Educational Loan subsidiary

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The Union Budget 2009-10 has declared a scheme to provide full interest subsidy during the moratorium period on education loans taken from scheduled banks for pursuing any of the approved courses of study in technical and professional streams from a recognized institution in India. The scheme will be available to students from economically weaker sections to access higher education. Besides, the tax deduction under IT Act 2000-section 80E allowed for interest on loans taken for pursuing higher education in specified fields of study, has been now extended to cover all study fields, including vocational studies. The budget has a provision of INR 900 crores under the ‘Mission in Education through ICT’ scheme, besides an additional provision of INR 495 crore for establishing of new and face-lifting of existing polytechnics colleges under the ‘Skill Development Mission’.

The Indian Council of Forestry Research and Education, Dehradun has received a special one-time grant of INR100 crore from this year union budget. A sum of INR 827 crore has been also been allocated for opening one Central University in each of the uncovered states and amount of INR 2,113 crore have been allocated for IIT and NIT institutions, including a provision of INR 450 crore for setting up of new IIT and NIT institutions.

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