Cabinet major decisions: FCI will get ₹10,700 crore; cheap loans to meritorious students under PM Vidyalakshmi scheme
New Delhi| The Central Government has approved PM Vidyalakshmi Yojana. The objective of this scheme is to ensure that there are no obstacles in the studies of meritorious students. Union Minister Ashwini Vaishnav said that the benefit of PM Vidyalakshmi Yojana will be available in education loan. He informed that education loans up to Rs 10 lakh can be taken from banks at affordable rates for the education of needy children. Vaishnav said that meritorious children will be able to take loan from banks for studies from higher educational institutions. Due to the impact of this scheme, there will be no hindrance in the higher education of children due to lack of money.
The education loan will cover the full amount of tuition fees and other expenses related to the curriculum of students admitted to a quality higher education institution (QHEI). Vaishnav said that support-free, guarantor-free loans can be taken from banks and financial institutions.
Vaishnav reported that families with an annual family income of Rs 8 lakh. For the studies of students from these families, 3% interest subsidy will be available on loans up to Rs 10 lakh under PM Vidyalakshmi Yojana. On loans up to Rs 7.5 lakh, the Government of India will give a 75% credit guarantee. He said that the mission mode mechanism will facilitate the expansion of education.
Apart from the education of meritorious children, the cabinet has taken many other important decisions. Vaishnav said that FCI plays a big role in the purchase of food grains. Today a decision was also taken to strengthen the Food Corporation of India (FCI). The Cabinet has decided to give new equity capital of Rs 10,700 crore to FCI.
Prime Minister Modi described the decision on PM-Vidyalakshmi scheme in the cabinet as a big step towards making education more accessible. To make education more accessible, the government has approved the PM-Vidyalakshmi scheme to support the youth by providing quality education, he said in a social media post. This is an important step towards empowering the youth power and building a bright future for our nation. On approval to inject equity of Rs 10,700 crore for working capital in the financial year 2024-25 in Food Corporation of India (FCI), he said that this will increase its capacity and it will also ensure better support for farmers.
Union Minister Amit Shah said on the cabinet decisions, congratulations to our youth on the approval of PM-Vidyalakshmi scheme. This has removed a major obstacle coming in the way of their success. By envisioning the Guarantee Free and Bail Free Education Loan Scheme, PM Modi has ensured that no student is deprived of his education due to his financial condition. I express my heartfelt gratitude to PM Modi for his historic decision to provide financial assistance to the youth to develop them as future pioneers of our country.
In another post, he said that the Modi government is continuously empowering the farmers with farmer-friendly policies. The Cabinet has approved an equity increase of Rs 10,700 crore for the Food Corporation of India. This will make FCI more capable of purchasing and storing grains. This will provide better opportunities to farmers to sell their produce. This is an important step towards ensuring food security by bringing stability in the distribution and prices of grains.
