Budget 2024: Loan up to 10 Lakhs to be provided for higher education, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament today, July 23. It was her seventh consecutive budget, surpassing the late Morarji Desai's record of six consecutive budgets. While presenting the Union Budget 2024, Nirmala Sitharaman said, 'Have made an allocation of Rs. 1.48 lakh crore for education, employment, and skilling. Also announced employment-linked skilling through schemes as part of the PM's package. 

She also mentioned that the government would provide financial support for loans up to Rs 10 lakhs for higher education in domestic institutions. Additionally, the government will provide e-vouchers directly to 1 lakh students every year with an interest subvention of 3 per cent of the loan amount. Up to 1,000 ITIs will be upgraded in a hub and spoke model, and the government will also revise the Model Skilling Loan



scheme to facilitate loans up to Rs 7.5 lakh. Furthermore, a new centrally-sponsored scheme for skill development in collaboration with states and industry, aiming to skill 20 lakh youth over 5 years, will be provided, as announced by the FM.

"The government will launch a scheme to provide internship opportunities to one crore (ten million) students in the next five years. These internships will be offered in the top 100 companies. Each student will receive an internship allowance of Rs. 5,000 per month, along with a one-time assistance of Rs. 6,000. The minister also mentioned that the companies participating in the scheme will be expected to cover the training costs and 10% of the internship costs using funds from their Corporate Social Responsibility (CSR) initiatives." The government will also set up working women hostels to promote women participation in workforce.