The Union Budget for 2024-25 will provide ₹1.48 lakh crore for education, employment and skilling in the country.
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Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.
Also read: Budget 2024 LIVE, highlights
She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.
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As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the Minister said.
Ms. Sitharaman added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity.
New centrally-sponsored scheme to skill 20 lakh youth over 5 years
The government on Tuesday announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.
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The Union Finance Minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.
As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions.
Ms. Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.