Budget 2024: Government Announces Rs 10-Lakh Education Loan, Internship Opportunity

In her Union Budget address, Finance Minister Nirmala Sitharaman announced plans to facilitate internships for 1 crore young individuals in leading companies over the next five years.

These internships are designed to offer practical work experience and opportunities for skill development, supported by a monthly stipend of Rs 5,000 to aid interns during their training tenure.

The Finance Minister also emphasised the government's commitment to bolstering healthcare infrastructure and educational access in Bihar by establishing new medical colleges.

In addition to her announcements on youth employment and healthcare, Sitharaman also disclosed plans to provide financial assistance through education loans of up to Rs 10 lakh for students pursuing higher education in domestic institutions. To facilitate this, e-vouchers will be directly distributed to 1 lakh students, enabling them to access loans with a nominal 3% interest rate.

This initiative aims to alleviate financial barriers faced by students seeking advanced education, ensuring broader access to quality educational opportunities across the country.

The Finance Minister also outlined plans to establish working women's hostels. These hostels aim to provide safe and conducive living environments for women, thereby encouraging their increased participation in various sectors of the economy.