India is poised to achieve remarkable growth in the rapidly evolving digital era, outpacing the economies of its neighbouring nations. With this in mind, we are thrilled about the new measures announced in the 2024–25 interim budget to support education, employment, and skill development.
The government has allocated Rs 1.48 lakh crore for these important areas, showing a strong commitment to improving opportunities for our youth. One highlight is the plan to provide internships for one crore young people in 500 top companies. Each intern will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. This is a fantastic opportunity for young people to gain valuable work experience. Companies will fund these internships through CSR funds, creating a great partnership between the public and private sectors.
A new centrally funded scheme will also be launched in partnership with state governments and companies to train around 20 lakh youth over five years. As part of this initiative, 1,000 ITIs will be updated, with training content and design linked to industry skill requirements.
The Education Ministry’s budget has increased by 6.8%, now totalling Rs 1,20,627.87 crore, up from Rs 1,12,899.47 crore last year. This extra funding will help improve nationwide schools, colleges, and educational programs. Another important announcement is the support for loans up to Rs 10 lakh for higher education in domestic institutions. This will make it easier for students to afford college and university, opening doors to better careers.
Views expressed by: Rohan Rai, CEO and Co-Founder, Edupull
