Union Budget 2024: Education experts laud budget announcements, stress need for financial support

Associate Professor at the Indian School of Business Manish Gangwar said the budget stands out for a strong emphasis on job creation
Nirmala Sitharaman presented the Union Budget
Nirmala Sitharaman presented the Union Budget EdexLive Desk
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Education sector experts welcomed the budget announcements, today, Tuesday, July 23, to offer loans up to Rs 10 lakh for higher education in domestic institutions and upgrade Industrial Training Institutes (ITIs), while also highlighting that it is equally important to recognise the gap in opportunities for students aspiring to study abroad. This was stated in a report by PTI.

Union Finance Minister Nirmala Sitharaman presented the Union Budget for the Financial Year (FY) 2024-25 in Parliament earlier in the day.

Besides the financial support for student loans, Sitharaman also announced measures including upgrading 1,000 Industrial Training Institutes (ITIs) in the hub and spoke model, aligning course content with the skill needs of the industry and revision of model skill loan scheme.

In addition, the Chairman of the Seth Anandram Jaipuria Group of Educational Institutions Shishir Jaipuria said the loans will make quality education more accessible, allowing students to choose institutions of merit.

Associate Professor at the Indian School of Business (ISB) Manish Gangwar said the budget stands out for a strong emphasis on job creation.

"Through a series of innovative schemes and forward-thinking policies, this budget aims to generate substantial employment opportunities and address the skill gap in the workforce," he said.

Kunal Vasudeva, Co-founder and Managing Director of the Indian School of Hospitality, said the budget is a major win for those pursuing vocational routes.

"It will help people develop practical skills and excel in their fields, bringing more youths into the formal economy. Additionally, with manufacturing bases in or near districts, there will be a lesser need to migrate to cities," he said.

Furthermore, "Such initiatives are crucial for hyper-local job creation and boosting the manufacturing sector," he added.

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