Budget 2024: Reactions from education experts
The interim union budget 2024 was presented on Thursday. According to the Finance Minister Nirmala Sitharaman, The Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities have been set up.
Here are the experts’ reactions;
Ankit Aggarwal, Founder and CEO of Unstop
The 2024 Budget has shared a couple of points that has shown how the government has been working towards upskilling the youth of today. The Skill India Mission has trained 1.4 crore and re-skilled 54 lakh youth, and established 3000 new ITIs. A large number of institutional higher learning has been set up. This opens up more seats and opportunities for students from Tier 2,3 cities as well. Happy to see the female enrolment go up by 28% in the last 10 years in STEM courses and girls & women make 43% of the enrolment which is the highest in the world. This in turn connects with how they're getting more opportunities in the private sector.
Akshay Jain, Director Admissions and Marketing, Amity University Rajasthan, Jaipur
The 2024 Interim Budget paves the way for the growth of the Higher Education sector while focusing on upskilling the youth and initiatives to ensure a 28% improvement in female enrollment in higher education, aided by infrastructural boost and announcement for an additional 390 universities to be introduced, India's higher education landscape is surely going to get the required Boost in upskilling Indian youth and make them Job ready... The sector's opening to the global education ecosystem with many universities flocking into Indian markets is going to produce global talent.
Nidheesh Saxena, Sr Director - Admissions, Gitam Deemed to be University
Despite limited allocations for education, the focus on promoting key sectors in the interim budget promises to boost overall economic growth. The Skill India Mission's efforts to train 14 million young, along with the upskilling and re-skilling of 5.4 million youth, complemented by the establishment of 3,000 new Industrial Training Institutes (ITIs), will be an integral part of strengthening the PLI and Make in India initiatives.
Rekha Kejriwal, Academic Director of the Academy of Fashion and Art (AFA)
The interim budget was not what we expected. There was nothing new for students or the education sector in comparison to last year. However, the overall budget was balanced. The government is focusing on four sectors of Indian society: 'Garib' (the poor), 'Mahilayen' (women), 'Yuva' (youth), and 'Annadata' (farmers), so we can expect more in the final budget for students and youth. Although this budget doesn't allocate much funding to the education sector, it will surely help in boosting the market and economy.
Dr. Chef Balendra Singh Director Institute of Bakery and Culinary Arts
The budget highlights the significant progress made in the last decade in empowering women and improving the quality of life through entrepreneurship. The rise in female enrollment in STEM courses over the past decade has been impressive, demonstrating a notable 28% increase. This upward trend in female representation underscores the government's dedication to advancing gender equality and encouraging diversity within the STEM workforce.
Manish Rastogi, Chief Executive Officer, Zee Learn Ltd commented
The Budget has been on expected lines, considering it was a vote-on-account budget. The additional funds for the infrastructure sector will surely benefit the overall economy. Another important highlight is that 1.4 crore youth were trained under the Skill India Mission.
Going forward, reduction in education loan rates will go a long way in turning the idea of Vikshit Bharat into a reality. Steps should be taken to integrate more technology into education to bridge the digital divide. A lowered GST rate would also be better. It seems the FM has kept that for the full Budget to be presented later in the year.”
Shweta Sastri, Managing Director, Canadian International School, Bangalore
As India stands poised to become a knowledge economy, the 2024 budget has focused on national skill development. This is a welcome move as it would train students to learn and master skills in multiple domains. This will also enable greater confidence among students and get them ready to face new challenges. However, we could have had a significant allocation for the education sector as it determines how effectively the nation equips future generations with knowledge needed to thrive in an ever-evolving world.
There could have been redistribution of resources for different sectors of education and some specific areas of favourable allocation could have included: expansion of infrastructure for education, expansion of scholarships and other financial aid programs for students from economically weaker sections of society, implementation of new pedagogical methods, strengthening of vocational training programs to equip students with industry-relevant skills. There is a need to upscale the education system to attract more foreign students to the country and India should be promoted as a global study destination. Looking ahead, we must strive to ensure that the learning experience remains meaningful and enriching.
Mayank Kumar, co-founder and MD, upGrad
FM focuses on education and skill enhancement, with Skill India achieving remarkable milestones. Increased women's participation in STEM fields contributes to India's goal of becoming a talent superpower. We're entering an era where inclusivity and educational empowerment support digital, health, and green developments. Wider opportunities, innovations, and enhanced GOI support in 2024 empower our tech-savvy youth. Initiatives like Saksham Anganwadi and Poshan 2.0 showcase GOI's dedication to nutrition and early childhood development. In a nutshell, this budget sets a positive tone for realizing the nation's potential and reaching new heights with 'Viksit Bharat'.
