Budget 2024: Highlights of the education, employment, and upskilling sectors in brief
The Union Budget 2024–25, presented by Finance Minister Nirmala Sitharaman, allocates a total of Rs 1.48 lakh crore for education and skill development, with an emphasis on nine major categories.
Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024–25 on Tuesday, marking her seventh consecutive year in office and outlining the government's top priorities.
The budget was allocated to nine primary areas: increasing agricultural productivity and resilience; increasing employment and skill development; advancing the manufacturing and services sectors; fostering urban development; guaranteeing energy security; improving infrastructure; stimulating innovation, research, and development; and putting next-generation reforms into action.
large budgets and programs designed to change the job and education environment in India.
With a total of Rs 1.48 lakh crore set out for education and skill development, the budget places a strong emphasis on expanding young employment prospects, encouraging skill training, and improving accessibility to higher education.
Given that the Economic Survey presented to Parliament yesterday revealed that only 51% of India's youth are employable, the government's commitment to tackling the urgent issues of youth unemployment and skill gaps is evident in key initiatives such as financial support for internships, employment-linked incentives, and targeted programs for first-time job seekers.
The following are the main announcements made about jobs and education in the Budget 2024:
ACADEMICAL BUDGET SUMMARY
The total amount allotted for employment, skill development, and education is Rs 1.48 lakh crore.
Higher Education Loans: Funding for loans up to Rs 10 lakh for higher education at domestic institutions has been introduced. One lakh students will receive e-vouchers each year with a 3% APR subsidy.
Initiatives for Skill Development:
- a brand-new, five-year, centrally funded program to train 20 lakh young people.
- modernization of 1,000 Industrial Training Institutes (ITIs) with a hub-and-spoke architecture to more closely match the curriculum to business requirements.
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The budget focuses on nine primary areas: increasing agricultural productivity and resilience, increasing employment and skill development, advancing the manufacturing and services sectors, fostering urban development, guaranteeing energy security, improving infrastructure, stimulating innovation, research, and development, and implementing next-generation reforms.
A total of Rs 1.48 lakh crore has been allocated for education and skill development.
The budget introduces funding for loans up to Rs 10 lakh for higher education at domestic institutions. Additionally, one lakh students will receive e-vouchers each year with a 3% APR subsidy.
The budget includes a centrally funded program to train 20 lakh young people over five years and the modernization of 1,000 Industrial Training Institutes (ITIs) with a hub-and-spoke architecture to align the curriculum more closely with business requirements.
The budget addresses youth unemployment and skill gaps through key initiatives such as financial support for internships, employment-linked incentives, and targeted programs for first-time job seekers. These initiatives aim to increase young employment prospects, encourage skill training, and improve accessibility to higher education.
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