In the Budget 2024, Finance Minister Nirmala Sitharaman introduced significant initiatives to enhance opportunities for young Indians, focusing on employment generation and support for higher education.
Key Highlights of Sitharaman's Budget:
1. Large-Scale Paid Internship Program:
Objective: To provide work experience and skill development. Scope: One crore young individuals will participate in one-year internships over the next five years. Structure: Internships will be offered by India's top 500 companies, averaging 4,000 interns per company annually. Compensation: Interns will receive a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000. Cost Sharing: Companies will cover training costs and contribute 10% of the internship cost through Corporate Social Responsibility (CSR) funds, while the government will cover the remaining expenses. Condition: Interns must seek employment independently after completing their internships. Details Pending: The list of participating companies and the specific number of interns each company will take annually are yet to be disclosed. Industry Reactions: Positive, but cautious regarding cost-sharing specifics.2. Education Loan Access:
Objective: To ease financial barriers for students pursuing higher education. Loan Details: Students can obtain education loans up to Rs 10 lakhs for studies in private higher education institutions, irrespective of their family's income and without other government benefits. Subsidy Scheme: One lakh students will benefit from a 3% annual subsidy on loan interest payments through e-vouchers from the Government of India (GOI). Potential Impact: With 11,13,000 undergraduate students enrolled in private institutions in 2021-22, this scheme could significantly aid many learners. Tuition Fees: Private institutions' fees range from Rs 3 lakh to Rs 10 lakh annually. For instance, a student with Rs 20 lakh total costs over three years can more easily avail of a Rs 10 lakh loan. Selection Criteria: The criteria for selecting the one lakh students eligible for the annual interest subsidy remain unclear in the Budget.Latest Updates:
SUMMARY OF THE UNION BUDGET 2024-2025 Submitted by Finance Minster Nirmala Sitharaman
What’s Cheaper and What's Costlier in the BUDGET? Here's the list