The year 2024 has been a rollercoaster for the Indian education system. On one hand, Indian universities continued to make their mark globally. Institutions like the Indian Institute of Science (IISc), various Indian Institutes of Technology (IITs), and other premier institutes climbed higher in international rankings. The QS World Rankings 2025 recognized several Indian universities among the top 200 globally, a significant leap forward from previous years.
We see similar strides in THE World Rankings, FT Business schools and others. While these achievements reflect India’s increasing emphasis on quality education, the year 2024 however, was not without its setbacks. Instances of paper leaks in important exams such as NEET UG, NTA UGC NET, and several recruitment exams marred the credibility of the system.
Against this backdrop of highs and lows, the government introduced a series of transformative initiatives in 2024 to address systemic challenges and enhance the overall education ecosystem.
Acknowledging the complex landscape of Indian education, the government launched several new schemes aimed at empowering students across different educational stages.
PM-Vidyalaxmi Scheme
The PM-Vidyalaxmi Scheme was a landmark initiative introduced in 2024 to ease financial burdens for meritorious students. Targeted at undergraduate and postgraduate students admitted to the top 860 institutions across India, the scheme offers education loans with minimal interest rates.
With a substantial budget of ₹3,600 crore allocated for the next seven years, this initiative is set to benefit over 22 lakh students annually. By ensuring that financial constraints do not hinder access to quality education, the scheme aims to nurture India’s brightest minds.
One Nation One Subscription Scheme and the promise of ‘knowledge for all’
The One Nation One Subscription (ONOS) Scheme emerged as a game-changer for higher education and research. With an impressive budget allocation of ₹6,000 crore over three years, this initiative provides nationwide access to academic journals, e-books, and research databases.
By eliminating barriers to knowledge, ONOS seeks to improve India’s research output and improve the quality of higher education. Students, particularly from universities and research institutions, stand to gain immensely from this digital revolution.
PM SHRI Schools for model institutions for holistic learning
Building on the framework of the National Education Policy (NEP) 2020, the PM SHRI Schools initiative aims to develop over 14,500 schools across the country. These schools, managed by central and state governments, will serve as examples of holistic and inclusive education.
From cutting-edge infrastructure to innovative pedagogies, PM SHRI Schools 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
To further democratise access to higher education, the government introduced an interest subvention scheme in the 2024-25 budget. Under this program, students can avail education loans up to ₹10 lakh for domestic institutions with a 3% interest subsidy provided via e-vouchers. This initiative, benefiting one lakh students annually, aims to reduce the financial strain on families and enable more students to pursue their academic aspirations.
PM Internship Scheme
Complementing the efforts to enhance educational opportunities, the government has also launched the PM Internship Scheme, aimed at providing practical exposure and professional experience to students and recent graduates. Under this program, 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 commendable initiative aimed at undergraduate and postgraduate students enrolled in technical institutions approved by AICTE, UGC.
The scheme provides a monthly scholarship of ₹2,500 for boys and ₹3,000 for girls. Depending on the course, financial aid is offered for a duration ranging from one to five years. By alleviating financial limitations, PMSS aims at ensuring that students can focus on excellence in academics and skill-building without economic barriers.
While 2024 had its share of challenges, the government’s initiatives signal a renewed commitment to addressing systemic issues, which, the collective efforts of educators, policymakers, and students will determine how these initiatives translate into tangible outcomes for the nation’s future.
