Budget 2024: What do experts have to say?

Experts and stakeholders from the education sector share their opinions on the Union Budget
Let's see what they have to say
Let's see what they have to say(Pic: Reuters + EdexLive Desk + Sourced)

The Budget for 2024-25 was presented by Finance Minister Nirmala Sitharaman today, Tuesday, July 23. The aim was to achieve Viksit Bharat.

The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skills in the country. The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions.

Let's look at what experts have to say about it.

1. Dr Saloni Wagh, Director, Supriya Lifescience

Dr Saloni Wagh
Dr Saloni Wagh(Pic: Supriya Lifescience)

The Prime Minister's package, significant funds — Rs 2 lakh crore for employment and skill development, and Rs 1.48 lakh crore for education — are allocated to drive job creation.

Enhanced focus on women’s workforce participation through dedicated hostels and targeted skilling programmes is also commendable. These initiatives are expected to deliver a skilled workforce crucial for innovation and precision industries.

The budget also prioritises innovation, R&D, and education, fostering advancements across public and private sectors. The government's commitment to these areas aims to boost research, enhance education quality, and develop a competent workforce.

This emphasis will propel India’s technology and manufacturing sectors, positioning the country as a major global manufacturing hub.

2. Dr Anunaya Chaubey, Provost, Anant National University

Dr Anunaya Chaubey
Dr Anunaya Chaubey(Pic: Anant National University)

The proposed financial support for loans of up to Rs 10 lakh for higher education in domestic institutions is a transformative step towards making higher education more accessible.

The emphasis on employment and skilling through supporting schemes will go a long way in creating a better future for India’s youth.

The proposed internship opportunities will foster a stronger industry-academia collaboration, making students industry-ready.

3. Dr Prof Anand Achari, Principal, Vivekanand Education Society’s College of Architecture

Dr Prof Anand Achari
Dr Prof Anand Achari(Pic: Vivekanand Education Society’s College of Architecture)

The Budget 2024-25 introduces an extensive scheme to offer internship opportunities with 500 leading companies for one crore youth, providing students with practical experience to address real-world corporate challenges. This initiative is expected to enhance the preparedness of graduates for the workforce.

With a strong emphasis on employment and upskilling, the government aims to encourage job creation and support new talent entering the job market.

Additionally, these measures are set to advance education in architecture and sustainable design by aligning academic learning with industry needs, nurturing a new generation of skilled professionals poised to drive innovation in the field.

4. Dr Sanjay Salunkhe, CMD, Jaro Education

Dr Sanjay Salunkhe
Dr Sanjay Salunkhe(Pic: Jaro Education)

The budget has struck the right balance to enhance the education and employment sectors. The finance minister’s financial support for loans up to Rs 10 lakh for higher education in domestic institutions is a commendable initiative.

This will provide ample opportunities for upskilling the youth and budget emphasis on education, skilling, and job creation will foster long-term growth for corporates like us who have been striving to make youth of the country employable.

5. Mayank Kumar, Co-founder & MD, upGrad

Mayank Kumar
Mayank Kumar(Pic: upGrad)

With a very strong emphasis on skilling and employment and bridging the talent-academia gap, Government of India's allocations — to fuel aspirations of 4.1 crore youths, empower women to join the workforce, and provide tax benefits and loans like skilling loan (upto Rs 7.5 lakh) and education loan (upto Rs 10 lakh) — is a masterstroke, set to unlock India's demographic dividend and drive growth.

This budget is not just a financial plan but a blueprint for a brighter future where India's youth will thrive and continue to lead global job requirements.

Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions, and reimbursement for additional employee EPFO contributions, demonstrate the government's commitment to creating a conducive employment ecosystem.

India's economic growth, described as a "shining exception," will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India's youth to drive growth and innovation.

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