In the 2024-25 interim Budget, the Education Ministry’s overall budget allocation this year increased by 6.8 % from Rs. 1,20,627.87 crore as opposed y Rs. 1,12,899.47 crore in 2023-24.
The PM POSHAN scheme saw an increase of over Rs 800 crore in allocation from Rs 11,600 in 2023-24 to Rs 12,467.39 crore in 2024-25.
Finance Minister Nirmala Sitharaman has announced that the Centre will provide Rs 1.48 lakh crore for education and employment and skill. Financial support for loans up to Rs 10 lakh will be given to students aiming for higher education in domestic institutions. New centrally sponsored scheme for skilling in collaboration with state governments and industries. About 20 lakh youth will be skilled over 5-year period.
The FM further announced that the government will provide internships to one crore youth. These interns will get Rs 5000 as stipend and one time assistance of Rs 6000. The companies will bear the cost from their CSR funds. There has been an increase in higher educational institutes and women in STEM courses in the last 10 years, which she said were the effects of the National Education Policy (NEP) 2020.
The funding for UGC was brought down by 60.99 per cent, it was brought down to Rs 2,500 crore from the previous year’s revised estimate of Rs 6,409 crore. However, the grants for central universities increased from Rs 4,000 crore to Rs 15,928 crore for the financial year 2024-25.
