Modi government's gift to poor students, Prime Minister Vidya Lakshmi Yojana gets approval from cabinet

New Delhi: Modi cabinet has approved the Pradhan Mantri Vidya Lakshmi Yojana. Union Minister Ashwini Vaishnav, while explaining the decisions taken in the cabinet meeting, said that under this scheme, loans up to Rs 10 lakh will be given to children from families with annual income of less than Rs 8 lakh through 3% interest subsidy. Apart from this, he said that in the cabinet meeting it has been decided to further strengthen FCI. Ashwini Vaishnav said that the cabinet approved Prime Minister Vidyalakshmi, which is a new central scheme. He said that its objective is to provide financial assistance to meritorious students, so that financial constraints do not stop anyone from pursuing higher studies.

You will get loan without any guarantor

He further said that under this scheme, any student taking admission in a quality higher education institution will be able to get a loan from banks and financial institutions without any collateral or guarantor, thereby covering the entire amount of tuition fees and other expenses related to the syllabus. Can go.

Loans will be given to more than 22 lakh students

Explaining the features of this scheme, Union Minister Vaishnav said that education loan has been extended to meritorious students who get admission in top 860 quality higher educational institutions of the country, under which every year more than 22 lakh students are given loan by the government. Cover loan will be given. He further said, '75% credit guarantee will be provided by the Government of India for loans up to Rs 7.5 lakh, to help banks expand the coverage.

Food Corporation will be strengthened

Ashwani Vaishnav said that the Cabinet has approved infusing equity of Rs 10,700 crore in Food Corporation of India (FCI) by converting Ways and Means Advance into equity in 2024-25. The objective of this decision is to promote the agriculture sector and ensure the welfare of farmers across the country. He said that there has been manifold growth in the operations of FCI, as a result of which the authorized capital has increased from Rs 11,000 crore to Rs 21,000 crore in February, 2023.

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