Budget 2024-25: Internships, loans at focus in education sector

Updated: Jul 23rd, 2024

Budget 2024-25

Presenting her seventh-consecutive Budget, Finance Minister Nirmala Sitharaman today made landmark announcements in the education sector.

An education loan of up to ₹10 lakh is to be provided by the government for students enrolling in domestic institutes.

Improvements have been presented in the model skill loan scheme in this year’s budget, which could benefit around 25,000 students.

Moreover, FM Sitharaman announced that the government will provide 12-month internship opportunities in the country’s top 500 companies to around 1 crore youth. A monthly stipend of ₹5,000 is fixed for the beneficiaries, and they will be provided ₹6,000 as lump sum assistance.

Companies are to bear education costs and 10% internship costs as part of their Corporate Social Responsibility (CSR).

The government will increase employment opportunities in the manufacturing sector, providing around 30 lakh jobs.

New curriculums are to be introduced to upskill the candidates to meet the market standards. For this, current syllabuses will also be enhanced.

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