The Centre’s allocation of Rs 1.48 lakh crore for the education and skilling sector, is all great, but the FM seems ti have neglected K-12.
Pankaj Sharma, President, The Lexicon Group: I am particularly impressed with the Budget’s emphasis on skill development, industrial internships and cross-sector collaboration. The Prime Minister’s Package will serve as a game-changer for educational institutes and industrial organisations, because the win-win situation for the employer and interns is the boost that our sector truly needed. A projection of providing internships to one crore Indian youth is an ambitious project, which can be successfully completed if we all collaborate towards a common vision of realising the potential of our young learners. Furthermore, the plan for upgradation of 1000 Industrial Training Institutes will herald accessibility and bridge the gaps between students, educators and companies.
I am also very appreciative of the government’s schemes for the education of girls and support for working women. The Lexicon Group is largely run by women who make up for 80% of our workforce and have more than 90% women in senior leadership roles. We offer our whole-hearted support to our government’s initiative towards building gender equity both in educational institutes as well as organisations.
However, I am disheartened to see a lack of focus on K-12 institutes, which serve as the foundational bricks in the development of young children. As school leaders, we were hoping to receive greater support towards expanding the educational infrastructure to wider communities where high-quality education is inadequate. Additionally, centralised incentives for teachers would have inspired more young men and women to enter the education sector. A more holistic support for School Education would have truly made the 2024 Budget a success story for Indian education.
Dr. Silpi Sahoo, Chairperson, SAI International Education Group: “The Union Budget 2024–25 shows a strong commitment to youth empowerment, acknowledging that it is essential to the success of our country. A 30% increase in funding to Rs 1.48 lakh crores has been allocated for education, employment, and skill development; this is a necessary and promising initiative. Students from low-income backgrounds benefitting from the provision of financial support for loans up to ₹10 lakh for higher education is a welcome move by the Government. Internship chances at 500 leading companies for 1 crore students during a 5-year period coupled with an internship allowance of ₹5,000 per month and a one-time aid of ₹6,000 will offer invaluable exposure and professional experience to the youth of India. Furthermore, the skilling project, which is a partnership between business and state governments, intends to improve 1,000 Industrial Training Institutes to train 20 lakh kids over the course of five years is a notable development in the Union Budget. I am sure that many students will benefit from the redesigned Model Skill Loan Scheme, which would provide loans up to ₹7.5 lakh backed by a government-sponsored fund. This will help the youth to be more professionally trained. Also, The Eastern region’s ‘Purbodaya’ plan and the emphasis on digitization and technology adoption prioritizing infrastructure, economic prospects, and human resource development will be a key to turn the region into a major player in the global economy. If these policies are implemented effectively, Bharat is on the path to attaining global leadership.”
Sudarshan Suchi, CEO, Bal Raksha Bharat: The Budget 2024-2025 demonstrates a significant commitment to improving the lives of children through comprehensive allocations in education, health, and child welfare.
Over ₹3 lakh crore allocated for schemes benefiting women and girls ensures that these crucial segments of the population receive support for education, healthcare, and economic participation. Additionally, the launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan is set to benefit 5 crore tribal people, which includes a significant number of children, by improving their socio-economic conditions.
The allocation of ₹1.48 lakh crore for education ensures significant investment in infrastructure, quality of education, and skill development. The budget speech also mentioned a centrally sponsored scheme that aims to skill 20 lakh youth over five years by upgrading 1000 Industrial Training Institutes (ITIs). Upgrading ITIs and skilling initiatives prepare youth for employment, reducing unemployment and driving economic progress. This skilled workforce can attract global businesses and enhance India’s competitiveness.
Although specific child health allocations are not detailed, the focus on inclusive healthcare ensures that children and adults receive necessary medical services. Healthy children grow into productive adults, reducing future healthcare burdens and increasing societal productivity.
The Budget 2024-2025 reflects a robust commitment to fostering the well-being and development of children through targeted investments. Strategic allocations in child welfare will lay a solid foundation for achieving a Viksit Bharat. These investments are not just expenditures but critical enablers of a developed, equitable, and prosperous India.
Abhishek KG, Co-founder, Clapingo: We are pleased to see a strong emphasis on job creation and upskilling in the Union Budget 2024. The significant allocation of INR 1.48 lakh crore towards education, skilling, and employment aligns perfectly with our mission to empower young professionals and students with English speaking skills across the country. More and more investors will be encouraged to invest in young startups, and entrepreneurs will have a confidence boost to start their own ventures, with the proposal to abolish angel tax. As a player in the language learning industry, we are thrilled to support the skilling journey through English language training, providing individuals with the opportunity to succeed both in India and globally.
