There are bigger gaps to bridge when it comes to creating accessible school infrastructure and digital access, industry leaders say.
Ajay Gupta, Founder & CEO, Bachpan Play School: Analysing the Education Budget 2024, it feels great to see that the government is striving to take a balanced approach that equally values knowledge and innovation along with vocational training and technical skills. Such an approach aims well at the long-term progress of our nation and is much needed.
All these initiatives like the revision of the Model Skill Loan Scheme, the provision of educational loans of up to 10 lakh for higher education, and the setting up of more medical colleges are sure to give a boost to our knowledge-based aspect of the economy. They will elevate our intellectual capital as well as research capabilities.
Further, the upgradation of around 1000 ITIs with advanced training programs and design, the creation of 1 crore internships for the youth along with good stipends and incentives, and the specialised training for around 20 lakh young people over a 5-year period also heralds a new chapter in our skill-based aspect of the economy.
Thus, I would say that this year’s Education Budget fares quite well in bridging the gap between theory and practical application.
However, that being said, there are bigger gaps to bridge when it comes to creating accessible school infrastructure and digital access, and the modest increase in budget allocation to education, upskilling, and job creation (from 1.12 lakh crore last year to 1.48 lakh crore this year) doesn’t seem up to standard.
Nevertheless, we have come a long way, and the future looks promising.
Rustom Kerawalla, Founder and Chairman of VIBGYOR Group of Schools : The 2024 Union Budget represents a transformative moment for the education sector in India. I am deeply encouraged by the government’s allocation of Rs 1.48 lakh crore towards education, employment, and skilling. This significant investment stands as a testament to our collective commitment, as a nation, to reshaping the future of education.
Building on the increased funding from the 2023-24 Budget, which focused on enhancing facilities, digital resources, and rural education, the current budget shifts focus towards improving educational infrastructure, creating job opportunities, and advancing skill development. Notably, funding for the PM SHRI initiative, aimed at transforming government schools into model institutions, has surged from Rs 2,800 crore to Rs 6,050 crore, reflecting a substantial increase of Rs 3,250 crore. This enhanced funding will ensure that every student has access to high-quality resources and opportunities.
Additionally, the government’s support for skill development initiatives, including the ambitious plans to impact 4.1 crore youth over the next five years, underscores a dedication to preparing a future-ready workforce. This will play a crucial role in creating a well-rounded educational experience and equipping students with the tools they need to succeed in an evolving global landscape. We at VIBGYOR Group of Schools are excited to be part of this transformative journey and look forward to contributing to these impactful changes.
Shridhar Venkat, CEO, The Akshaya Patra Foundation (implementing partners of the government’s PM Poshan scheme): The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. This increase aligns beautifully with our own Akshaya Patra Scholarship Program. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.
The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening.
These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). At Akshaya Patra, we’re more motivated than ever to collaborate with the government in these crucial areas. This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all.’
Raj Singhal, Co-founder & CEO of Footprints Childcare:I am pleased with the Union Budget 2024’s revisions to tax slabs and the increased standard deduction. These give parents more disposable income to invest in their children’s early education, a critical developmental stage. This financial relief will support access to quality preschools, enhancing overall development and future success.
Furthermore, the reengineered skill loan scheme with loans up to INR 7.5 lakh, supported by a government-promoted fund guarantee, ensures 25,000 students annually access a dynamic workforce. Additionally, the comprehensive education loan scheme of up to INR 10 lakh for higher studies, with an annual interest subvention of 3% through e-vouchers, benefits one lakh students. Together, these measures create a robust foundation for educational growth from early childhood through higher education.
Prof. Manoshi Roychowdhury, Co-Chairperson, Techno India Group: The Union Budget’s Rs. 1.48 lakh crore allocation for education, employment, and skill development is a major boost for India’s youth and workforce. This focus complements Techno India Group’s mission to provide quality education , encourage skill development and innovation.
