Education Budget 2024: Finance Minister Nirmala Sitharaman has announced a substantial amount of Rs. 1.48 Lakh Crore for Education, Employment and Skill Development. Check provisions and the latest updates on the Education Budget 2024 here. Budget allocations for Central Universities and Deemed Universities have also increased for 2024-25.
Increase in Funds for Central Universities
The budget for UGC consists of three important components, namely - UGC, Central Universities, and Deemed Universities. The funding for the University Grants Commission was cut down by 60.99%. The funds were cut to Rs. 2500 crore from the previous year's estimate of Rs. 6409 Crore. The grants for central universities however increased by Rs. 4000 crore with 15,298 crore allocated for the 2024-25 financial year.
The government has allotted a budget of Rs. 47,619 crore to higher education under the Ministry of Education. This marks an 8% increase as compared to late year. From the 2024-25 financial year funds will be allocated to specific colleges affiliated to Central universities enhancing funding under the Central Universities Budget. The funds will increase from Rs. 11612 crore to Rs. 15928 crore. The budget for Deemed universities has also been increased to Rs. 596 crore
Education Loans for Higher Education
The minister while announcing the various provisions stated that in a key initiative, the government will provide support for education loans upto Rs. 10 Lakh for higher education in domestic institutions. A 30% increase in the budget has also been announced for education, skilling and employment initiatives.
A centrally sponsored scheme will also be launched focusing on skilling in collaboration with state governments and industries. Students will be provided with skill development programmes over five years. Youth who were not qualified for any benefits under the existing government schemes for higher education will also be provided with financial aid.
Paid Internships for Students
Finance Minister Nirmala Sitharaman has announced internship programmes benefitting over 1 Crore youth over 5 years. The internship will be offered in partnership with 500 leading companies across the country along with a monthly stipend of Rs. 5000 and an initial one-time assistance of Rs. 6000 per month.
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