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Finance Minister Nirmala Sitharaman presents the Union Budget 2024 in Parliament on Tuesday. In a significant move aimed at bridging the industry skill gap through enhanced employment and skilling opportunities, five key initiatives targeting 4.1 crore youth over the next five years.
Revision of Model Skill Loan Scheme
One of the standout initiatives is the revision of the model skill loan scheme. The government will revamp the scheme and will now provide loans up to INR 7.5 lakh, backed by a government-promoted fund guarantee. This initiative is projected to benefit 25,000 students annually, offering them the financial support needed to acquire skills.
Education Loan Scheme
Additionally, the budget also introduced a comprehensive education loan scheme. This scheme will support youth who have previously been ineligible for government benefits. The government will provide them with financial support for loans up to INR 10 lakh that will be available for higher education in domestic institutions. To facilitate this, the government will issue e-vouchers directly to 1 lakh students each year, providing an annual interest subvention of 3% on the loan amount.
Budget Speech by Finance Minister Nirmala Sitharaman
"The model skill loan scheme will be revised to facilitate loans of up to INR 7.5 lakh with a guarantee from a government-promoted fund. This measure is expected to help 25,000 students every year. Education loans will support our youth who have not been eligible for any benefits under government schemes and policies.
A financial support for loans of up to INR 10 lakh for higher education in domestic institutions is announced. E-vouchers for this purpose will be given directly to 1 lakh students every year, providing an annual interest subvention of 3% of the loan amount."
Conclusion
The Union Budget 2024's emphasis on youth empowerment through these five initiatives is expected to create significant opportunities for employment and skill development. By providing financial support and facilitating access to quality education, the government is laying a strong foundation for the future workforce of the nation.