The Narendra Modi government has declared that it will provide financial assistance for loans up to ₹10 lakh for higher education in domestic institutions, according to Union Finance Minister Nirmala Sitharaman.
"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 stated in her Budget address.
Budget 2024: Nirmala Sitharaman announces financial aid for student loans up to ₹10 lakh
Every year, a quarter of a million students will receive e-vouchers for loans worth up to ₹10 lakh at domestic universities for further study. These vouchers will provide a 3% yearly interest subsidy on the borrowing balance."
"As mentioned in the interim Budget, we need to focus on 4 different castes, the poor, women, youth, and farmers," Union Finance Minister Nirmala Sitharaman said at the outset of her budget statement.
What Union Budget 2024 has for youths?
Over the course of the next five years, 1,000 ITIs will be renovated utilizing a hub-and-spoke architecture, with an emphasis on quality and outcomes in cooperation with states and business.
• In the next five years, one crore young people will have skills from leading Indian enterprises.
• A monthly ₹5,000 allowance will be provided for a 12-month Prime Minister's Internship.
• In collaboration with business, working women's hostels and crèches will be built.
• The Model Skill Loan Scheme, which aims to help 25,000 students yearly, would be updated to grant loans up to ₹7.5 lakh with a government-backed guarantee.
₹1.48 lakh crore would be allocated by the Union Budget for 2024–25 to the nation's workforce, education, and skill-building. In order to skill 20 lakh youth over the next five years, a new centrally sponsored plan was announced.
