Union Budget 2024: FM Nirmala Sitharaman announces revision of Model Skill Loan Scheme

Nirmala Sitharaman. Pic/ Pallavi Pallav

Finance Minister Nirmala Sitharaman announced that the model skill loan scheme will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from a government-promoted fund. The scheme is expected to help 25,000 students every year.

The minister announced that E-vouchers for loans upto Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year for annual interest subvention of 3% of loan amount.

Sitharaman on Tuesday announced that Rs. 1.48 lakh crore has been announced for education, employment, and skilling while presenting the Union Budget for FY25.

The FM proposed a Prime Minister's Package in order to boost skilling which included providing 12-month Prime Minister's Internship with monthly allowance of Rs. 5,000. Sitharam claimed that one crore youth to be skilled by India's top companies in five years.

As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model.

Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class, reported PTI.

She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.

As mentioned in interim budget, there is a need to focus on poor, women, youth and farmers, the minister said, reported PTI.

She added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity.

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 after the Cabinet gave its approval.

In her intial comments, Sithamraman said India's economic growth will be a shining exception.

"We are determined all Indians regardless of religion and age achieve life goals and aspirations," Sitharman said.

The Finance Minister presented first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament.

The Economic Survey 2023-24 was tabled yesterday in the Parliament.

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament today to approve the Union Budget 2024 ahead of its presentation by the Finance Minister.

This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.

Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas".

Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth.

"The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday.

The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.

On Monday, the economic survey presented in Parliament by finance minister Sithraman emphasized the resilience of the Indian economy and its stable post-Covid recovery.

The Survey underscored the government's commitment to "Nari Shakti" through various legislative measures and provisions aimed at boosting women's participation in diverse professions.

According to the Economic Survey, the budget for women's welfare and empowerment schemes has surged by 218.8 per cent, growing from Rs 97,134 crore (BE) in FY14 to Rs 3.10 lakh crore in FY25.

Additionally, the Gender Budget Statement (GBS) has seen a 38.7 per cent increase compared to FY24 BE, with its share in the total Union Budget rising to 6.5 per cent in FY25, the highest since GBS was introduced in FY06.

(With inputs from ANI and PTI)