In the Union Budget 2024, Finance Minister Nirmala Sitharaman has announced a substantial allocation of ₹1.48 lakh crore for education and training. Highlighting the government’s commitment to skill development and employment, Sitharaman emphasized the importance of continued economic growth despite various challenges.
The new budget reflects a significant increase compared to previous years. For instance, the education budget for 2023 was ₹1,12,899 crore, a 13% increase from the prior year, comprising 2.9% of the total budget. This year, the interim budget for 2024-25 saw an increase to ₹1,20,627 crore. Now, with the new allocation of ₹1.48 lakh crore, the government aims to further enhance the country’s educational and training infrastructure.
Sitharaman underscored the importance of creating job opportunities and enhancing the skill sets of the workforce. “We are committed to ensuring that employment is generated and that workers’ skills are improved. By allocating ₹1.48 lakh crore for education and training, we aim to spread the light of development across the nation,” she said during her budget speech.
A notable initiative includes the provision of educational loans up to ₹10 lakh, supported by the government. This move aims to make higher education more accessible to students across the country. Additionally, the government plans to distribute e-vouchers annually to 1 lakh students, further facilitating their educational pursuits.
Furthermore, the budget introduces a special training scheme in collaboration with state governments. Over the next five years, this scheme will provide extensive training to students, equipping them with the necessary skills to thrive in the evolving job market.
The Union Budget 2024 marks a significant step towards strengthening the educational and training sectors in India. With increased funding and strategic initiatives, the government aims to foster an environment where education and skill development lead to sustainable economic growth and enhanced employment opportunities.
