In her seventh presentation of the Union Budget, Finance Minister Nirmala Sitharaman underscored several major reforms aimed at advancing employment, skills development, infrastructure, and innovation. Among the key allocations and initiatives:
1. Significant Allocation for Education and Skill Development
The budget allocates a substantial Rs 1.48 lakh crore for education, employment, and skill development. This investment is seen as a critical step towards addressing India’s long-term challenges and fostering future growth.
Expert Opinions:
- Praneet Mungali, educationist and trustee of the Sanskriti Group of Schools, praised the allocation, stating, “Investment in education is the lowest common denominator for solving the majority of India’s long-term challenges. Impetus on skilling the youth of our country will be a huge leap towards shaping the future.”
- Koneru Satyanarayana, President at KL Deemed to be University, described the allocation as “a transformative step towards enhancing education, employment, and skilling opportunities in India.”
2. Financial Support and Holistic Approach
The budget emphasizes financial support for education and skill development, aiming to promote social inclusion and sustainable growth.
Prof. Ram Kumar Kakani, Director of IIM Raipur, highlighted that integrating financial support with robust internship opportunities and skill development initiatives would empower youth and support sustainable growth. He commented, “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.”
3. New Centrally Sponsored Scheme for Skilling
A new centrally sponsored scheme will be launched under the Prime Minister’s skilling initiative, collaborating with state governments and enterprises. This scheme aims to develop the skills of 20 lakh youth over the next five years.
Dr. Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH, emphasized the scheme’s potential impact, noting, “It will translate into more jobs for our youth in rural as well as urban areas. The Finance Minister’s vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable.”
4. Internship Opportunities for 1 Crore Youth
The budget introduces a significant initiative to provide internships for 1 crore students at leading companies, with a monthly allowance of Rs 5,000 for 12 months. Companies will cover training costs through their Corporate Social Responsibility (CSR) funds, and interns will receive a one-time support payment of Rs 6,000.
Dr. P. Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham, commended the internship program, stating, “The new internships, offering stipends and assistance funded through CSR, are also commendable and will provide the students with valuable hands-on experience.”
Conclusion
The 2024 Union Budget reflects a strong commitment to enhancing education and skilling opportunities, aiming to drive sustainable growth and innovation. The substantial allocations and new initiatives are designed to empower India’s youth, foster social inclusion, and support economic development.
