Budget 2024: Spectrum of Initiatives, Including ₹10 Lakh Education Loan, Agriculture Focus, And More
Updated: 09-05-2025 at 12:30 PM
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In the Budget 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced significant measures to support higher education, agriculture and women’s welfare. One of the main highlights was the provision of e-vouchers for loans up to ₹10 lakh for Higher Education in Domestic Institutions. These e-vouchers will be given directly to 1 lakh students every year with an annual interest subvention of 3% on the loan amount.
Key Announcements In Union Budget 2024 For Education
The Union Budget 2024 proposed a revision of the Model Skill Loan Scheme, which aims to help 25,000 students every year. The scheme will now facilitate loans up to ₹7.5 lakh with a guarantee from a government-promoted fund. This initiative is expected to significantly boost access to higher education for students across India.
The minister also emphasised the government's focus on women and students, highlighting plans to set up working women's hostels and crèches in collaboration with industry.
Major Announcements In The Budget 2024
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Union Budget 2024 For Education: The budget allocation for higher education includes e-vouchers for loans up to ₹10 lakh for one lakh students annually.
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Model Skill Loan Scheme: Revised to facilitate loans up to ₹7.5 lakhs with a government guarantee benefiting 25000 students each year.
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Women And Youth Focus: Special emphasis on setting up working women's hostels and crèches in collaboration with industry.
Agriculture And Allied Sectors
The Union Budget 2024 also made several major announcements about agriculture & allied sectors which are:
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Provision of ₹1.52 lakh crore for agriculture and allied sectors.
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Establishment of 10,000 bioresearch centres.
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Initiation of 1 crore farmers into natural farming over the next two years, supported by branding and certification.
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Development of large vegetable production and supply chain clusters closer to consumption centres.
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Financial support for shrimp breeding centres, with export facilitation through NABARD.
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Launch of Kisan Credit Cards in five states.
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Release of 109 varieties of 32 crops.
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Assistance to natural farmers with verification and branding.
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Integration of 6 crore farmers and their land into the farmer and land registry to ensure self-sufficiency in pulses and oilseeds.
Impact Of Budget 2024 On Various Sectors
Budget 2024 highlights several measures aimed at boosting different sectors of the economy:
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Education: Focus on higher education with loans up to ₹10 lakh. Also, the revised model skill loan scheme is an important aspect of making education accessible & skill development to all.
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Agriculture: The extensive support for agriculture including financial provisions as well as the establishment of bio-research centres is expected to enhance productivity and sustainability in this sector.
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Women’s Welfare: The emphasis on setting up hostels and creches for working women reflects government commitment towards women's empowerment as well as support systems they may need from time to time.
Conclusion
The Union Budget 2024 presents a comprehensive plan aimed at the holistic development of various sectors like education, agriculture & female welfare. With loans given out, financial aid provided and infrastructure developed budget provides a strong foundation upon which India can become more self-reliant and prosperous.
For more detailed information about the Union Budget 2024, visit the official government website. Stay updated with Jaagruk Bharat for latest insights on Union Budget 2024.
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