Union Budget 2024: Educationalists Applaud Budget's Focus on Jobs, Skills, and Education

New Delhi: The Union Budget 2024 has garnered significant praise from educationalists for its comprehensive approach to enhancing India's education and employment sectors. The Finance Minister’s emphasis on education, skilling, and job creation has been widely welcomed, with industry leaders highlighting the budget’s potential to address critical issues and foster long-term growth.

 What's In For Education Sector 

Prof. Ram Kumar Kakani, Director of IIM Raipur, said, "To support our youth who haven't been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience. By integrating financial support for education, robust internship opportunities, and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society—from aspiring students to new startups—can contribute to and benefit from India's evolving economic landscape.”

Prof. Nishith Gupta, Head & Professor, Department of Biological Sciences, BITS Pilani, said, “This budget for healthcare, agriculture, biotechnology and lifescience reflects the government’s vision and intent to promote the R&D, prioritize education, and provide employment-specific skills and training. A primer minister package (INR 2 lakh crore) comprising five programs for boosting education, employment, and skills is unveiled. The government aims to transform agricultural research and perform a thorough review to increase productivity and develop climate-resilient varieties. There is also a strong emphasis on private sector-driven research and innovation overseen by domain experts from the public and private sectors. Our gross expenditure on R&D still stands at >0.70% of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8%). This budget offers a timely boost in R&D and education to fuel inventions and innovation at public and private academic institutions and lead to uniformity in cutting-edge research, high-quality education, and training of a competent workforce across the nation.”

Mamta Shekhawat, Founder of Gradding.com, said, “The continuous effort of the government is worth appreciating, as the centrally sponsored schemes will benefit 20 lakh youth in the period of 5 years. The announced upgrade of 1000 industrial institutes will help shape the careers of the youth. Aspiring students can avail themselves of internships in the top 500 companies across Bharat in the next 5 years with an allowance of INR 5000. The students who are looking to go abroad can even stay here as 12 industrial parks are sanctioned under the National Industrial Corridor Development Programme. Till the time, IT parks are being built, you can pursue education in your dream land Further, you can assure your future in India with the help of various schemes mentioned and sanctioned in this budget. The extended financial support will allow the students to pursue the course of their choice without financial hindrances. The alignment of the course content and design will help the students to be industry-ready and overcome workplace challenges. However, the new courses are expected to align with the international skill requirement so that many paths will be open across the globe.”

Abhishek Gupta, CEO, Rau’s IAS Study Circle, said, “The Economic Survey 2023-24, presented yesterday, emphasized India's need to prepare for Industrial Revolution 4.0 by focusing on higher education and skills. In line with the goal of creating 78.5 lakh jobs annually, the Budget has taken several commendable steps. Overall, the Budget announcements are moving in the right direction to ensure that human capital formation is both a means and an end in achieving a Viksit Bharat by 2047.”
 

Nilaya Varma, Co-Founder and CEO at Primus Partners, commended the budget for placing jobs at the core of economic growth. “Jobs have to be at the core of economic growth. It is glad to see jobs, skills, and education at the core of the Budget speech. Translating the allocation and new initiatives into action, making it demand driven, not supply driven can only ensure success of this intent,” Varma said.

Rishabh Khanna, CEO and Co-Founder of Suraasa, praised the allocation of INR 2 lakh crore for skilling and the focus on education infrastructure. “The Finance Minister’s emphasis on education in the Union Budget is a commendable initiative. Allocating INR 2 lakh crore for skilling, among other measures, will significantly enhance the country’s educational infrastructure. This investment will provide educators with ample opportunities to upskill in trending areas. Additionally, the focus on employment generation and the strategic package for upskilling the Indian youth will bolster the aspirations of numerous job seekers, particularly within the teaching profession, and promote professional growth,” Khanna noted.

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Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, highlighted the budget’s impact on job creation and skill development. “The Union Budget 2024's renewed thrust on job creation is both timely and commendable. With the Finance Minister Nirmala Sitharaman announcing that one crore youth will receive internship opportunities in the top 500 companies, with an allowance of Rs 5000 per month and Rs 6000 as one-time assistance, this significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce,” Reddy explained.

Ankit Aggarwal, Founder & CEO of Unstop, expressed optimism about the budget’s focus on youth employment. “I am glad to see Budget 2024's focus on youth employment and skilling. The Rs 2 lakh crore allocation for employment schemes is the beginning of a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognizing the need to focus on key areas that can make our journey towards a skill-based economy smoother,” Aggarwal remarked.

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Dr. Maithili Tambe, CEO of The Academy School (TAS), Pune, highlighted the budget’s impact on education and gender equity. “The government allocating a remarkable Rs 1.48 lakh crore for education, employment, and skilling is a significant stride towards empowering the nation's youth and enhancing the educational landscape. This move not only highlights the importance of education as a cornerstone for economic growth and social development but also addresses critical issues such as dropout rates and literacy levels, particularly in rural areas. With the addition of favorable loan terms, it will encourage students to invest in their future and empower students to chase their academic dreams without the constant worry of debt. Also, the budgetary allocation of over 3 lakh crore for initiatives benefiting girls and women aims to enhance access to quality education. It will aid by funding scholarships, building girl-centric schools, and establishing mentorship programs that inspire young women to pursue careers in fields traditionally dominated by men, such as science, technology, engineering, and mathematics (STEM),” Tambe stated.

Rs 1.48 Lakh Crores For Education, Employment, Skilling

“It is good to see that the budget address centers on employment, skills, and education. The foundation of economic growth must be jobs. Having employment, skills, and education at the center of the Budget address is a positive thing. The only way to guarantee the accomplishment of this goal is to put new initiatives and allocation into practice in a way that is demand-driven rather than supply-driven. The budget for FY 25 shows stability and a foundation for the future that will support India's economic trajectory. This budget not only tackles urgent issues but also builds the groundwork for a knowledge-based growth economy by placing a high priority on employment and skill development, inclusion and social justice, infrastructure, innovation, and next-generation reforms. Another important issue that needs attention is promoting ladies' higher education and skill development," said Sarbojit Mallick, co-founder, Instahyre.

“We welcome the Centre’s decision to launch a new Centrally Sponsored Scheme for providing paid internship opportunities in the top 500 companies, but we believe that it is imperative to complement practical training with critical soft skills, such as English proficiency, which are key markers of employability. We believe that standardized tests play a crucial role in supporting equitable access to higher education by providing a fair and objective measure of student abilities, regardless of their socio-economic backgrounds. We encourage the government to consider integrating internationally accepted, robust assessment frameworks to complement these initiatives, ensuring that every student has the opportunity to demonstrate their potential and succeed in a competitive academic and employability landscape. We look forward to seeing how these initiatives unfold and contribute to building a robust, future-ready workforce in India,” said Sachin Jain, Country Manager, ETS India, and South Asia.

The introduction of E-vouchers and the revised skill loans scheme are positive steps towards increasing access to higher education, but continued efforts are needed to ensure that these benefits reach underserved and marginalized sections of society," said Meenakshi Kachroo Chatta, Senior Director & Regional Head, College Board - India, South & Central Asia.

Overall, the reactions from educationalists reflect a strong endorsement of Budget 2024’s focus on addressing immediate needs and setting the stage for sustainable growth in education and employment.