Dr Sarvjeet Herald, Director – India STEM Foundation
Reflecting on the strides made last year, with increases in girls' enrollment in schools and STEM programs, as well as efforts in skilling India through Skill India programs and initiatives, we recognize the importance of building upon these successes. While no new initiatives were unveiled this year, there's an opportunity to shift focus towards holistic child-to-adult development. Let's prioritize measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence.’
Shobhit Mathur, Vice Chancellor of Rishihood University
By prioritizing the needs of the poor, women, youth, and farmers, we are taking crucial steps toward creating a more inclusive and equitable society. The emphasis on skill upliftment through training programs for 1.4 million youth is a testament to our commitment to fostering a uniquely skilled workforce for the future, something that will only serve to contribute to our ever-growing economy. These initiatives align perfectly with the objectives outlined in the National Education Policy 2020, and I look forward to seeing the positive impact they will have on India’s educational landscape.
Rohit Gupta, COO, College Vidya
The establishment of higher institutions will be pivotal in shaping the future of India's education sector. 28% surge in female enrolment in higher education, especially in STEM courses. For the tech savvy youth, this will be a golden era as it will technologically empowered to harness the power of online learning to become job ready for the Vikst Bharat. We are excited about the positive impact these initiatives will have on shaping a skilled, diverse, and empowered workforce, contributing to the nation's growth recognition worldwide.
Rajeev Tiwari, Co-Founder of STEMROBO Technologies
The finance minister's revelation that 43% of enrolled students in STEM courses are women is a testament to the positive strides being made towards gender inclusivity in education.
This budget marks a pivotal moment for the ed-tech sector, recognizing its crucial role in shaping the future of education. While not expecting radical policy changes, the budget provides an opportunity to lay the groundwork for future reforms that can positively impact the sector. The innovation in education is paramount to unlocking the full potential of our youth. The budgetary emphasis on quality teaching and the holistic development of individuals aligns seamlessly with fostering innovation and inclusivity in STEM education.
Kavita Sharma, Co-founder and CEO, Ziyyara Edutech
I believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With 30 crore Mudra Yojana loans empowering women entrepreneurs and a commendable 28 per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring.
Raghwa Gopal, CEO of MSM Global
The Interim Budget 2024 sets the stage for ‘Viksit Bharat’ by 2047, laying focus on research & innovation as the bedrock for India’s sustainable growth. The allocation of INR 1 Lakh Crore interest-free loan for tech research underscores a commitment to pushing the Indian technology landscape forward. The budget focuses on enhancing healthcare education and fostering international collaborations, primarily through the Middle East - India corridor, aligning with the ‘First Develop India (FDI)’ principle. The budget not just addresses immediate educational and technological needs but also gears India towards becoming a knowledge-driven economy.
Manu Saigal, Director, General Staffing, Adecco India
The interim budget reflects a robust commitment to job creation, skill development, and talent growth. Notable achievements include the Skill India Mission's training of 1.4 crore youth and the establishment of 3000 new ITIs. The expansion of higher education institutions, Women's empowerment through initiatives like Mudra Yojana loans and increased enrollment in STEM courses signals a move towards gender-inclusive workforce participation. The allocation of a significant corpus for research and innovation, coupled with a tech-focused fund, promises a golden era in employment for tech-savvy youth.
Dr. Sanjay Gupta, Vice Chancellor of the World University of Design
We enthusiastically welcome the government's acknowledgment of 'Nari Shakti' and its commendable efforts in advancing female education, especially in STEM courses. The commitment to empowering women transcends education, as one can see it being reflected in various reforms. Furthermore, the emphasis on new-age technologies and allocating a one lakh crore corpus for research and innovation heralds a big opportunity for our tech-savvy youth.
