New Delhi: Budget 2024-25 The budget allocation for education, employment, and skilling for the fiscal year 2024-25 has been set at Rs 1.48 lakh crore. The Department of Higher Education has been allocated Rs 47,619.77 crore, while the Department of School Education and Literacy has received the highest allocation of Rs 73,498 crore.
Key Allocations:
- IITs: Allocated Rs 10,202.5 crore, an increase of Rs 841 crore from the previous fiscal year.
- NITs: Allocated Rs 5,040 crore.
- IISERs: Allocation remains at Rs 1,540 crore.
- IISc: Receiving support of Rs 875.77 crore.
- Central Universities: Allocated Rs 15,928 crore.
- Deemed Universities: Allocated Rs 596 crore.
Increase in Budget:
The Department of Higher Education has seen an overall budget increase of Rs 3,525.15 crore, a 7.99% rise compared to the previous fiscal year.
Focus on Skilling and Employment:
The budget emphasizes strengthening the skilling and apprenticeship ecosystem and includes initiatives to enhance employment opportunities:
- Skill Development and Internship: Targeting skill development and internship opportunities for 1 crore youth by top Indian companies.
- Employment-Linked Incentives: Offering incentives to first-time employees across sectors, including EPFO contributions for both employees and employers.
- Model Skill Loans: Providing skill loans up to Rs 7.5 lakh to 25,000 students annually.
- Education Loans: Offering loans up to Rs 10 lakh for domestic higher education institutions (HEIs) to 1 lakh students annually with a 3% annual interest subvention.
- Internship Scheme: Launching a scheme to provide internship opportunities to 1 crore youth in 500 top companies, with Rs 5,000 per month as an internship allowance and a one-time assistance of Rs 6,000.
This comprehensive package aims to significantly bolster the education and employment sectors, enhancing opportunities for youth across the country.
Very good step to increase education budget by Central Govt.