Pradhan Mantri Vidyalaxmi Scheme expanded access to higher education | Current Affairs | Vision IAS

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In Summary

  • PM-Vidyalaxmi Scheme, approved in 2024 by the Union Cabinet, aims to provide quality higher education access to financially constrained students.
  • Implemented by the Dept. of Higher Education with Canara Bank as nodal bank, it aligns with NEP 2020 and SDG 4.
  • The scheme specifically supports women, transgender students, EWS, SC, ST, OBC, and Persons with Disabilities.

In Summary

PM Vidyalaxmi Scheme is a flagship initiative of Ministry of Education that seeks to make quality higher education accessible to deserving students facing financial constraints.

About PM-Vidyalaxmi Scheme

  • Genesis: Approved by Union Cabinet in 2024.
  • Type: Central Sector Scheme.
  • Implementation Agency: Department of Higher Education in coordination with Canara Bank as the nodal bank.

Impact of PM Vidyalaxmi Scheme

  • Financial Support: In FY 2025-26, 1.1 lakh eligible loan applications out of total 6.45 lakh were for PM-Vidyalaxmi loans.
  • Global and National Goals: Aligns with the objectives of the National Education Policy (NEP) 2020 and contributes to Sustainable Development Goal (SDG) 4, which focuses on ensuring inclusive and equitable quality education for all.
  • Gender Inclusion: It explicitly supports women and transgender students.
  • Empowering Underprivileged Groups: Including the Economically Weaker Section (EWS), SC, ST, OBC, and Persons with Disabilities (PwD).
Tags:
Vidyalaxmi-Scheme Expansion

Article Sources

2 sources
1
https://ddnews.gov.in/en/pm-vidyalaxmi-scheme-expands-access-to-higher-education-with-collateral-free-loans-interest-support/
2
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Persons with Disabilities (PwD)

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Economically Weaker Section (EWS)

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Sustainable Development Goal (SDG) 4

One of the 17 SDGs adopted by the United Nations, SDG 4 aims to 'ensure inclusive and equitable quality education and promote lifelong learning opportunities for all' by 2030.

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