Pravesh Dudani, Chancellor and Founder. Medhavi Skill University, Sikkim: The Centre’s allocation of Rs 1.48 lakh crore for the education and skilling sector, emphasizing education, employment, and skilling initiatives, marks a pivotal step towards empowering institutions. This financial commitment creates robust employment opportunities for the youth of the country. The provision of e-vouchers for student loans up to Rs 10 lakh further democratizes access to education, fostering inclusivity. The long-awaited upgrade of 1000 ITIs, coupled with curriculum alignment with industry trends under NEP 2020, signifies a significant boost to its implementation. The announcement of internships for one crore youth, supported by industry-aligned skill universities like Medhavi Skills University, underscores a promising avenue for practical education. Moreover, the provision for companies to fund internships through CSR initiatives will catalyze impactful collaborations between industry and academia.
Dr. Alka Kapur, Principal, Modern Public School, Shalimar Bagh: The Union Finance Minister has made commendable decisions in allocating funds for education and skill development. The allocation of ₹1.48 lakh crore for education, employment, and skill development represents a forward-thinking investment in human capital development. This substantial investment, channeled through the Employees’ Provident Fund Organization (EPFO), underscores the government’s recognition of the critical link between education, skills, and employment.
Additionally, the announcement of five schemes targeting 41 million youth over five years with a central outlay of ₹2 lakh crore is a significant step towards achieving our “Viksit Bharat” (Developed India) ambition. Furthermore, the provision of financial support for loans up to ₹10 lakh for higher education in domestic institutions, along with the upgrade of 1,000 Industrial Training Institutes (ITIs) using the hub-and-spoke model, are strategic initiatives aimed at elevating India’s education sector to the next level.
Parag Goel, Chief Business Officer – eduXLL: Finance Minister Nirmala Sitharaman’s announcement of financial support for loans up to Rs 10 lakh for Higher Education and the provision of e-vouchers with a 3% interest subvention for 1 lakh students annually is a commendable move. This initiative will significantly enhance accessibility to quality education, empowering more students to achieve their academic and professional aspirations.
With enrollment rising to 43.3 million students for Higher Education, this initiative will further empower students and enhance access to quality education, paving the way for future success.
BJP Leader Soniya Sinha: Finance Minister Nirmala Sitharaman’s announcement of INR 10 lakh loans and e-vouchers with a 3% interest subvention for 1 lakh students annually underscores the vision of Prime Minister Modi’s *’Atmanirbhar Bharat’ commitment to empowering our youth, enhancing educational accessibility, and fostering self-reliance.
These initiatives are pivotal in driving future success and aligning with our nation’s goal of sustainable growth and self-sufficiency.
PK Samal, Founder & Managing Director – American EduGlobal School: Finance Minister Nirmala Sitharaman’s allocation of INR 1.48 lakh crore for education is a powerful testament to our nation’s dedication to improving educational infrastructure. This landmark investment will drive transformative changes, ensuring greater access and quality and quality for the 26.5 million students currently enrolled in schools across India, and empowering them to reach their fullest potential.
Raj Mruthyunjayappa, Chairman and CEO, Talisma Corporation: The government’s move to launch a scheme for providing internship opportunities in 500 top companies to 1 crore youngsters in the next 5 years will go a long way in creating new jobs in the country. This will also enable the youngsters to upskill themselves, and move up the value chain. Acquiring the requisite skills needed for the industry is most important and this move to provide internships will accelerate that process.
The finance minister has also said that the government will allocate Rs.1.48 lakh crore for the education sector, jobs and skill development. This is a tremendously encouraging move.
The FM has also announced financial support for loans upto Rs.10 lakh for higher education in domestic institutions. This measure will encourage students to continue their education in India thereby creating a situation where their technical skills can be utilised in the country itself.
Brinda, Chief Executive Officer at eVidyaloka: India’s Union Budget 2024-25 reflects a commendable commitment to education and skill development. With an allocation of ₹1.48 lakh crore, the allocations aims at enhancing human capital. Financial assistance through e-vouchers for higher education, loans up to ₹10 lakh with a 3% interest subsidy, and a focus on skill development are a few highlights. The budget also emphasizes female enrolment in STEM courses and infrastructure to improve women’s labour force participation rate. However, effective implementation and regional inclusivity remain critical for realizing these goals.
Allocation of ₹1 lakh crore to boost research and innovation in education will provide long-term financing is a welcome step towards fostering breakthroughs and technological advancements. The focus on emerging technologies, including AI research, will drive innovation within the education sector. The budget allocations will also have significant implications for rural education with the scope to improve infrastructure, enhance teacher training, promote digital literacy, and provide financial aid. However, successful implementation and community collaboration are essential for maximizing impact. The onus is on policymakers to ensure effective implementation, monitor outcomes, and address regional disparities.