Jayant Rastogi, Global CEO, Magic Bus India Foundation
In the symphony of progress, we commend the government's resolute dedication to nation-building through transformative initiatives. This encompasses the progress of the Skill India mission, the commendable push towards increased girl child enrollment in higher education over the past decade, Pradhan Mantri Schools for Rising India’s (PM-SHRI) steadfast commitment to ensuring quality teaching, and the pivotal role played by the National Education Policy (NEP) 2020 in driving transformative changes in our education system. Additionally, the Startup India and Startup Credit Guarantee Schemes are instrumental in empowering the youth, fostering innovation, and driving economic growth. These initiatives harmonize seamlessly with
Anish Srikrishna, CEO, TimesPro
The government has laid the groundwork to usher in next-generation reforms, steering the growth of India by providing a significant boost to infrastructure development and bridging the accessibility gap to fulfil the aspirations of its citizens. The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and reskilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities.
We look forward to actively participating in providing excellence in education, transforming the Indian ecosystem, and contributing to holistic national development.
Niru Agarwal, Trustee, Greenwood High International School
The mission to focus on skilling, re-skilling and upskilling through short-term and long-term training programmes will address the need for skills in the continuously evolving landscape of education. The note worthy female enrollment in STEM courses is a testament to the government's commitment to promoting gender equality and fostering diversity in the STEM workforce. While new educational policies in the recent past have identified many path-breaking initiatives, we hope the government continues its focus on expanding access to education and technology. We also need to create an enabling environment to let the private sector come forward and establish new institutions.
Vinay Singh, Executive Director and CEO of Q&I and Thomson Digital
The allocation towards education in the Union Budget 2024 is a pivotal step towards fostering a brighter future for our nation. The 28% surge in female STEM enrollment, commitment to establishing more medical colleges, and transformative reforms under the National Education Policy showcase commendable progress.
Furthermore, the establishment of numerous institutions for higher learning showcases a commitment to excellence. We applaud these initiatives and stand ready to contribute our expertise towards realising the vision of a progressive and inclusive education system.
Manav Subodh- Managing Director, 1M1B (One Million for One Billion)
AI skills, I believe, can be a big equalizer and can reduce the gap between urban and rural India by providing equal opportunities. The interim budget seems to agree as well, as it has set forth a corpus of 1 Lakh crores with 50 years of interest-free loans to promote innovation in technology for youth. This will make India's youth creators, not consumers. It is also commendable that the Skill India mission has trained over 1.8 crore youths and established 3,000 new institutions. But to fully leverage the capabilities of these institutions, we need to think more deeply about how we can invest in robust digital infrastructure and integrate AI and immersive technologies across different layers of our education system. Skills not degrees will make our youth job-ready.
Alison Barrett MBE, Director India, British Council
The Interim Budget 2024 underlines the importance of quality education and access to equal opportunities at all levels to achieve inclusive and holistic development. The NEP has paved the way for strengthening of India’s primary, secondary and tertiary level education, and we are proud to have been a part of India’s journey to internationalise curriculums and bring in global best practices. We remain committed to partnering the government and education sector in India to create opportunities that spark success for young Indians.
Prajodh Rajan, Co-Founder & Group CEO, Lighthouse Learning (formerly EuroKids International)
The Interim Union Budget offers a beacon of hope for India's education landscape. As rightly mentioned by the Union Finance Minister, the National Education Policy 2020 has ushered in transformational reforms in terms of delivering quality education across the country. Upgrading Anganwadi centers through Saksham Anganwadi and Poshan 2.0 is a welcome step, to not only expedite the improved nutrition delivery but also prioritise early childhood care and development, laying the foundation for a brighter future for our country. The continued emphasis on STEM education and empowering girls and women is particularly encouraging.
Md. Sajid Khan, Director-India, ACCA
The Interim Union Budget paints a promising picture of India's transformation. The focus on skilling India's youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India's aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047.
Anthony Fernandes Founder Shaalaa.com
The Education Ministry received its highest-ever allocation, with the combined outlay of its two departments totaling Rs 1,12,898.97 crore.
However, the persisting issue of unemployable youth necessitates urgent attention. We must refocus on aligning education with market demands to ensure our youth not only receive an education but are equipped with practical skills, contributing meaningfully to our nation's progress.
Balu Ramachandran Founder at OC Academy
The government's proactive establishment of new AIIMS Medical Colleges reflects a significant leap toward advancing healthcare accessibility. This visionary step not only extends the reach of medical education but also underscores a dedicated effort to strengthen our healthcare infrastructure.
In acknowledging this commendable initiative, there is a hopeful anticipation that the government's vision transcends mere expansion. We look forward to the implementation of robust setups aimed at facilitating the upskilling of medical professionals, fostering an environment conducive to continuous learning, and ultimately improving patient outcomes.