The continued implementation of schemes from the Interim Budget, coupled with this renewed financial support, strengthens our efforts to build a strong educational ecosystem.India’s stable economic growth and inflation create a favorable environment for educational and economic reforms.
Dr. Prabhat Pankaj, Director, Jaipuria Institute of Management, Jaipur: The announcement to offer internship opportunities to 1 crore students at 500 top companies over the next five years is a welcome move to foster industry-academia collaboration and produce industry-ready professionals. The decision will facilitate B Schools to forge ties with industry leaders, design a more targeted curriculum and align academic programs with existing industry trends and demands. Furthermore, the allocation of Rs 1.48 lakh crore for education, employment, and skilling, is an encouraging step. However, we expect further financial assistance from the Union Government to meet the objectives of NEP 2020 and nurture future talent in the digital era. Overall, the Union Budget 2024 embodies India’s vision of becoming a Vishwaguru by promoting a proficient workforce, driving innovation, and fostering economic growth.
Ujjwal Singh – Founding CEO, Infinity Learn by Sri Chaitanya: The Union Budget’s emphasis on education and upskilling is a commendable initiative. The allocation of Rs 1.48 lakh crore for education, employment, and skilling marks a significant step towards India’s economic growth, particularly as we advance towards digital literacy. As Finance Minister Nirmala Sitharaman stated during today’s budget announcement, this focus on education aims to enhance the accessibility and affordability of quality education. Furthermore, the budget’s emphasis on employment generation will fuel the aspirations of countless teachers, who are the backbone of our education sector. This investment will empower educators with greater opportunities to ensure ‘Baccha Seekha Ki Nahi’.
The establishment of new medical colleges in Bihar is especially encouraging for us, as we have been deeply committed to empowering learning outcomes in Bihar through our Patna Test Prep Centres. This is evident from our learners’ exceptional performance in recent competitive exams for engineering and medical fields. This motivates us to redouble our efforts to nurture outstanding doctors and improve the healthcare infrastructure in Bihar.
Arjun Ranga, Managing Director, Cycle Pure Agarbatti: The budget for the fiscal year 2024-2025 has been unveiled, promising a comprehensive approach to advancing India’s growth journey. The creation of a new credit assessment framework will greatly increase the number of MSMEs eligible for credit. It will cover MSMEs without a formal accounting system as well, as compared to the traditional assessment system which determined credit eligibility based only on assets or turnover. The increase of the limit for Mudra loans to 20 lakh from the current 10 lakh will further serve to bridge financing challenges in the sector.
Traditional artisans are a critical component of India’s economy, and hold great potential to boost India’s exports and promote the country’s soft power on a global scale. In this context, the setting up of e-commerce export hubs through Private-Public-Partnerships to enable traditional artisans to sell their products in international markets is a welcome move. The promotion of digital public infrastructure and e-commerce export hubs is also particularly relevant, as it aligns with the growing trend of online retail and opens up new avenues for Indian retailers to tap into global markets.
The need of the hour is to provide vocational training and industry-relevant skills to improve the employability of India’s graduates, and the initiative to update 1,000 industrial training institutes in a hub and spoke model will definitely further our progress in this regard, while also boosting employment in Tier2 and Tier 3 cities. Currently, there continues to be a heavy dependence on metropolitans and soon-to-be-metropolitans for India’s skilled workforce, and this restructuring will help create a more distributed workforce with industry-focused hubs that leverage the unique geographical and demographic strengths of each small town and city.
While the budget’s promise to collaborate with industry partners to establish working women hostels and creches, organize women-specific skilling programs and promote market access for women self-help group enterprises is a welcome move, the formalization and concretisation of this into standard policy frameworks and employer incentives will determine its efficacy in bridging the gender gap in India’s workforce.
The progress of any economy is directly proportional to disposable income in the hands of its consumers, and in this regard, the government’s tax reforms promise to increase spending power, especially for the middle class.
