Union Budget 2024: Transformative Initiatives for the Education Sector
New Delhi, February 1, 2024 – The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, brings a record-breaking allocation and a series of initiatives aimed at revolutionizing India’s education sector. The government’s focus is on aligning educational outcomes with market demands, enhancing skill development, and promoting inclusivity in education.
Historic Allocation
The education sector has received its highest-ever allocation, with a combined outlay for its two departments totaling ₹1.48 lakh crore. This significant increase aims to address critical issues such as unemployable youth by ensuring that education is closely aligned with market requirements, thus enabling students to acquire practical skills that are in demand .
Major Highlights
1. Financial Support for Higher Education: The government will provide financial support for loans up to ₹10 lakh for higher education in domestic institutions. This initiative aims to make higher education more accessible to students across the country .
2. Upgrading Industrial Training Institutes (ITIs): The government plans to upgrade 1,000 ITIs using a hub-and-spoke model. This will involve aligning course content with industry skill needs and revising the model skill loan scheme, ensuring that the training provided is relevant and up-to-date with current industry standards .
3. Internship Scheme: An ambitious internship scheme will be launched to provide opportunities for 1 crore youths in over 500 firms. This scheme is designed to give students hands-on experience and improve their employability by exposing them to real-world work environments .
4. Skill Development for Youth: The government aims to skill 20 lakh youth over the next five years. This initiative is part of a broader effort to enhance the employability of young people and ensure they are equipped with the skills needed for the modern workforce .
5. National Skill Development: Emphasizing national skill development, this initiative aims to equip students with skills across multiple domains, boosting their confidence and preparing them for emerging challenges. It reflects the government’s commitment to making India a knowledge economy and ensuring that the education system is innovative and adaptable .
Expansion of Medical Education
The establishment of new AIIMS Medical Colleges is a significant leap toward advancing healthcare accessibility and education. This move not only extends the reach of medical education but also underscores the government’s effort to strengthen healthcare infrastructure and upskill medical professionals .
Empowering Women in Education
The budget also highlights the increase in female enrollment in higher education, particularly in STEM courses, where female enrollment stands at 43%. Initiatives like the ‘Saksham Anganwadi and Poshan 2.0’ are set to enhance early childhood care and nutrition, ensuring a strong foundation for future learning, health, and wellness .
Infrastructure and Innovation
To foster a robust research ecosystem, the government has announced a new corpus of ₹1 lakh crore with a fifty-year interest-free loan. This fund will support research and innovation, particularly in deep-tech and defense sectors. The initiative is expected to enhance India’s global competitiveness in technology and innovation, aligning with the country’s goal of becoming a $7 trillion economy by 2030 .