Dr. Subir Verma, Director – FORE School of Management, New Delhi
The Budget brings light to the idea of Atmanirbharta and the government’s goal of making the youth of India more skilled and increasing employment opportunities for them. The Budget firmly stands by the idea of a developed India and gives more autonomy to the key pillars of the society. It will help in creating more avenues for the Startups and create explosive growth by driving innovation and expedite reforms in sectors of national importance. The National Education Policy 2020 is ushering in transformational reforms and with initiatives like Skill India Mission, Mudra Yojana loans and PM ScHools for Rising India (PM SHRI), India will reach its goal of Developed Bharat. We are all together with PM Modi in his vision of making India the Vishwaguru a reality.
Anil Somani the chairman of FOSTIIMA Business School- Delhi
The 2024 Interim Budget mentioned how the Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs. However, we are excited about the opportunities the detailed 2024 Union Budget will bring upon the education sector. Additionally, the creation of 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 Universities signifies a visionary approach to building a strong educational infrastructure. One of the most heartening aspects of the budget is the substantial increase in female enrolment in higher education. The remarkable 28% rise over the past decade shows the concerted efforts to bridge gender gaps in education. In STEM courses, where diversity is often a challenge, it's gratifying to note that girls and women now constitute 43% of enrolment, marking one of the highest figures globally. Overall, we welcome the 2024 interim budget and look forward to the transformative impact it will have on India.
Atharva Puranik, Co-Founder, Padhle Edtech
Since this was only the Interim Budget we appreciate the initiatives that have been outlined by the government. This interim budget lays the foundation for a more detailed union budget, which we eagerly await. For the education sector, our expectations were clear, a substantial increase in funding and a reduction in the GST rate on educational goods and services from 18 per cent to 5 per cent. While these specific expectations have not materialized in the interim budget, we remain optimistic about the forthcoming detailed budget. The Edtech industry believes that robust government support is important in encouraging innovation and growth in the education sector. Increased collaboration between the public and private sectors is imperative to address the evolving global landscape. Our plea for a reduction in the GST on educational services is not just about economic relief but a step towards making education more accessible and affordable. Additionally, lowering the GST on educational services has the dual impact of alleviating the financial burden on parents and enhancing the affordability of quality education at scale. The journey towards a knowledge-based economy necessitates strategic policies, and we look forward to witnessing a comprehensive vision that will propel the education sector to new heights.
Vijay Kumar Agarwal, Founder & CEO at Makoons Group of School
In the wake of the 2024 budget, our nation's commitment to the prosperity of children through education stands resolute. The National Education Policy 2020 heralds transformational reforms and the PM Schools for Rising India (PM SHRI) will become instrumental in delivering quality education while nurturing holistic individuals. Our future relies upon empowering the youth of the country, and these projects are pivotal in reaching that purpose. The Skill India Mission, a cornerstone in ability development, has efficiently educated 1.4 crore youths, upskilled and reskilled fifty-four lakh people, and mounted 3,000 new ITIs. Additionally, PM Mudra Yojana's sanction of 43 crore loans amounting to 22.5 lakh crore empowers entrepreneurial aspirations. The inclusion of Fund of Funds, Startup India, and Startup Credit Guarantee schemes isn't just fostering entrepreneurship but also contributing to creating our youths 'rozgardata.' As we embark on this new financial adventure, these education-centric initiatives reflect a steadfast dedication to shaping a well-equipped and empowered future generation.
Dr. Dhruv Galgotia, CEO, Galgotias University
We commend the government's unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth.
The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape.
We are committed to leveraging these opportunities to further equip and empower the next generation of leaders. As we collectively strive towards making India a 'Viksit Bharat' by 2047, we recognize the critical role of enhancing people's capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all."
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya
We believe the Centre's focus on GDP (Governance, Development, and Performance), is poised to benefit our economy and nation as a whole. The shift towards empowering citizens to address poverty, rather than focusing on entitlements, is another positive step. Additionally, the increasing representation of girls in STEM courses is a notable achievement. With the establishment of additional IITs, IIITs, IIMs, AIIMS, and 390 universities, our nation is on track to become a genuine talent pool for skilled resources. The transformative performance of PM Schools for Rising India and the implementation of the National Education Policy 2020 further underscore our commitment to delivering quality education, so as to strengthen the foundation in core subjects, and thereby nurturing holistic, well-rounded individuals. Furthermore, initiatives aimed at assisting start-ups and promoting youth entrepreneurship will undoubtedly accelerate our journey towards becoming a developed economy by 2047.”
