Budget 2024 to provide Rs 1.48 trn for education, employment and skilling

Addressing the crucial topics of employment and skilling, Finance Minister Nirmala Sitharaman on Tuesday announced that the Budget 2024-25 would make an allocation of Rs 1.48 trillion towards education, employment, and skilling of youth. This is around 30 per cent higher than the previous allocation of Rs 1.13 trillion.

In her record seventh Budget speech, Sitharaman said that the Budget would focus on employment, skilling, micro, small and medium enterprises (MSMEs), and the middle class. She stated that the nine priorities of the Budget include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms.

FM Sitharaman also announced five schemes for employment and skilling with a total outlay of Rs 2 trillion. Jobs and skilling have emerged as major topics in the country. Sitharaman on Tuesday said that the Centre would skill 2 million youth in the next five years.

"People of India have reinforced their faith in the government led by Modi and re-elected it for a third term," she said.

She mentioned that India's economy continues to be resilient despite the global economy's policy uncertainty. Sitharaman also noted that India's inflation continues to be stable and is moving towards the 4 per cent target.

Sitharaman also said that the Centre would provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. Moreover, 1,000 ITIs would be upgraded in a hub and spoke model.