by this budgetary investment. View the budget highlights for jobs, education, and upskilling here.
The government wants to provide young people the tools they need to succeed in a competitive labor market, so it is putting a lot of emphasis on skill development and offering financial assistance for schooling and internships.
The government has allocated Rs 1.48 lakh crore for employment, skill development, and education for the fiscal year 2024–2025.
The Department of School Education and Literacy has been allocated Rs 73,498 crore, which is the largest share of the budget.
The Department of Higher Education has been allotted Rs 47,619.77 crore, indicating a growth of Rs 3,525.15 crore (7.99%) compared to the prior year.
Key allocations within the Department of Higher Education include: IITs: Rs 10,202.5 crore, up by 841 crore from 2023–2024. NITs: Rs 5,040 crore. IISERs: Rs 1,540 crore. IISc: Rs 875.77 crore. Central Universities: Rs 15,928.2 crore. Deemed Universities: Rs 596 crore.
The budget includes several key initiatives for skill development, such as: Internships: An initiative to offer one crore young people the opportunity to intern at 500 premier companies, with a monthly stipend of Rs 5,000 and a one-time grant of Rs 6,000. Employment-linked incentives: Model skill loans up to Rs 7.5 lakh for 25,000 students annually, as well as incentives for companies and employees to contribute to EPFOs. Education loans: Loans up to Rs 10 lakh with a 3% annual interest subsidy available to one lakh students annually to pursue studies in domestic higher education institutions (HEIs).
