Union Budget 2024: Education Loans Up To ₹10 Lakh, Major Skilling Initiatives Announced

Finance Minister Nirmala Sitharaman, during the Union Budget 2024 presentation on Tuesday, announced significant initiatives for education, employment, and skilling, including education loans up to Rs 10 lakh for students pursuing higher education in domestic institutions.
Sitharaman allocated Rs 1.48 lakh crore for these sectors, stating, “To support our youth who have not benefited from existing government schemes, I am pleased to announce financial assistance for loans up to Rs 10 lakh for higher education in domestic institutions.”
The minister highlighted the introduction of E-vouchers, providing direct support to one lakh students annually with a 3% interest subvention on the loan amount.Additionally, the Model Skill Loan Scheme will be revised, enabling loans up to Rs 7.5 lakh with a guarantee from a government-promoted fund, benefiting 25,000 students each year.A new centrally sponsored skilling scheme will be launched in collaboration with state governments and industry, aiming to skill 20 lakh youth over five years. The scheme includes upgrading 1,000 Industrial Training Institutes (ITIs) into hub-and-spoke models with industry-aligned courses.Sitharaman also announced a comprehensive internship scheme, offering opportunities in 500 top companies to one crore youth over five years. Interns will receive Rs 5,000 per month and a one-time assistance of Rs 6,000, with companies covering training costs and 10% of the internship costs through CSR funds.
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