Union Education Budget 2024: A Historic Hike of Rs 1.48 Lakh Crore in Employment and Education

Union Finance Minister Nirmala Sitharaman has commenced the presentation of the Union Education Budget 2024, unveiling the Prime Minister's comprehensive package designed to provide employment, skill development, and various opportunities for 4.1 crore youth over the next five years. This ambitious initiative is backed by a central outlay of Rs 2 lakh crore.

For this year alone, Rs 1.48 lakh crore has been allocated specifically for education, employment, and skill development.

Key Highlights of the Education Budget 2024:

Financial Support for Higher Education:

The budget includes provisions for financial support, offering loans up to Rs 10 lakh for higher education at domestic institutions. Over the coming five years, more than 20 lakh youth will be trained to enhance their skills. Additionally, 1,000 Industrial Training Institutes (ITIs) will be upgraded to align their course content and design with industry needs.

Internship Opportunities:

A significant highlight of the budget is the provision of internships for one crore youth, who will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. The costs for these internships will be covered by companies through their Corporate Social Responsibility (CSR) funds.

Focus on Healthcare and Women's Hostels:

Sitharaman announced the establishment of new medical colleges in Bihar, aiming to bolster healthcare infrastructure and educational opportunities in the region. The government also plans to set up working women hostels to encourage greater female participation in the workforce.

Skill Development and ITI Upgradation:

The government will focus on upgrading 1,000 ITIs to ensure that their courses meet current industry standards. Additionally, around 1.4 crore youth have been trained under the Skill India Mission, and 3,000 new ITIs have been established.

Previous Allocations and Achievements:

In the Union Budget 2023, the Centre allocated a record Rs 1,12,898.97 crore to the education sector. The school education department received Rs 68,804.85 crore, while higher education was allocated Rs 44,094.62 crore. Sitharaman highlighted the establishment of seven IITs, sixteen IIITs, seven IIMs, fifteen AIIMS, and 390 universities as part of ongoing efforts to improve educational infrastructure across India.

Future Plans:

On February 1, during the Interim Budget 2024 presentation, Sitharaman mentioned plans to establish more medical colleges and form a committee to examine this purpose. Additionally, there are plans to upgrade Anganwadi centers to further support early childhood education.
This comprehensive approach in the Union Education Budget 2024 aims to address various aspects of education and skill development, promoting employment opportunities and contributing to the overall development of India's youth.