Finance Minister Nirmala Sitharaman presented the Budget 2024 today, July 23, 2024. This budget presentation marks the first budget of the BJP-led NDA after Prime Minister Narendra Modi began his third term. While addressing the Union Budget for 2024-25, the Finance Minister has announced a significant allocation aimed at bolstering education, employment, and skilling in the country.

During her address, the Finance Minister Nirmala Sitharaman announced that a new scheme will offer internship opportunities at 500 top companies for 1 crore students over the next five years. Each student will receive a monthly stipend of Rs 5,000 and a one-time assistance payment of Rs 6,000.

The Finance Minister announced a substantial PM Package consisting of five programmes aimed at boosting employment and skilling, with a total allocation of Rs 2 lakh crore. Amongst these, Rs 1.48 lakh crore has been specifically allocated for education, employment, and skilling.

 

Highlighting the government's commitment to enhancing skill development, Sitharaman revealed that the new initiatives will skill 20 lakh youth over a five-year period.

As part of the new budget, Finance Minister Sitharaman announced the introduction of model skill loans. “Skilling loans – model skill loans schemes for up to 7 lakh rupees will benefit 25,000 students every year,” she stated