The budget for the year 2024-25 is being presented in the Lok Sabha by Union Finance Minister Nirmala Sitharaman today i.e. Tuesday, July 23, 2024 at 11 am. This time’s budget (Education Budget 2024) has made many important announcements for education, skill development and employment sectors. Earlier, the Finance Minister had presented the interim budget of this financial year on 1 February.
The first budget of the third term of the NDA government led by Prime Minister Narendra Modi is being presented in the Lok Sabha by Union Finance Minister Nirmala Sitharaman today i.e. Tuesday, July 23, 2024. According to the budget presented during the previous years, this time also it is expected that many important announcements will be made by the Finance Minister to promote education, skill development and employment.
Education Budget 2024: Big announcements for education, skill development and employment
The budget for the financial year 2024-25 of the Central Government is being presented in the Lok Sabha by the Finance Minister from 11 am today. The main announcements made for education, skill development and employment in Budget 2024 are given below:
- Provision of Rs 1.48 lakh crore in this financial year for education, skill development and employment.
- Provision of additional salary on the job for the first time for women.
- 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 an annual interest subvention of 3% of the loan amount.
- Women 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 first-time job seekers. For the first time, employees registered with EPFO will be given one month’s salary of Rs 15,000 in three times.
Scheme ‘B’: Direct incentive will be given to both the employee and the employer according to their EPFO contribution in the first 4 years of employment.
Scheme ‘C’: Employers will be reimbursed EPFO contribution 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, coaching institutes and edtech players for training, skill development and competitive examinations. 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 also, 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 thousand crores for PM Shri Schools, establishment of 3000 new ITIs, 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities.
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