Budget 2024: Nirmala Sitharaman announces financial aid for student loans up to ₹10 lakh
Budget 2024 announcements: The Union Budget 2024 will provide ₹1.48 lakh crore for education, employment and skilling in the country.
Union finance minister Nirmala Sitharaman announced that the Narendra Modi government will offer financial support for loans up to ₹10 lakh for higher education in domestic institutions.
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"For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions," Sitharaman said in her Budget speech.
E-vouchers for loans up to ₹10 lakh for higher education in domestic institutions will be provided to 1 lakh students each year. These vouchers will cover an annual interest subsidy of 3% on the loan amount."
At the start of her Budget speech, Union finance minister Nirmala Sitharaman said, “As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth, and the farmer.”
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What Union Budget 2024 has for youths?
•1,000 ITIs will be upgraded with a hub-and-spoke model over the next five years, focusing on outcomes and quality in collaboration with states and industry.
• One crore youth will be skilled by top Indian companies in the next five years.
• A 12-month Prime Minister’s Internship will offer a monthly allowance of ₹5,000.
• Working women’s hostels and creches will be established in partnership with industry.
• The Model Skill Loan Scheme will be revised to offer loans up to ₹7.5 lakh with a government-backed guarantee, aiming to assist 25,000 students annually.
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The Union Budget for 2024-25 will provide ₹1.48 lakh crore for education, employment and skilling in the country. It announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.