Akshay Munjal, Founder & CEO, Hero Vired-Skilling POV
“The interim budget marks a pivotal stride towards fostering inclusive and robust academic growth. The establishment of new institutes underscores our commitment - that is, to elevate both the scale and quality of education. Women constitute 43% of enrolments in STEM courses, their participation increasing by 28% in the last decade reflects a substantial leap towards expanding opportunities in traditionally male-dominated fields. Additionally, through the Skill India Mission, the training of 114 million youth, along with upskilling/reskilling of 5.4 million youth, are strong steps that will benefit the industry at large by addressing the crucial need to bridge the demand-supply gap for skilled workers.
Given that innovation is the cornerstone of Viksit Bharat, the budget lays the foundation for citizens to become empowered, enabled, and equipped. This strategic approach aligns with our vision for a progressive and skilled workforce, thereby contributing to the overall growth and development of the nation.”
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya
“We believe the Centre's focus on GDP (Governance, Development, and Performance), is poised to benefit our economy and nation as a whole. The shift towards empowering citizens to address poverty, rather than focusing on entitlements, is another positive step. Additionally, the increasing representation of girls in STEM courses is a notable achievement. With the establishment of additional IITs, IIITs, IIMs, AIIMS, and 390 universities, our nation is on track to become a genuine talent pool for skilled resources. The transformative performance of PM Schools for Rising India and the implementation of the National Education Policy 2020 further underscore our commitment to delivering quality education, so as to strengthen the foundation in core subjects, and thereby nurturing holistic, well-rounded individuals. Furthermore, initiatives aimed at assisting start-ups and promoting youth entrepreneurship will undoubtedly accelerate our journey towards becoming a developed economy by 2047.”
Dr. Dhruv Galgotia, CEO, Galgotias University
"We commend the government's unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth.
The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape.
We are committed to leveraging these opportunities to further equip and empower the next generation of leaders. As we collectively strive towards making India a 'Viksit Bharat' by 2047, we recognize the critical role of enhancing people's capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all."
Nitin Potdar Partner JSA Advocates and Solicitors
“The huge success of Skill India Mission under which 1.4 crore youth have been trained, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. With setting up of 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities. And with Female enrolment in higher education up by 28% in 10 years, in STEM courses, girls & women make 43% of enrolment, one of the highest in the world is the big achievement by this Government and the commitment of the Finance Minister to invest more augurs well for higher education and for developing qualified workforce of young India is highly promising.”
Vishnu Manchu - Chief Executive Officer, Sree Vidyanikethan Educational Trust
"In the wake of Budget 2024, we applaud the government's continued emphasis on skill development and the transformative reforms introduced through the National Education Policy (NEP). The allocation of resources to foster equal opportunities in education is particularly commendable. This budgetary focus reinforces the crucial role of skill development in shaping a future-ready workforce, aligning seamlessly with our commitment to providing quality education. As a school, we believe that equal opportunities lay the foundation for a thriving and inclusive society, and we look forward to contributing actively to the realization of these initiatives for the holistic development of our students.
Amit Saneja, the CEO of Educate Online
We are pleased to witness that the outlook of Budget 2024 is in line with the Government's pledge to make India a 'Viksit Bharat' by 2047. The inclusive approach, symbolized by the motto 'sabka sath, sabka vikas,' is a crucial step towards holistic development. The National Education Policy 2020 has brought about transformative changes, and the world can witness the government's unwavering commitment to education. The remarkable 28% increase in female enrollment in higher education over the past decade is a notable achievement and demonstrates significant progress toward gender inclusivity. The significant representation of women, comprising over 43%, in STEM programs is a remarkable source of motivation. This serves as a stepping stone for better job opportunities for them and also acts as a driving force to inspire numerous others.
The education industry eagerly anticipates harnessing these advancements as the budget opens doors for a robust and progressive education system. This seamlessly aligns with our organizational values of empowering Indian students to excel at an international level and exceeding their potential. It truly embodies our dedication to promoting equality and outstanding education on a global platform.
Dr. Prof Anand Achari, Principal, Vivekanand Education Society’s College of Architecture
As we navigate the educational landscape, we are encouraged by the initiatives that prioritize quality teaching and nurture well-rounded individuals. The rise in female enrollment reflects positive strides towards gender inclusivity, contributing to the increasing participation of women in the workforce. Within these achievements, we also acknowledge the potential impact of a heightened focus on R&D, which could have further amplified the transformative era in education. As we look to the future, we express our anticipation for strategic initiatives that place increased emphasis on R&D, fostering innovation, improving learning outcomes, and propelling our nation's educational advancement."
