Paid Internships in Top companies to education loan - Education Budget 2024

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Jul 23, 2024

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The Union Budget for 2024-25 was presented by Financial Minister Nirmala Sitharaman today, July 23

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While presenting the Budget, Sitharaman stated that Rs 1.48 lakh crores have been allocated for education, employment and skilling

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The government will provide educational loans up to INR 10 lakhs for higher education in domestic institutions

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Government plans to launch a scheme to provide internships in top 500 companies to one crore youth 

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As a part of this scheme, an internship allowance of Rs 5000 per month along with one-time assistance of Rs 6000 will be provided

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 Additionally, the government plans to upgrade around 1,000 ITIs (Industrial training institutes) in hub and spoke model

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This year has witnessed an increase in the grants allocated to universities by 4000 crores

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Funds amounting to Rs 15,928 crores will be allocated for universities, the Financial Minister mentioned in her speech

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Many industry leaders, especially from the Education sector, have praised the decision of the government to allocate 1.48 lakh crores to education, employment and skilling

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Mr. Nipun Goenka, Managing Director, GD Goenka Group stated that "the initiative to skill 20 lakh youth, upgrade 1,000 training institutes, and introduce industry-aligned courses will enhance employability and innovation"

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"These measures will create a robust and inclusive educational ecosystem, fostering growth and development", he further added

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Dr. Prabhat Pankaj, Director, Jaipuria  Institute of Management, with regards to providing internship opportunities to 1 crore students, commented that "it is a move to foster industry-academia collaboration and produce industry-ready professionals"

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He also added that "the decision will facilitate B Schools to forge ties with industry leaders, design a more targeted curriculum and align academic programs with existing industry trends and demands"

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