PM-Vidyalaxmi: Yet another Modi ki guarantee for learners

The scheme will also provide for 3% interest subvention on loans up to Rs 10 lakh during moratorium period for those students having annual family income of Rs. 8.00 lakhs.

- RAGHAVENDRA P. TIWARI

India is currently having over 600 million of its population between the ages of 18 and 35, constituting about 43% of the total population. By virtue of this, India has the largest number of millennials and Gen Zs in the world. This population constitutes a critical mass for increasing GER in higher education from the current 28% to 50% by 2035, as envisaged in NEP-2020. Moreover, India's working population in the age-bracket of 15-64 is nearly 68%. The current demographic dividend will not be available for a longer period as the youth population will turn old and thus will become non-productive. Precisely for this reason, PM Modi called the current time-window in the lifespan of Bharat as the Amrut Kaal and has given a clarion call for making it Viksit by 2047 through self-reliant measures. This pious vision of the PM can be met with only by empowering youth with the necessary skillset, entrepreneurial mindset, and creative thought processes. Skilled youth are in high demand worldwide, and this trend will always remain as skilling, upskilling, and reskilling will always be required to cope up with ever-evolving job profiles in the workplaces. However, owing to the economic transformation that the nation has witnessed over the last decade, the living standard has greatly improved, leading to an enhanced cost of living. And, education is no exception.