NEW DELHI (Aryavarth): 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 the 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.