The 2016 Budget by the Bihar state government has put education on the top priority, needless to say, a very welcome step for the education sector of the state.
On 26th February Bihar government presented a budget of Rs 1,44,696 crore for the session 2016-17, which is Rs 24,010 crore more than the 2015 budget. Education remained one of the prime concerns with an allocation of Rs 10,950 crore or the 15.31 percent of the total expenditure. Abdul Bari Siddiqui, the state finance minister showcased the budget putting special importance on the promises made by the chief minister for attaining seven resolutions, which comprises schemes such as 'Student credit card' and 'Allowance to youth to incur expenses during a job search'. The CM Nitish Kumar has vowed to furnish loans of Rs.4 lacs to all students who succeed in class 12th at a subsidised loan of 3 percent by the government so as to continue higher studies.
The government of Bihar expects for the banks to lend monetary backing to students who look for a credit for all kinds of courses. It desires to set up centres for registration at the various districts such as to collect loan applications from the deserving candidate who needs to be secured under this scheme. The government desires to set up centres for registration at, various districts such as to collect loan applications from the deserving candidate who needs to be secured under this scheme. The applications are to be granted by the authority also the plan is to make the applications go digital. Students might be asked to quote their Aadhaar card numbers.
The budget - 2016 also stated that if the student wishes to take the loan amount above 4 lacks then the margin of loan interest shall be 10% and the maximum loan amount stated is 7.5 lakhs.The C.M has asked the department authorities to take necessary steps to execute the scheme at earliest.