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.

Higher education loan support expands access with targeted interest subvention and direct e voucher distribution to students. Financial support for higher education loans up to ` 10 lakh is announced with an annual interest subvention of 3 percent delivered via e vouchers directly to 1 lakh students each year, targeting youth not eligible under existing government schemes. Separately, the Anusandhan National Research Fund will be operationalized for basic research and prototype development and a financing pool will be established to spur private sector led research and innovation at commercial scale.