Sripal Jain, CA, CPA, Co-Founder and Global Instructor at Simandhar Education: The Union Budget 2024 introduces several important measures aimed at enhancing the employability and skilling of India’s youth. The substantial investment in digital infrastructure and educational facilities is commendable and aligns with the need for modernizing our learning environment. While the focus on skilling through ITIs and the introduction of various schemes is a positive development, there is an opportunity to further support the integration of advanced technology in education. Emphasizing technology-driven processes and investing in digital tools can significantly enhance the quality of education and skill development. One area that could benefit from additional focus is the need for increased support for global mobility initiatives. Enabling professionals to gain international experience and access global markets is crucial for their growth and for fostering India’s presence in the global arena. We encourage the government to consider these aspects to ensure a more robust and future-ready education and skilling framework. This will better equip our youth to meet the evolving demands of the global job market.
Amit Baveja, Managing Director of Burlington English, India & Southeast Asia: The Union Budget 2024’s initiatives to enhance digital infrastructure, educational facilities, and learning support are timely and commendable. The government’s focus on empowering youth through skilling and education is particularly noteworthy. However, I encourage the government to further support learning initiatives, especially in the K-12 sector, by improving digital infrastructure and prioritizing the upskilling of educators. Collaborating with educational organizations and skill-development entities will broaden upskilling opportunities for the Indian population through programs, certifications, and employment. Allocating funds for continuous technological development and establishing a solid regulatory framework is essential for the sector’s growth. While the announced measures, such as the DBT support to eligible employees and the upgradation of ITIs, are promising, more concentrated efforts are required for bolstering the youth employability. For instance, targeted support for English proficiency for learners and other critical soft skills will enhance formal employment. Additionally, a reduction in GST for skilling institutions will further augment the sector. We look forward to seeing how these initiatives unfold and contribute to building a robust, future-ready workforce in India, and we remain committed to supporting these efforts through our expertise and resources.
Saurabh Arora, Founder & CEO, University Living: The 2024 budget lays a foundation for a skilled, empowered, and future-ready India. University Living congratulates the Finance Minister’s 2024 budget and strong commitment to education, employment, and skilling, reflecting a strategic vision for India’s future. The comprehensive package of five schemes reiterates government’s dedication to empowering the youth. Allocating Rs 1.48 lakh crore for education, employment, and skilling initiatives are a significant step towards nurturing a skilled workforce within the country and becoming a source for the rest of the world. The key priorities to skill 20 lakh youth over the next five years, upgrading 1,000 ITIs, and aligning course content with industry needs to address the skills gap are all welcome moves. However, India needs at least 1500 HEIs to support the growing student population of 40 million students aspiring for higher education opportunities. The financial support through student loans up to Rs. 10 Lakh for those pursuing higher education in the country is encouraging. Yet, it’s important to recognize the gap in opportunities for students aspiring to study abroad. Increasing support for international education would further enhance India’s stance in the global educational ecosystem.
Krishan Mishra, CEO, FPSB India: We at FPSB India commend the Finance Minister for addressing the skill gap through this Union Budget 2024, introducing initiatives to upskill 4.1 crore youth with a ₹2 lakh crore outlay over five years. FPSB India stands aligned with the Centre and committed to upskilling professionals with the financial planning education. Further, the Prime Minister’s package, including Employment Linked Incentives and support for first-time employees, is a significant step towards empowering the youth with opportunities. Incentives to IFSC, such as tax exemptions for retail schemes and reductions in tax rates for foreign companies, further enhance and strengthen the investment ecosystem in the country. FPSB India, is dedicated to IFSCA in providing a steady stream of skilled financial planning professionals for GIFT IFSC and jointly establish GIFT IFSC as a ‘Global Finance Hub.
