The budget allocation for education, employment and skilling this year is Rs 1.48 lakh crore. Of these, the overall budget allocation for Department of higher education is Rs 47,619.77 Crore. The highest Budget allocation is Rs 73,498 crore received for Department of School Education and Literacy for the FY 2024-25.
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IITs have been allocated Rs 10,202.5 Crore in 2024-25, which is Rs 841 Crore more than the allocation in 2023-24. The NITs, have been allocated Rs 5,040 Crore.
In Indian Institutes of Science for Education and Research (IISERs) the allocation has been kept at Rs 1,540 Crore, while the Indian Institute of Science (IISc) are receiving a support of Rs 875.77 Crore this year.
Allocation in Central Universities has been kept at Rs 15,928.00 Crore and deemed universities have been allocated Rs 596 Crore.
The Department of Higher Education has received an overall increase of Rs 3,525.15 Crore (7.99%) in the budget with respect to 2023-24.
The package received for education this year is focused on strengthening the skilling and apprenticeship ecosystem, skill development and internship opportunities for 1 crore youth by India’s top companies. The budget will work on providing employment-linked incentives to first-time employees across sectors, providing incentives to both employees and employers for EPFO contributions, offering model skill loans up to Rs 7.5 lakh to 25,000 students annually and education loans up to Rs 10 lakh for pursuing education in domestic HEIs to 1 lakh students every year with an annual interest subvention of 3 per cent.
The Government will also launch a scheme to provide internship opportunities to 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000.
