Union Budget 2024 Unveils Major Education And Skill Development Initiatives, Paid Internships

Reported by Harjeet Kaur Chabra

Pune, 23rd July 2024: The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has sparked anticipation in various sectors, including education. The focus is on digital literacy and the vision of ‘Viksit Bharat.’

The Finance Minister announced that the Central government will provide financial support for loans up to ₹10 lakhs to students for higher education in domestic institutions at an interest rate of 3%. Additionally, a new Central-sponsored scheme for skilling in collaboration with state governments and industries aims to skill about 20 lakh youths over the next five years.

Sitharaman also revealed that the government will offer internships to 1 crore young people. Interns will receive a ₹5,000 stipend and a one-time assistance of ₹6,000, with placements in the majority of the top 500 enterprises.

Bandana Kaur Bhatia, a 22-year-old Chartered Accountant, shared her thoughts on the budget: “The government has allocated ₹1.48 crore to the education sector, jobs, and skill development, which is essential in today’s time. Many people are unemployed despite having degrees due to a lack of skills. Youth play a crucial role in India’s development, and this investment is necessary. The budget’s internship opportunities in top companies are a win-win, as companies need skilled employees and youth need opportunities to learn and grow their careers.”

Tanvi Thigale, a 20-year-old student, emphasized the importance of providing adequate opportunities for all students. She suggested that the government should clearly outline the selection criteria and eligibility requirements for student schemes under the internship opportunities, making them accessible to all students, not just the underprivileged. “The schemes should be available to all students, regardless of social or economic disparities,” she said.

Akanksha Parate, another 20-year-old student, expressed excitement about the new budget, highlighting its benefits for young people. “The ₹10 lakh loan with government backing means we can pursue higher education without financial stress. The new internship scheme opens doors to top companies, giving us valuable experience,” she said.

Another student, Anoushkha Joshi, 20, stated, “The employment-linked incentives introduced in the union budget can encourage businesses to hire more young professionals and reduce youth unemployment.”