New Delhi. The first budget of the third term of the NDA government led by Prime Minister Narendra Modi is being presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha today i.e. Tuesday, 23 July 2024. As per the budget presented during the previous years, this time also it is expected that many important announcements have been made by the Finance Minister to promote education, skill development and employment.
Education Budget 2024: Big announcements for education, skill development and employment
The Union Government’s budget for the financial year 2024-25 is being presented by the Finance Minister in the Lok Sabha today at 11 am. The main announcements made for education, skill development and employment in Budget 2024 are given below:-
- Provision of Rs 1.48 lakh crore this financial year for education, skill development and employment.
- Provision of additional salary on job for women for the first time.
- Proposal to amend the Model Skill Loan Scheme to help 25,000 students every year.
- E-vouchers for loans up to Rs 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year for annual interest subvention of 3% of the loan amount.
- Women’s hostels and crèches will be established for working women.
- Three schemes announced for employment promotion – Scheme A, Scheme B and Scheme C.Scheme ‘A’ is for those who are employed for the first time. Employees registered with EPFO for the first time will be given Rs 15,000 of one month’s salary in three installments.
- Scheme ‘B’: Direct incentives will be given to both the employee and the employer as per their EPFO contributions in the first 4 years of employment.
- Scheme ‘C’: Employers will be reimbursed their EPFO contribution of up to Rs 3,000 per month for each employee for two years.
Education Budget 2024: What are the expectations?
Talking about the expectations from the Education Budget 2024-25, there are many demands from schools and colleges to training, skill development and competitive exam coaching institutes and edtech players. These include increasing funding options for high-cost professional courses, exemption in GST on all education services, development of education infrastructure in rural areas, etc.
Education Budget 2024: These announcements were made in the interim budget
Let us tell you that on February 1 this year, the Finance Minister had presented the interim budget of the Central Government for the current financial year. In this interim budget, the Finance Minister had shared information about the allocation of Rs 4000 crore for PM Shri Schools, the establishment of 3000 new ITIs, 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities.