Union Budget 2024: New centrally-sponsored scheme to skill 20 lakh youth over 5 years

Union Budget 2024: The government on Tuesday announced a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years.

The announcement was made by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.

The minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh.

As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.