Budget2024: Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman announced a financial support for loans upto 10 lakh for higher education in domestic institutions for helping youth who have not been eligible for any benefit under government schemes and policies.
While presenting the Union Budget 2024-25 in Parliament today, the Union Minister said that E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.
The Union Finance Minister further said that the Anusandhan National Research Fund will be operationalized for basic research and prototype development. Further, a mechanism will be set up for spurring private sector-driven research and innovation at commercial scale with a financing pool of ` 1 lakh crore in line with the announcement in the interim budget.