Rajita Kulkarni, President, Sri Sri University
The Interim Budget presented by Hon Finance Minister today is People-Centric budget focussed on Inclusive Development with substantive development of all forms of infrastructure-Physical, Digital and Social. Its particular focus on Women , Youth, Farmers & the Poor of the country will ensure that employment is created & economic empowerment happens and no one is left behind in the process of development. The emphasis on climate action, health , enabling innovation & startups will make India well poised to take a global leadership position as we approach Amrit Kaal.
The 2024 Budget signifies significant progress in the government's commitment to enhancing the skills of today's youth. The Skill India Mission, a pivotal initiative, has effectively trained 1.4 crore individuals and reskilled 54 lakh youth, emphasizing empowerment for the younger generation.
At the forefront is the National Education Policy (NEP) of 2020, introducing transformative measures to instill entrepreneurial mindsets in students. Focused on nurturing creativity, the budget envisions the development of future leaders. With a commendable emphasis on youth empowerment and entrepreneurship, the budget lays a promising foundation for today's youth, emphasizing education and skill development.
The budget's commitment reflects a forward-looking approach to creating an environment where young minds actively contribute to the nation's growth journey.
Vinay Maheshwari, Executive Chairman, New York Academy
The Finance Minister, highlighting the importance of youth empowerment, sheds light on the transformative reforms initiated by the National Education Policy 2020. Aligned with the vision for a 'Viksit Bharat' by 2047, the government reaffirms its commitment to raising India to international standards, starting with education. Particularly notable is the twenty-eight per cent increase in female enrollment in higher education over the past decade, indicating significant progress towards achieving inclusive education. The government's developmental approach is marked by its comprehensive, inclusive nature, nurturing a generation of young leaders dedicated to shared ideals. This commitment aims to position India as a global leader in quality and excellence, contributing to the vision of a 'Prosperous Bharat' characterized by harmony with nature, modern infrastructure, and opportunities for all citizens.
Dr Dhara Thakore, Head Incubation and Office of Career Services, Anant National University
"The interim budget addresses the aspirations of four crucial segments of India: the poor, women, youth, and farmers. Despite being an interim budget, it includes several noteworthy announcements poised to have a positive impact on the innovation and startup ecosystem. A substantial corpus of Rs 1 Lakh Crore providing a 50-year interest-free loan for long-term financing or refinancing, featuring low or even nil interest rates, will help the youth innovate especially in deep tech and sunrise sectors. This will encourage businesses to make substantial research and development efforts, in technologies such as 5G, and generative AI to name a few. This budgetary allocation will not only boost skill development of the youth but also foster industry academia collaboration, which will eventually transform the research landscape of the Higher Education institutions.
Jayant Rastogi, Global CEO, Magic Bus India Foundation
In the symphony of progress, we commend the government's resolute dedication to nation-building through transformative initiatives. This encompasses the progress of the Skill India mission, the commendable push towards increased girl child enrollment in higher education over the past decade, Pradhan Mantri Schools for Rising India’s (PM-SHRI) steadfast commitment to ensuring quality teaching, and the pivotal role played by the National Education Policy (NEP) 2020 in driving transformative changes in our education system. Additionally, the Startup India and Startup Credit Guarantee Schemes are instrumental in empowering the youth, fostering innovation, and driving economic growth.
Kunal Lakhara, CFO, Pocket Aces
As the Union Finance Minister highlighted, the Skill India Mission's achievements are a testament to our nation's commitment to nurturing talent and fostering growth. The training of 1.4 crore youth, along with the upskilling and re-skilling of 54 lakh individuals, demonstrates a profound investment in our human capital. Looking ahead, the next five years present an unprecedented opportunity for development. As we strive to realize our vision of becoming a developed country by 2047, these initiatives will play a pivotal role in shaping the future of our workforce and advancing our nation's prosperity. In our dynamic landscape of media and entertainment, these advancements herald a wave of talent and innovation. As we harness the potential of our skilled workforce and cutting-edge educational institutions, we pave the way for a vibrant and thriving entertainment sector that mirrors the aspirations of our evolving society.
