Budget
Youth skilling scheme to benefit 2 mln individuals over 5 yrs
This story was originally published at 17:59 IST on 23 July 2024
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--Model skill loan of 750,000 rupees from govt-promoted fund
--Model skill loan to help 25,000 students every year
MUMBAI – As a part of the Union Budget 2024-25 (Apr-Mar), Finance Minister Nirmala Sitaraman announced a new scheme for skilling the youth. She said the scheme will be sponsored by the Centre in collaboration with state governments and the private sector.
The new skilling scheme is expected to help 2 mln individuals upgrade their skills over a five-year time frame, with 1,000 industrial training institutes being upgraded to meet that goal. "Course content and design will be aligned to the skill needs of industry, and new courses will be introduced for emerging needs," she said.
The Model Skill Loan Scheme will be revised to provide loans of up to 750,000 rupees with a guarantee from a government-promoted fund, to help at least 25,000 students each year.
Previously, in the Interim Budget for presented in February, the finance minister had detailed that the Skill India Mission, another skilling scheme, had trained 14 mln youth and upskilled 5.4 mln youth. End
Reported by M.C. Adhiinthran
Edited by Tanima Banerjee
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