Budget 2024: Loans of up to Rs 10 lakh for higher education in domestic institutions, says Finance Minister
loans of up to Rs 10 lakh for higher education in domestic institutions, the government will provide financial support, announced Finance Minister Nirmala Sitharaman on Tuesday during the presentation of the Union Budget 2024-25. She added that every year, around 1 lakh students will benefit from this through direct e-vouchers that will be distributed to the them with interest subvention of 3 per cent of the loan amount.
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«For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount,» Sitharaman said while presenting her seventh budget for the central government.
Moreover, among the initiatives that will be taken by the government to push the Skill Development sector are upgrading 1,000 Industrial Training Institutes (ITIs) in hub and spoke model, aligning course content with skill needs of industry and revision of model skill loan scheme, informed the Finance Minister.
She further said,«1,000 ITIs will be upgraded in hub and spoke model, course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. I am happy to announce a new