Dr. Yajulu Medury, Vice – Chancellor, Mahindra University: An increase in the budget allocation for the education sector is a positive development. It indicates a commitment to make education more affordable and accessible. Many private institutions already support research-based education through substantial subsidies. The new internship scheme could also encourage industries to offer paid opportunities, addressing the issues of unpaid internships. The rationale for the drastic funding cut to UGC is unclear. While this budget reflects a hopeful step towards stabilizing and enhancing education, especially after the challenges posed by the pandemic, we look forward to more support in research and competency-building.
Dr Parul Saxena Associate Professor, Sharda School of Business Studies at Sharda University: The Union Budget 2024–25, which Finance Minister Nirmala Sitharaman delivered, has my utmost approval. This budget is a critical step in the direction of achieving the goals of “Viksit Bharat,” since it gives the education sector—a vital component of national development—a great deal of attention. The government’s choice to devote a larger portion of GDP on education is indicative of its steadfast dedication to developing India’s pool of talent and intelligence.
A number of sectors have responded favourably to the Finance Minister’s pronouncement that increasing women’s involvement in the workforce through focused programs is a top priority. In order to solve the issues of safety and housing that frequently discourage women from finding work away from their homes, it is thought that the establishment of hostels specifically for women is essential. Additionally, it is anticipated that the development of skill-building programs tailored to women in collaboration with business executives will equip women with the abilities and know-how needed to succeed in the workforce. It is expected that these steps would not only help women become more economically independent, but they will also make a substantial contribution to the nation’s overall economic growth. According to experts, targeted programs like these can reduce gender gaps in the workforce.
Rohit Gupta, COO & Co-founder, College Vidya: Budget 2024’s allocation of ₹1.48 lakh crores for education, employment, and skilling demonstrates a robust commitment to India’s educational future. At College Vidya, we’re particularly excited about the government’s decision to provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions. This aligns perfectly with our mission to increase access to quality education. The Prime Minister’s package of five schemes, with a ₹2 lakh crore outlay over five years, is a game-changer for youth empowerment. The goal to skill 20 lakh youth through employment-linked initiatives addresses a critical gap between academic learning and industry requirements. We see tremendous potential in integrating these initiatives with digital learning solutions. This budget sets a positive tone for collaboration between the government and ed-tech companies to deliver quality education at scale. With these bold steps, India is poised to create an educated, skilled, and employable youth force that will drive our nation’s growth.
Pratham Barot, CEO & Co-Founder of Zell Education: We are pleased with the government’s emphasis on providing opportunities for skill development and employability in the budget. The Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores is really inspiring . The Govt has made a provision of ₹1.48 lakh crores for education, employment and skilling taking one more step towards development and success. The emphasis on vocational training and apprenticeships is particularly noteworthy, as it will enable practical, hands-on experience that aligns with industry demands. Furthermore, the allocation of resources for digital skill training will ensure that our workforce remains competitive in an increasingly digital global economy. Overall, this budget reflects a forward-thinking approach to building a resilient and skilled workforce, which is essential for the sustained growth and prosperity of our country. We are optimistic that these measures will yield significant benefits and look forward to their successful implementation.
Prof. (Dr) Preeti Bajaj, Director General, KIET Group of Institutions: Budget 2024’s focus on holistic development, particularly in education and skill development, is a watershed moment for India’s future. The government’s commitment of ₹2 lakh crores over five years for youth empowerment, coupled with this year’s allocation of ₹1.48 lakh crores for education, employment, and skilling, demonstrates a clear vision for building a knowledge-based economy. The emphasis on employment-linked skilling schemes is a game-changer. With the goal to skill 20 lakh youth, this initiative addresses the critical need to bridge the gap between academic learning and industry requirements – a challenge we’ve long recognized at KIET. As a leading educational institution, we’re excited to leverage our expertise in technical and professional education to support these government initiatives. We see immense potential for collaboration between academia and industry to create curricula that are responsive to market needs and to provide hands-on, practical training to our students. This budget sets a strong foundation for transforming India’s youth into a skilled, employable workforce ready for taking our country to become Viksit Bharat.
