THE Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme with an allocation of ₹3,600 crore for five years to provide financial aid to meritorious students getting admitted into Quality Higher Education Institutions (QHEIs), both private and public.
The Cabinet also gave its nod for ₹10,700 crore as equity infusion in the Food Corporation of India (FCI) during 2024-25 financial year.
"A big boost to making education more accessible. The Cabinet has approved the PM-Vidyalaxmi scheme to support youngsters with quality education. It is a significant step towards empowering the Yuva Shakti and building a brighter future for our nation," Prime Minister Narendra Modi said in a post on X.
Briefing the media after the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said, the PM-Vidyalaxmi scheme has been designed in a way that deserving candidates do not face financial constraints in pursuing quality higher education.
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