Dr. Jaskiran Arora, Dean- Education Quality, BML Munjal University: The budget marks a pivotal moment for India’s education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment, and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to ₹10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer. The e-vouchers offering a 3% annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially transforming countless futures.
The proposal to open working women hostels in collaboration with industry underscores a strong commitment to supporting female workforce participation and creating a more inclusive environment for women.
The budget’s focus on upskilling, with a revised Model Skilling Loan scheme and the upgrading of 1,000 industrial training institutes, reflects a clear intent to enhance employability. By aiming to skill 20 lakh youth over the next five years, this budget sets the stage for a more skilled, competitive workforce, ultimately driving economic growth and innovation.
Beas Dev Ralhan, CEO, Next Education: The government’s recent budget highlights an impressive central outlay of ₹2 lakh crores to enhance employability and skill development for India’s youth. Additionally, the provision of ₹1.48 lakh crores for education, employment, and skilling marks a significant step toward progress and success. This investment will improve the quality of education and training, providing students with superior professors, facilities, and resources. The initiative aims to create employment and skill opportunities for young individuals over the next five years, underscoring a commitment to empowering the next generation. This budget reflects a forward-thinking approach to building a resilient and skilled workforce, essential for the sustained growth and prosperity of the country.
Rahul V. Karad – Managing Trustee, MAEER, Executive President, MAEER’s and MIT World Peace University & Chief Initiator, MIT SOG: We welcome the Finance Minister’s progressive budget, which demonstrates a strong commitment to education, employment, and skilling with an allocation of ₹1.48 lakh crore.
This significant investment highlights the government’s dedication to nurturing talent and fostering growth. The introduction of financial support for higher education will help make higher education more accessible. Furthermore, the emphasis on developing digital public infrastructure applications will drive productivity and innovation, benefiting various sectors such as education and health.
We call for clear guidelines on attention towards creative avenues to fund and promote a mandated Industry-Academia Partnership for mutual benefit. This will help boost the initiative to skill one crore youth through internships with top companies and the Prime Minister’s Internship program to provide valuable practical experience and skill development.
Overall, this budget aligns with our vision of ‘Viksit Bharat,’ paving the way for a robust and inclusive development trajectory.
Rishab Kapur, Co-Founder and Head of Strategic Alliances, Edverse: The increase in the education budget by approximately 11.8% from last year’s allocation, raising it to ₹1,25,638 crore, shows a substantial increase in investment towards research and development, improvement of infrastructure and adoption of cutting-edge technologies.
At Edverse, our goal is to revolutionise education through emerging technologies. The budget demonstrates the emphasis our govt has placed on better preparing our students for the future. With this support, we hope to transform our education system and ensure that students across India have access to the most up-to-date resources and opportunities.
Gautam Arjun, CEO & Co-Founder, Kompanions: Allocation of ₹1.48 lakh cr for education, employment and skill development is a positive step in encouraging youth to pursue higher education and vocational training which will further enable them to contribute to economic growth. The budget focuses on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the introduction of new courses to upskill students in emerging technologies.
These initiatives certainly help to change how India’s youth learn and acquire skills. As pioneers in immersive technologies such as AR, VR, gamification and 3D animation solutions, we are committed to helping young talents have the necessary tools for thriving in a changing digital landscape, helping India become a leading nation in technology worldwide.
Brinda Poornapragna, Chief Executive Officer at eVidyaloka: India’s Union Budget 2024-25 reflects a commendable commitment to education and skill development. With an allocation of ₹1.48 lakh crore, the allocations aims at enhancing human capital. Financial assistance through e-vouchers for higher education, loans up to ₹10 lakh with a 3% interest subsidy, and a focus on skill development are a few highlights. The budget also emphasizes female enrolment in STEM courses and infrastructure to improve women’s labour force participation rate. However, effective implementation and regional inclusivity remain critical for realizing these goals.
Allocation of ₹1 lakh crore to boost research and innovation in education will provide long-term financing is a welcome step towards fostering breakthroughs and technological advancements. The focus on emerging technologies, including AI research, will drive innovation within the education sector. The budget allocations will also have significant implications for rural education with the scope to improve infrastructure, enhance teacher training, promote digital literacy, and provide financial aid. However, successful implementation and community collaboration are essential for maximizing impact. The onus is on policymakers to ensure effective implementation, monitor outcomes, and address regional disparities.
