Union Budget 2024-25: A Comprehensive Overview on Education, Employment, and Skilling

26 July, 2024

The annual Union Budget is a crucial blueprint that directs spending across various sectors, shaping the nation’s growth for the year ahead. The budget for 2024-25 emphasises a strategic investment in education, employment, and skills, reflecting a commitment to the long-term development of youth. The FM's statement clearly clarifies the government's intention to foster career-building skills and create new job opportunities: "I have made a provision of 1.48 lakh crore for these areas."

Allocation Overview

With a total budget outlay of INR 48.21 lakh crores, the education sector receives a significant allocation of INR 1,20,628 crores. This amount is divided between the Department of School Education and Literacy and the Department of Higher Education. For the Department of School Education and Literacy, the allocation covers several areas: Central Sector Schemes/Projects, Centrally Sponsored Schemes, Establishment Expenditure of the Centre, Other Central Sector Expenditure, and Other Grants/Loans/Transfers. Similarly, the Department of Higher Education’s budget encompasses Central Sector Schemes/Projects, Centrally Sponsored Schemes, Establishment Expenditure of the Centre, Other Central Sector Expenditure, and Other Grants/Loans/Transfers.

Allocation to Flagship Institutions

IITs: INR 10,202.5 crore
NITs: INR 5,040 crore
IISERs: INR 1,540 crore
IISc: INR 875.77 crore
Central Universities: INR 15,928 crore
Deemed Universities: INR 596 crore

Focus on Employment and Skilling

In addition to educational investments, this year’s budget emphasises enhancing employment opportunities and skilling initiatives. Notable allocations include:

1, Internship Scheme: Aiming to provide internships to 1 crore youth in 500 top companies, with an allowance of INR 5,000 per month and a one-time assistance of INR 6,000.

2. Employment-Linked Incentives: Offering incentives for EPFO contributions to employees and employers and providing model skill loans of up to INR 7.5 lakh to 25,000 students annually.

3. Education Loans: Extending loans up to INR 10 lakh for domestic higher education institutions to 1 lakh students annually, with a 3% annual interest subvention.

Conclusion

The Union Budget 2024-25 presents a robust framework for advancing education, employment, and skills in India. The budget aims to build a strong foundation for the future workforce by significantly increasing funding and introducing strategic initiatives. These measures address immediate needs and set the stage for sustained economic growth and development through enhanced educational opportunities and career-building support. These investments are expected to yield substantial long-term benefits as we progress, empowering individuals and contributing to the nation’s overall progress.

Disclaimer

The article is curated by referring to various credible sources and does not necessarily reflect the opinions or positions of QS I-GAUGE. The information provided is for general informational purposes only; readers are advised to conduct their own research and seek professional advice before making any decisions.