Education Budget 2024-25 Out, Rs 1.48 Lakh Crore Allocated for Skilling, Education and Employment

Finance Minister Nirmala Sitharaman has announced the Union Education Budget 2024 Today (July 23, 2024) across the country. During the announcement of the Ministry of Education budget, she addressed new internship schemes, and allocation budget, that aimed at increasing employment and skills in the country. In her previous budget speech (interim budget 2024) she announced that the government is planning to set up more medical colleges, and a committee will be set up to overlook their uses and purposes. She added that the government also has plans to upgrade the existing Anganwadi centers.

Education Budget 2024-25 Out

As per the Union Budget 2024-25, Rs 1.48 lakh crore has been allocated to the Ministry of Education Budget 2024 for Education, Employment and Skilling. In today’s education budget announcement, the finance minister announced that the government will be providing financial support for loans up to 10 lakh to candidates aspiring for admission into higher-level courses at domestic institutions. “The scheme will provide internship opportunities at 500 top companies for 1 crore students over five years. Students will receive ₹5,000 per month and a one-time assistance payment of ₹6,000,” says Finance Minister Nirmala Sitharaman.

Education Budget of India 2024 New Scheme

The finance minister announced that the union government will be launching a comprehensive scheme to provide internships to over 1 crore youth in top level companies in the next 5 years. The minister also announced that to increase the employment rate in industries the government will provide INR 3000 per month to companies to cover their EPFO contributions for over a period of 2 years for every new hiring.

Comparison of Education Budget with Previous Year

In the financial year 2023-24, the union government announced the education budget of INR 1,12,898.97 crore which was the highest amount allocated to the ministry till that day.  But this year the government has surpassed that amount and has announced INR 1.48 lakh crores only for the education, employment, and skill development sectors.

If we talk about the segregation of budget amount, last year the government sanctioned INR 68,804.85 to the school education department while INR 44,094.62 was allocated to the higher education department. The budget segregation for the financial year 2024-25 is yet to be released by the authorities.

Education Budget 2024-25: Employment Linked Incentives

While announcing the Education Budget 2024-25 the Finance Minister announced three schemes that will focus on providing employment-linked incentives to the employees.

Scheme A – First Timers

All the first-time employees who have registered for the EPFO will receive the direct salary transfer of 1 month’s salary in 3 installments up to INR 15,000.

Scheme B – Job Creation

Both the employee and the employer will be incentivized by the EPFO in the first 4 years of employement.

Scheme C – Support to employers

The employers will get a reimbursement of INR 3000 towards their EPFO contribution for every new employee added.

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