Nirvaan Birla, MD, Birla Open Minds
The budget has upheld the initiatives taken by Skill India Mission and PM SHRI Schools for Rising India towards providing quality holistic education to young adults. It is a welcome move that 14500 schools have been shortlisted for upgrades to showcase elements of the new Education Policy 2020.
The sheer number of institutions set up for skilling and higher learning is poised to take the vision of Skilled India and Make in India ahead into the Amritkaal envisioned for the nation. Female enrolment going up by 28% in the past 10 years is a positive step in the direction of a healthy and inclusive society. It is a matter of pride that in STEM programs, 43% of the student population is composed of female candidates, which is one of the highest in the world. Equipping the women entrepreneurs with Mudra Yojana loans is the impetus that is required in empowering women and thereby uplifting the society.
Dr Harishchandra Mishra, Chairman, Aditya Group of Institutions (Mumbai)
“The interim budget is a progressive budget towards Vikasit Bharat. It strengthens commitment towards the welfare of the poor, youth, women and farmers. Our vision for a developed India is reflected in this year's budget focus on education and skill development given the country's goal of becoming the third largest economy by 2030 and its vision for Amrit Kaal 2047.
Ajay Gupta Founder and CEO of Bachpan School
If we look on the bright side of our country’s Education Budget 2024, the education sector has received its highest-ever allocation. Also, while no funding was allocated as such in the 2022 budget speech to schools under the PM Shri initiative, 4,000 crore has been allocated for their upgradation this year, and, no doubt, it is quite good to see that. Skill development and youth education, employment, and entrepreneurship are also very much addressed by the government in the Education Budget 2024. However, there seems to be a greater need for tech integration and incorporating AI into school education and preparing students for the future.
Moreover, the number of educational institutions is certainly an important area of concern, and hence around 7 IITs, 16 IITs, 7 IIMs, 15 AIIMS, and 390 universities have been set up under the Skill India Mission. But an important area of concern is also that the quality of those institutions is maintained through concerted efforts.
More concerted efforts are also needed to bring preschool education to the forefront and promote the culture of inclusivity across all schools by catering to the diverse academic needs of students. It seems to be high time that we make the education sector more accessible than it has ever been.
Vivek Kumar Gupta,Registrar, Sharda University
The government has laid emphasis on the education sector with the aim of establishing more than 300 universities, formation of a committee to establish new medical colleges to meet the need of medical students and also on improving health services. A target has been set to provide 2 crore new houses to the poor in rural areas and to provide free electricity (up to 300 units) to 1 crore houses through solar.
Col. Gaurav Dimri, HR Director, Sharda University
The education sector aspirations from budget 2024 largely focussed on aspects of NEP 2020 that envisages digitslisation of education, integration of technology civering AI, Machine learning, give impetus to STEM research, upskling and integration of academic institutions with industry to promote R&D and entreupenurship.
In this direction, the govt has rightly identified in budget 2024 that Youth is one of the four major pillars of development and accordingly the interim budget 2024 has made provisions to address the high aspirations of youth with agenda of empowerement and
upskilling.:-
1. setting of medical colleges utilising existing infrastructure is a right step in this direction to enhance scope of mecical education & research as well benefit healthcare sector.
2. Creation of corpus of Rs 1 lakh crore corpus dedicated towards integration of youth with research & technological development which provides for long term financing of R&D projects and entreprenurial ventures through long tenure funfing at low/ nil interest rates is giant step to promote and scale up reserach.
3. The provision of support for defence sector related R& D and projects is also a welcome measure.
CA Gopal Gupta, Joint Registrar -Finance and Accounts, Sharda University
This is the average interim Budget presented today by Finance Minister. Budget disappointed the salaried class as there is no change in Tax slabs, it was expected that there will be increase in deduction or some change in Tax slab. Duties etc. remains the same. No major big announcement by the Government.
However Govt. Emphasis on education sector by taking a goal of setting up more than 300 Universities and form of committee for setting up new medical colleges to fulfill the need of medical students and improvement in Healthcare services also Govt. set a Target to provide 2 crores New houses to poor in Rural Area and Free Electricity (up to 300 units) to 1 crores Houses through Solar.
Dr. Bhupendra Kumar Gautam, Associate Professor,Sharda University
Today Union Budget (Interim Budget) 2024-2025 presented by honourable Finance Minister Nirmala Sitharaman. This budget majorly focused on long term economic growth. The government targeted to reduce fiscal deficit up to 5.1 percent in financial year 2025.
Government has plans to setup more medical colleges.
