For the Indian Education System, the year 2024 has been a rollercoaster. Globally, Indian universities continued to make their mark and Institutions such as the Indian Institute of Science (IISc), several Indian Institutes of Technology (IITs) and other important institutes got good ranking internationally. Several Indian universities are among the top 200 globally, as per the QS World Rankings 2025.
Similar strides can be seen in THE World Rankings, FT Business schools and others. Such achievements show India’s increasing emphasis on quality education. The government launched various new schemes aimed at empowering students across different educational stages.
PM-Vidyalaxmi Scheme
To ease the financial burdens for meritorious students the PM-Vidyalaxmi Scheme was a landmark initiative introduced in 2024. The scheme offers education loans with minimal interest rates and was targeted at undergraduate and postgraduate students admitted to the top 860 institutions across India.
The initiative is set to benefit over 22 lakh students annually with a substantial budget of Rs 3,600 crore for the next seven years.
One Nation One Subscription Scheme And The Promise Of ‘Knowledge For All’
For higher education and research the ‘One Nation One Subscription’ (ONOS) Scheme comes as a game-changer. This initiative provides nationwide access to academic journals, e-books, and research databases with a budget allocation of Rs 6,000 crore over three years.
ONOS aims to enhance India’s research output and improve the quality of higher education. Students, specifically from universities and research institutions can gain from this digital revolution.
PM SHRI Schools For Model Institutions For Holistic Learning
The PM Shri Schools initiative aims to develop over 14,500 schools across the country and it’s building on the framework of the National Education Policy (NEP) 2020. These schools will serve as examples of holistic education. PM SHRI Schools come up with a promise to redefine the learning experience for school students, fostering creativity, critical thinking and character development.
Interest Subvention On Education Loans: Making Higher Education Affordable
The government introduced an interest subvention scheme in the 2024-25 budget to further democratize access to higher education. Students can avail education loans up to Rs 10 lakh for domestic institutions with a 3% interest subsidy provided via e-vouchers under this program. Additionally, this initiative benefits one lakh students and aims to mitigate the financial strain on families and enable more students to pursue their academic aspirations.
PM Internship Scheme
The government has also launched the PM Internship Scheme which aims to provide practical exposure and professional experience to the students and recent graduates. Participants gain internships across various government departments, public sector undertakings and partnered private institutions.
Pradhan Mantri Scholarship Scheme (PMSS): Supporting Technical Education
The Pradhan Mantri Scholarship Scheme (PMSS) is another initiative which aims at undergraduate and postgraduate students enrolled in technical institutions approved by AICTE, UGC.
The scheme provides a monthly scholarship of Rs 2,500 for boys and Rs 3,000 for girls respectively. Financial help is provided for a duration ranging from one to five years. PMSS aims at ensuring that students can focus on excellence in academics and skill-building without economic barriers.
Comments