Union Budget 2024-25: Rs 1.48 lakh crore Allocated Towards Education, Employment and Skilling

Union Minister for Education, Dharmendra Pradhan, has lauded the 2024-25 Budget as a critical step towards India’s aspiration of becoming a developed nation by 2047.

Department of School Education & Literacy

• The Budget Allocation for the FY 2024-25 of ₹ 73,498 cr is the highest ever for the Department of School Education & Literacy.

• There has been an overall increase of ₹ 12,024 cr (19.56%) in the Budget Allocation of the Department of School Education and Literacy in the FY 2024-25 from RE 2023-24.

• The highest ever Budget Allocation may be seen in the Autonomous Bodies of KVS & NVS at Rs. 9,302 cr. and Rs. 5,800 cr respectively.

• Budget Allocations in Flagship Schemes have increased i.e Samagra Shiksha (by ₹ 4,500 cr), PM-POSHAN (by ₹ 2,467 cr) and PM-SHRI (by ₹ 3,250 cr) as compared to RE 2023-24.

• Out of the overall Budget Allocation in FY 2024-25 of ₹ 73,498 cr, the  Scheme allocation is ₹ 57,804 cr and Non-Scheme Allocation is ₹ 15,693 cr.

• Increase in Scheme Allocation is by ₹10,846 cr and Non-Scheme Allocation has been increased by ₹ 1,177 cr as compared to RE 2023-24.

• Allocation in KVS has increased by ₹ 802 cr while allocation in NVS has increased by ₹ 330 cr w.r.t RE 2023-24.

Department of Higher Education

• The overall Budget Allocation in FY 2024-25 is Rs. 47619.77 Cr out of which Scheme allocation is Rs. 7487.87 cr and Non- Scheme allocation is Rs. 40131.90 cr.
• There has been an overall increase of Rs. 3525.15 Cr (7.99%) in the Budget Allocation of the Department of Higher Education in the FY 2024-25 with respect to FY 2023-24.
• There has been an increase of Rs. 1139.99 Cr in the budget allocation of the Schemes in FY 2024-25.

Allocation to Major Autonomous Bodies

• Allocation in Central Universitieshas been kept at Rs. 15928.00 Cr, i.e., Rs 4314.03 Cr more than the allocation in BE 2023-24.

• Deemed Universitieshave been allocated Rs.596 Cr in 2024-25, which is Rs.96 Cr more than BE 2023-24

• IITshave been allocated Rs. 10202.5 Cr in 2024-25, which is Rs. 841.00 cr more than the allocation in BE 2023-24.

• For NITs, Rs.5040 Cr has been allocated in FY 2024-25, increasing the allocation by Rs. 219.40 cr. in r/o BE 2023-24.

• In Indian Institutes of Science for Education & Research (IISERs)the allocation has been kept at Rs. 1540 Cr, increasing the allocation by Rs.78 Cr in r/o BE 2023-24.

• Support to Indian Institute of Science (IISc) have been allocated Rs. 875.77 Cr in 2024-25, which is Rs. 60.37 cr more than allocation in BE 2023-24.

Allocation to Major Schemes

• For Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA) [erstwhile known as Rashtriya Uchchatar Shiksha Abhiyan (RUSA)], the budget has been kept at Rs.1814.94 Cr for FY 2024-25, which is Rs. 314.94 cr more than allocation in BE 2023-24

• An allocation of Rs.1800 Cr has been kept for Institutions of Eminence(IOE), which is Rs. 300.00 cr more than allocation in BE 2023-24

• For the scheme ‘Pradhan Mantri Uchhatar Shiksha Protsahan Yojna’(PM-USP), the budget allocation has been kept at Rs.1558 Cr in FY 2024-25, which is Rs. 4.00 cr more than allocation in BE 2023-24

• In the scheme ‘National Apprenticeship Training Scheme(NATS)’, an allocation of Rs.600 Cr has been made in FY 2024-25, which is Rs. 160.00 cr more than allocation in BE 2023-24

• In the scheme ‘National Mission in Education through ICT’, an allocation of Rs.480 Cr has been made in FY 2024-25, which is Rs. 80.00 cr more than allocation in BE 2023-24

• In the scheme ‘Multidisciplinary Education and Research Improvement inTechnical Education-EAP (MERITE)’, an allocation of Rs. 200 Cr has been made in FY 2024-25, a 100% increase over the allocation in 2023-24.

• The scheme ‘Establishment of 3 Centres of Excellence (CoEs) in ArtificialIntelligence (AI)’ was a budget announcement in FY 2023-24, an allocation of Rs.255 Cr has been made in FY 2024-25.

Minister Pradhan highlighted the Budget’s emphasis on education, skilling, employment generation, research, and innovation, marking it as a landmark effort in positioning India as a global talent hub, skill center, and solution provider. He noted that this budget aims to enhance the ease of living, boost socio-economic conditions, promote green growth, strengthen social justice, and improve the business climate, thereby accelerating India’s economic growth trajectory.

The Minister underscored the government’s commitment to empowering the youth, with the Budget placing the aspirations of young Indians at the forefront of policy-making. He emphasized the allocation of ₹1.48 lakh crore towards education, employment, and skilling, describing it as a comprehensive and inclusive approach to nurturing India’s human capital.

Key initiatives under the Prime Minister’s Package include:

• Enhancement of the skilling and apprenticeship ecosystem;
• Skill development and internship opportunities for 1 crore youth through India’s leading companies;
• Employment-linked incentives for first-time employees across various sectors;
• Incentives for both employees and employers contributing to the Employees’ Provident Fund Organisation (EPFO);
• Provision of Model Skill Loans up to ₹7.5 lakh for 25,000 students annually and education loans up to ₹10 lakh for pursuing studies in domestic higher education institutions, with an annual interest subvention of 3%.

Shri Pradhan highlighted that these measures are designed to benefit all stakeholders, including students, academia, and industry, thereby fulfilling the aspirations of the youth, increasing access to quality education and skills, and creating over 4.1 crore new jobs in the next five years.