This budget allocation of Rs 1.48 lakh crore for education and skilling along with digital learning will help build a robust, future-ready workforce
Union Minister for Education Dharmendra Pradhan hailed the 2024-25 budget as a pivotal milestone on India’s path to becoming a developed nation by 2047. Prioritising education, skilling, employment generation, research and innovation like never before, #Budget for Viksit Bharat paves the way for strengthening Bharat’s credentials …..”
Education Minister Dharmendra Pradhan posted on X. He noted that these are comprehensive and concrete measures taken up by Smt. Nirmala Sitharaman that will be a win-win for all stakeholders—students, academia, and industry.
The budget allocation for Education, employment, and skilling has been increased by 30% to Rs 1.48 lakh crore. India has the largest educational system with 265 million students in schools, 43 million in higher education and more than 10 million learners enrolled in skilling institutions. The Budget Allocation for 2024-25 of Rs 73,498 crores is the highest ever for the Department of School Education & Literacy. Autonomous bodies such as the Kendriya Vidyalaya Sangathan and Navodaya Vidyalaya Samiti have also received their highest-ever allocations. The Flagship Schemes like Samagra Shiksha, POSHAN and PM-SHRI have got Rs 3,250 crores. The budget includes strengthening the skilling and apprenticeship ecosystem, skill development and internship opportunities for one crore youth by India’s top companies, and providing employment-linked incentives to first-time employees across the sector. The government has introduced a revamped ‘Model Skill Loans Scheme’ from 1.5 lahks to 7.5 lahks to 25000 students annually and education loans up to 10 lahks for pursuing education in higher domestic educational institutions to one lakh students every year with an annual interest subvention of 3%. The step will certainly promote enrolment in domestic institutions as well as reduce the financial burden on the students. In addition to this, the finance minister also outlined several initiatives for the Skill Development sector.