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:

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