Education Budget 2024: Rs 5,000 stipend for students, internships in top 500 firms

Today, July 23, 2024, saw the presentation of the Budget 2024 by Finance Minister Nirmala Sitharaman.

This is the first budget given by the BJP-led NDA following the start of Prime Minister Narendra Modi's third term.

The Finance Minister made a major announcement regarding the Union Budget for 2024–25 that is intended to support the nation's skill development, employment, and educational systems.

In her speech, Finance Minister Nirmala Sitharaman disclosed that over the next five years, a new program will provide 1 crore students with internship chances at 500 elite organizations. A one-time support payment of Rs 6,000 and a monthly stipend of Rs 5,000 would be given to each student.

IMPORTANT SKILLS AND EMPLOYMENT SCHEMES

With a total budget of Rs 2 lakh crore, the Finance Minister unveiled a significant PM Package that includes five initiatives targeted at increasing employment and skill development. Of these, Rs 1.48 lakh crore has been set aside expressly for training, jobs, and skill development.

20 LAKH YOUTH WILL SKILL OVER A FIVE-YEAR AVERAGE

Sitharaman disclosed that the administration is committed to improving skill development and that the new initiatives will train 20 lakh youth in five years. This action is anticipated to have a major positive impact on the labor force of the country by equipping young people with the skills they need to succeed in a variety of industries.

LOANS TO HELP 25,000 STUDENTS EACH YEAR

Finance Minister Sitharaman announced the implementation of model skill loans as part of the new budget.

"Every year, 25,000 students will benefit from skill loans - model skill loan schemes for up to 7 lakh rupees," she declared.

Through financial assistance, students will be able to acquire the skills they need, improving their employability and career possibilities.

The Finance Minister began her speech by introducing the Union Budget 2024, which includes a PM Package that includes five programs with a combined investment of Rs 2 lakh crore that are intended to improve employment and skilling. Rs 1.48 lakh crore has been set aside expressly for employment, skill development, and education this year.

COMPARISON WITH THE ALLOCATION FROM THE PRIOR YEAR

The national government allocated Rs 1,12,898.97 crore, the biggest amount ever given to the Ministry of Education, to the education sector in the Union Budget 2023. Of this, Rs 44,094.62 crore was allotted to the Department of Higher Education, and Rs 68,804.85 crore to the Department of School Education.

A major focus on education, employment, and skill development is seen in the Union Budget 2024, which includes large investments meant to develop a workforce with higher levels of education and skill. It is anticipated that the planned initiatives and funding will promote advancements in the country's educational system, employment market, and skill-building initiatives.