What is the breakdown of the Rs 1.48 lakh cr education budget?

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.