Budget 2024 Highlights: New Schemes for Education Loan, Better Jobs and Employment Opportunities

Union finance minister, Nirmala Sitharaman released the union budget 2024 today. In her speech, she announced a series of significant measures in the Union Budget 2024, focusing on employment, skilling, and support for small and medium-sized enterprises (MSMEs) and the middle class.

The government has committed to a central outlay of ₹2 lakh crore under the Prime Minister’s package, targeting the creation of opportunities for 4.1 crore youth over the next five years. Read more. 

To Expand space economy by five times in the next 10 years, a venture capital funds of Rs 1000 crore will be set up.  Click here to read more. 

Talking about Nalanda, FM Nirmala Sitharaman said, “Rajgir holds immense religious significance for Hindus , Buddhists and Jains. The 20th Tirthankar Muniswarata Temple in Jain temple complexes, Saptrishi Hot springs formed a warm water sacred brahmkund. A comprehensive development initiative for Rajgir will be undertaken Our govt will support the development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.”

Finance Minister Nirmala Sitharaman announced establishment of new medical colleges in Bihar. 

“For facilitating term loans to MSMEs, a credit guarantee scheme will be introduced. The scheme will operate on the cooling of credit risks of such MSMEs. A self-financing guarantee fund will provide to each applicant cover of up to ₹100 crore while loan amount may be larger..."

Internship Opportunities in 500 Top Companies in 5 Years, says FM Sitharaman. Internship Allowance will be of Rs 5,000/month

Education Loans- For helping youth who are not eligible for any benefit under govt schemes and policies, a financial support for loans up to Rs 10 lakh for higher education in domestic institutions are announced. E- vouchers for this purpose will be given directly to one lakh students for annual interest of 3% of the loan amount. 

20 lakh youth will be skilled over a 5 year period under central govt skilling programme. 1000 industrial training institutes will be upgraded with outcome orientation. Course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. Skilling loan schemes will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from a govt promoted fund to help 25,000 students every year.  

"We will facilitate higher participation of women in workforce by setting up working women hostels in collaboration with industry and establishing creches. The partnership will seek to organise women-specific skilling programs and promotion of market access for women HSG Enterprises.

Union finance minister announced three Employment Linked Incentive (ELI) schemes in the Union Budget 2024. These initiatives aim to provide direct financial support to first-time employees, incentivize job creation in the manufacturing sector, and support employers in various sectors to generate additional employment. Full details here.

On Education loans, FM Sitharaman says,"Govt to provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions."

“Our major focus is on education and job creation,” Finance Minister Nirmala Sitharaman said.

“We continue to focus on employment, skilling and MSMEs. 5 schemes to aid employment and skilling announced. The scheme is for 4.1 crore youth.

”We have allocated Rs 1.48 lakh crore rupees for education, employment and skilling," FM said. 

Our focus is on the major-4 that are- Poor, Women, Youth and Farmers.

Educationalists are urging the government to reconsider the 18% GST on educational products, which they believe would ease the financial burden on middle-class families. Subsidies and tax breaks for tablets and laptops are also sought to make these tools more affordable.

There is a strong demand for innovative financial mechanisms to support higher education and skill development. Educationalists are advocating for broader investment avenues to ensure sustainable development and increased accessibility in the education system.
 

Educational leaders are calling for substantial investments in technology-driven learning. They stress the need for enhanced digital infrastructure and the integration of artificial intelligence (AI) into education. These advancements are seen as crucial for making education more accessible and engaging nationwide.
 

 Educationalists across the country have voiced their expectations, emphasizing significant investments and reforms to drive the sector forward. Read more.