For one crore households, 300 units per month electricity will free by setup roof-top solarisation.
Long-term interest free loans for states to boost up tourism.
Housing for middle class.
Tax relief for start-ups till 31st March 2025.
But on the other side salaried class has some disappointments from budget as they were expected that income tax slab will increase and the amount of Tax saving schemes under section 80C will increase at least up to Rs. 250000 and NPS limit will increase up to 100000. But there is no change in Income Tax Slabs and limit under section 80C and 80CCD(1B). So overall this budget is mainly focus on long-term economic growth
Avinash Kr Sinha Management Professor,Sharda University
The Government will focus on the solar Rooftoops which is a welcome considering the futrure energy requirements. The Focus of Vikshit Bhart by 2047 with Infusion of Digital Technology and applications will make the financial Infrastructure very robust. For the purpose of Skill Development 390 Universities will be added which will Make at least 2 Million Youth Employable.
Dr. Preeti Sharma, Associate Professor, Sharda School of Business Studies, Sharda University
The announcement of a Rs 1 lakh crore corpus during Budget 2024 by Finance Minister Nirmala Sitharaman comes as a promising development for the youth. The establishment of this corpus, supported by a 50-year interest-free loan, signifies a significant boost for long-term financing and re-financing endeavors, particularly with the provision of low or nil interest rates. This financial injection is expected to catalyze entrepreneurship and innovation among the youth, fostering economic growth and job creation. The move aligns with the government's vision for a 'Golden Era,' indicating a strategic commitment to empowering the younger generation and steering the economy towards sustained prosperity.
Dr. Hari Shankar Shyam,Chairperson-Executive Education at Sharda School of Business Studies Sharda University
I am delighted to see the substantial allocation of funds for 50 year interest free loans to tech savvy youths. This will help our economy to produce many unicorns in near future and many youths will take the path of entrepreneurship. At the same time this fund will be utilised for developing various technical products indigenously which will help our economy to become trillion dollar economy. It will also help in reducing our fiscal deficit as IT related exports will increase and there is a substantial reduction in depending on imports. This fund will become boon for many incubators for startup’s across the country.
Dr. Kulneet Suri Senior Director, IMS Noida, Adjunct Professor-Harvard University(T.H.Chan School of Public Healthcare) Harvard University, HKS Alumna
While the temporary budget serves as a bridge until the formation of a new government after the elections, the budget unveiled several noteworthy initiatives aimed at boosting economic growth and promoting social welfare. Though the interim budget discusses Technology & Innovation, Women empowerment, healthcare the focus must routed by embracing Al. Looking ahead the trends of AI in 2024 this is the year AI will move from the testing to the macro-implementation stages be it any Industry and especially the retail industry. With Microsoft announcing "AI Copilot key" for laptops there is a stronger indication that AI will further enter the consumer mainstream in 2024 and therefore India should also prepare by Intentional investments in teaching new skills, collaborative development and deployment of AI. On-line learning must be promoted to reach out to youth in the Tier 2-3 cities to shape a future of equitable learning and enable a learn and work ecosystem. An upbeat policy implementation for the higher Education sector to foster academics will help build an equitable economic advancement.
Dr VK Gautam, HOD , Orthopedics Department, Sharda Hospital.
The government should create a budget for health insurance for lower class patients coming to the hospital. Ayushman cards have been made for those who do not need them. There should be such a facility in all hospitals so that Ayushman cards can be made easily for the poor patients who come and they can be treated free of cost.
Dr Bhumesh Tyagi, General Physician, Sharda Hospital
The Finance Minister's plan to increase medical colleges in the country in the interim budget will make medical studies easier. Emphasis has also been laid on promoting maternal child health. This will help in reducing infant mortality rate and promoting maternal health. All Asha workers, Anganwadi workers and helpers will also be covered under the Ayushman Bharat scheme. People of lower class will get treatment easily.
Dr. Shrey Srivastav, general physician, Sharda Hospital
In FY2023-24 budget government took very positive initiatives towards women health, maternal and child health, vaccinations and extension of Ayushman bharat to all ASHA Workers and Anganwadi workers and helpers by launching new schemes Saksham Anganwadi, Poshan 2.0, U-win app which is absolutely commendable work.
But I my views middle class people were expecting more from extension of Ayushman Bharat scheme and budget allocation for healthcare startup could be more, But overall the budget is good as it is for some months only and I am expecting in the next budget the government will focus more on other aspects also.