The union budget of India for the financial year 2024-25 was officially released by the finance minister Nirmala Sitharaman on 23rd July. Students demand for increased investment in education to help project India as a developed nation by 2047, as “Viksit Bharat” envisioned by Prime Minister Modi.
They are calling for measures such as GST exemptions, equitable access to high-quality education, and strengthening digital infrastructure. Let us take a look at the platter offered by the union budget to the student community:
1. Internship Opportunities for Youth
Union Budget Proposal – 1
This has been one of the major highlights of the Union budget 2024-25. The finance minister said that the government will launch a scheme that will provide internship opportunities in 500 top companies to one crore youth in the next five years. The students will receive an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000. She added that companies will be expected to cover the training cost and 10 percent of the internship cost from CSR funds.
2. Allocation of Rs 1.48 lakh crore
Union Budget Proposal – 2
Finance Minister announced that the center has made an allocation of Rs 1.48 lakh crore for education, employment, and skilling. The government will offer financial assistance of loans up to Rs 10 lakh for higher education in domestic institutions. This support will be provided through e-vouchers, which will be directly given to one lakh students annually, along with an interest subsidy of 3 percent of the loan amount.
3. Skill Development Sector
Union Budget Proposal – 3
The finance minister also outlined several initiatives for the skill development sector. These include the upgradation of 1,000 Industrial Training Institutes (ITIs) using the hub-and-spoke model and revising the model skill loan scheme. Here’s the passage converted to active voice:
The Finance Minister announced that the government-promoted fund guarantees loans of up to Rs 7.5 lakh under the revised model skill loan scheme. This scheme will likely benefit 25,000 students per year.
Additionally, she stated that the government will introduce a new centrally sponsored scheme as part of the Prime Minister’s package for skilling, in collaboration with state governments and industry. Furthermore, she emphasized that the government will actively collaborate with various stakeholders to ensure the successful implementation of this initiative.
Moreover, she further mentioned that the government will skill 20 lakh students over five years, highlighting the significant impact this scheme will have on enhancing the skills of the youth in the country.
4. Employment Linked Schemes
Union Budget Proposal – 4
The finance minister has announced that the government will implement three schemes for Employment. These schemes will be based on enrolment in the EPFO and will focus on recognizing first-time employees.
Scheme 1 – ‘First Timers’: This scheme will provide one month’s wage to all persons newly entering the workforce. The direct benefit transfer of one month’s salary, in three installments to first-time employees will be up to ₹15,000. The eligibility limit will be a salary of Rs 1 lakh per month.
Scheme 2 – The “Job Creation in Manufacturing” scheme will incentivize additional employment in the manufacturing sector. It focuses on hiring first-time employees. An incentive will be provided directly to both the employee and the employer. This incentive will cover their EPFO contribution for the first four years of employment.
Scheme 3 – ‘Support to Employers’: This scheme will cover additional employment in all sectors. All additional employment within a salary of Rs1 lakh per month will be counted. The government will reimburse employers up to Rs 3,000 per month for two years.
Overall, there are many new schemes for the upliftment of students but the implementation of these is crucial to paint a good image of the future of the nation i.e. YOU.
