Education Budget 2024 Live Updates: Internship opportunities for 1 crore youth in 500 top firms, says Nirmala Sitharaman

Education Budget 2024 Live Updates: “The Finance Minister’s allocation of ₹1.48 lakh crore for education, employment, and skilling demonstrates a robust commitment to nurturing our nation’s future. The provision of financial support of loans up to ₹10 lakh for higher education in domestic institutions and the introduction of e-vouchers for interest subvention will significantly alleviate the financial burden on students, enabling them to pursue their academic goals. Furthermore, the ambitious plan to skill one crore youth in collaboration with India’s top companies and the Prime Minister’s Internship initiative are commendable steps towards enhancing employability and bridging the skills gap. These measures are poised to empower our youth, fostering a more inclusive and prosperous society," says Prof Fr (Dr) K S Casimir, Director, XLRI Delhi-NCR.

Education Budget 2024 Live Updates: “This year, the Education Ministry’s budget allocation has increased by 6.8 per cent, which signifies the government’s commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasizes the importance of education, employment, and skill development by allocating an impressive ₹1.48 lakh crore for these crucial areas, which is indeed commendable. The provision of financial support for loans up to ₹10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all. This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities. Additionally, the introduction of a new centrally-sponsored scheme for skilling, in collaboration with state governments and industries, is another praiseworthy move. Skilling 20 lakh youth over the next five years will create a robust workforce ready to meet the evolving needs of the industry. The upgrade of 1000 ITIs and the alignment of course content to industry requirements will further enhance the employability of our youth. Furthermore, the government’s internship scheme, providing internships to one crore youth with a stipend and assistance, will offer invaluable hands-on experience and financial support. This initiative, supported by CSR funds, will bridge the gap between education and employment, ensuring that our young talent is work-ready," says Prof Mahadeo Jaiswal, Director, IIM Sambalpur.

Education Budget 2024 Live Updates: We commend the Indian government's recent budget, which places a significant emphasis on youth skill development and employment opportunities. The proposed initiative to equip 20 lakh young people with relevant skills over the next five years is commendable and timely, representing a strategic vision for the future. The commitment to upgrading over 1,000 ITIs is a welcome step forward in recognizing the importance of vocational training and upskilling to address the skill gap. This budget underscores the critical role of youth upskilling as an economic driver, providing a much-needed boost to India's growing workforce and empowering the government's Make in India initiatives.

Education Budget 2024 Live Updates: "I am glad to see Budget 2024's focus on youth employment and skilling. The ₹2 lakh crore allocation for employment schemes is the beginning to a brighter future.

The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed.The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother.

It's a great time to be young and skilled in India!"

Education Budget 2024 Live Updates: I am pleased with the Union Budget 2024's revisions to tax slabs and the increased standard deduction. These give parents more disposable income to invest in their children's early education, a critical developmental stage. This financial relief will support access to quality preschools, enhancing overall development and future success.

Furthermore, the reengineered skill loan scheme with loans up to INR 7.5 lakh, supported by a government-promoted fund guarantee, ensures 25,000 students annually access a dynamic workforce. Additionally, the comprehensive education loan scheme of up to INR 10 lakh for higher studies, with an annual interest subvention of 3% through e-vouchers, benefits one lakh students. Together, these measures create a robust foundation for educational growth from early childhood through higher education.

Education Budget 2024 Live Updates: “The announcement to offer internship opportunities to 1 crore students at 500 top companies over the next five years is a welcome move to foster industry-academia collaboration and produce industry-ready professionals. The decision will facilitate B Schools to forge ties with industry leaders, design a more targeted curriculum and align academic programs with existing industry trends and demands. Furthermore, the allocation of ₹1.48 lakh crore for education, employment, and skilling, is an encouraging step. However, we expect further financial assistance from the Union Government to meet the objectives of NEP 2020 and nurture future talent in the digital era. Overall, the Union Budget 2024 embodies India's vision of becoming a Vishwaguru by promoting a proficient workforce, driving innovation, and fostering economic growth,” said Dr Prabhat Pankaj, Director, Jaipuria Institute of Management, Jaipur.

Education Budget 2024 Live Updates: "Management colleges across the country exude confidence in the Union Education Budget 2024, presented by the Union Finance Minister Nirmala Sitharaman, emphasizing the need for innovative and access-based education. This commitment gets cemented for the future business leaders of our country due to the fact that an absolute allocation of ₹1.48 lakh crores has been made for education, employment, and skill development. The government has come forward with a scheme of providing loan assistance of up to ₹10 lakh for higher education in a domestic institution, therefore making the access to an MBA program easier and more accessible to a larger range of talent who dream of pursuing it. The most promising thing for MBA colleges is the introduction of a centrally funded scheme to train 20 lakh youth in five years in association with state governments and companies. This shall ensure that our students acquire industry-relevant skills to fill the gap between academia and professional practice. Apart from this, updating the 1,000 ITIs as per the need of the industry would further enhance the quality of management education.

The stipend amounting to ₹5,000 and a one-time allowance of ₹6,000 that the students would get under the internship scheme will provide immense hands-on experience to them. This will come along especially with encouraging companies to use their CSR funds for this initiative that would fan the creation of collaboration between MBA colleges and the corporate sector.

