PUNE: The government’s allocation of Rs 1.48 lakh crore for education, employment, and skilling is a transformative move that will significantly impact the sector. This investment, aimed at training 20 lakh youth and upgrading 1,000 institutes, is especially beneficial for those pursuing vocational routes. It equips individuals with practical skills, fostering excellence in their fields and integrating more youth into the formal economy. The establishment of manufacturing bases in or near districts reduces the need for urban migration, promoting hyper-local job creation and bolstering the manufacturing sector. These initiatives are pivotal in driving India towards becoming a $10 trillion economy within the next 7-10 years.
Furthermore, the model skill loans scheme, which provides aid of up to Rs 7.5 lakhs, is set to benefit over 25,000 students. Current education loan policies already offer loans up to Rs. 7.5 lakhs without collateral and Rs. 4 lakhs without a co-applicant, aligning institute fees with these amounts. However, addressing employability concerns remains crucial. Additional measures, such as Rs. 10 lakh loans for higher education, e-vouchers for 1 lakh students, and internships with a Rs. 5,000 monthly allowance from top companies, provide comprehensive support. This holistic approach empowers youth, supports startups, and fosters sustainable growth, ensuring that all segments of society benefit from India’s evolving economic landscape.”
