The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country. It will focus on employment, skilling, MSMEs and the middle class. Allocating Rs 2 lakh crore for skilling will enhance educational infrastructure.
Modi 3.0 Government’s 1st Budget 2024 perceived by Industry as a “Budget of Hope”
According to the Union Finance Minister, 9 priorities for generating opportunities for all.
- Productivity and resilience in agriculture.
- Employment and scaling.
- Human resource development and social justice
- Manufacturing and services.
- Urban development
- Energy security
- Infrastructure
- Innovation, research and development
- Next generation reforms
Dr. Arvind Sahay, MDI Gurgaon analyzes Budget 2024.
The thrust on education and skilling in the Union Budget, presented by Union Finance Minister Nirmala Sitharaman, is welcome. The focus on employment, skilling, MSMEs, and the middle class, I think, addresses short-term and long-term concerns on the economy. The announcement related to internship opportunities for the youth in top companies is the need of the hour, I think. What I also like is the fact that the Minister indicated that States, Industry and Centre will collaborate towards the common objective of training 20 lakh youth over a period of five years.
One of the standout measures is the provision of e-vouchers for education loans. These vouchers, which offer a 3% interest rate, will benefit 1 lakh students, significantly reducing the financial burden of higher education. This initiative will enable more students to pursue their academic goals without the constraint of high-interest loans. Additionally, announcing financial support for loans up to Rs 10 lakh for higher education is a progressive step. This measure will provide much-needed financial assistance to students aiming for advanced studies, ensuring that financial constraints do not impede their educational aspirations.
The collaborative skilling program, introduced in partnership with state governments and industries, aims to skill 20 lakh youth over five years is another good step.
What I would have liked to see more of in terms of allocation is increased and focused support for high-end research in top scientific institutions to help them compete with the best in the world. This is critical to make India into a Viksit Bharat.
While some steps have been taken through the establishment of the NSF type grant system, more needs to be done, especially in terms of implementation. Nevertheless some good steps in the required direction.
Govt to launch a scheme to provide internship opportunities in 500 top companies to one crore youth in five years. Internship allowance of Rs 5000 per month along with one-time assistance of Rs 6000 to be provided, the FM said adding that the companies will be expected to earn the training cost and 10% of the internship cost from their CSR funds.
Read What Leading B School Directors from IIM Kozhikode, XLRI Jamshedpur, LIBA Chennai, JAGSOM Bangalore , Sparsh Global Business School, Shanti Business School, VVISM Hyderabad, FORE School of Management, Management Development Institute Gurgaon (MDI Gurgaon) have to say on the much anticipated Union Budget 2024-25.
