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Education is the most crucial input for empowering people especially youth with skills and knowledge and giving them access to productive employment in future. It develops confidence and helps in building the personality of a person. Education improves an individual’s quality of life. Hence, it is necessary to develop an education system which generates human capital for achieving social and economic development. But Education is increasing with the new paradigm. Education is becoming very costly in recent time. The fee structures followed by different institutions are different and higher. Mostly students cannot afford the costly education. But the central government is playing a tremendous role in financing the education by providing scholarships to the eligible students. The aim of this research paper to emphasize on some national scholarships and highlight the Gross Enrollment ratio of India. The paper concludes with recommendations on enhancing the effectiveness of scholarships to improve access and employability of the students.