Overall, it makes India a global business and innovation hub by placing its students at the forefront in various industries," says Dr Srinivasan.K, Director -MBA ESG India

Education Budget 2024 Live Updates: “This budget for healthcare, agriculture, biotechnology and lifescience reflects the government’s vision and intent to promote the R&D, prioritize education, and provide employment-specific skills and training. A primer minister package (INR 2 lakh crore) comprising five programs for boosting education, employment, and skills is unveiled. The government aims to transform agricultural research and perform a thorough review to increase productivity and develop climate-resilient varieties. There is also a strong emphasis on private sector-driven research and innovation overseen by domain experts from the public and private sectors. Our gross expenditure on R&D still stands at >0.70% of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8%). This budget offers a timely boost in R&D and education to fuel inventions and innovation at public and private academic institutions and lead to uniformity in cutting-edge research, high-quality education, and training of a competent workforce across the nation," says Prof Nishith Gupta, Head & Professor, Department of Biological Sciences, BITS Pilani.

Education Budget 2024 Live Updates: Get the latest updates on the Education Portal of HT

Education Budget 2024 Live Updates: For those opting for the new tax regime, the standard deduction for salaried employees to be increased from ₹50,000 to ₹75,000: Finance Minister Nirmala Sitharaman

ANI

Education Budget 2024 Live Updates:

New Tax rate structure

0-3 L - NIL

3-7 L - 5 percent

7-10 L - 10 percent

10-12 L - 15 percent

12-15 L - 20 percent

Above 15L - 30 percent

Education Budget 2024 Live Updates: "Internship in top companies - As the fifth scheme under Prime Minister's package, our government will launch a comprehensive scheme providing internship opportunities in 500 top companies to one crore youth in five years. They will gain exposure to 12 months to real life business environment, varied professions and employment opportunities. And internship allowance of ₹5000 per month along with a one-time assistance of ₹6000 will be provided. Companies will be expected to bear the training cost and 10 per cent of the internship cost from their CSR funds," says Union Finance Minister Nirmala Sitharaman.

(PTI)

Education Budget 2024 Live Updates:

“ I am happy to announce a new Centrally Sponsored Scheme, as the fourth scheme under the Prime Minister's package for skilling and collaboration with state governments and Industry,” FM Nirmala Sitharaman.

• 20 lakh youth will be skilled over a 5-year period
• 1000 ITIs will be upgraded in Hub and Spoke arrangements with outcome orientation
• The Model Skill Loan scheme will be revised to facilitate loans up to ₹7.5 lakh with a guarantee from government-promoted fund
• For helping our youth who have not been eligible for any benefit under govt schemes, I am happy to announce a financial support for loans up to ₹10 lakh in higher education in domestic institutions

(PIB)

Education Budget 2024 Live Updates: FM Nirmala Sitharaman announced that SIDBI will open 24 new branches to serve MSMEs clusters

Education Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman says, "Working women hostels will be set up. Higher participation of women in workforce to be promoted through hostels and creches...Our government will bring National Cooperation Policy for overall development. Our government will provide financial support for loans upto 10 lakhs for higher education in domestic institutions.

ANI

Education Budget 2024 Live Updates: Budget for FY25 to provide ₹1.48 lakh crore for education and employment and skill: FM Sitharaman

(PTI)

Education Budget 2024 Live Updates: FM Nirmala Sitharaman announced 3 schemes for the ‘Employment Linked Incentive’

Scheme A- First Timers

Direct Benefit Transfer of 1 month salary in 3 installments up to ₹15,000 to first-time employees registered in EPFO

Scheme B- Job Creation in Manufacturing

Incentive to be provided directly to both employer and employee as per their EPFO contribution in the first 4 years of Employment

Scheme C- Support to Employers

Reimbursement to employers up to ₹3000 per month for 2 years towards their EPFO contribution for each additional employee

(PIB)

Education Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman says, "...One month wage to all persons newly entering the workplace in all formal sectors. Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth."

(ANI)

Education Budget 2024 Live Updates: On Education Loans, FM Sitharaman says,"Govt to provide financial support for loans up to ₹10 lakhs for higher education in domestic institutions."

Education Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman says, "I am happy to announce the Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores. This year we have made a provision of ₹1.48 lakh crores for education, employment and skilling..."

(ANI)

Education Budget 2024 Live Updates: 3 schemes to be implemented for Employment and Skilling

Education Budget 2024 Live Updates: Raghav Himatsingka, the Co-founder of Raising Superstar says increased funding and support for early-stage startups, especially those innovating in edtech and early childhood development can be helpful.

Education Budget 2024 Live Updates: FM Nirmala Sitharaman begins her Union Budget 2024 speech

Education Budget 2024 Live Updates: “The 18 percent tax slab is extremely high for a need as basic as education. The government should derive a mechanism to enable more students in receiving quality education, and at the same time, make it affordable," says Prateek Maheshwari, the Co-Founder of PW and Chair of the India EdTech Consortium (IEC).

Education Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2024 at 11 am.