Union Finance Minister Nirmala Sitharaman’s presentation of the 2024-25 Budget has prompted diverse reactions from academicians and experts, who have shared their perspectives on various aspects including education, employment, internships, and education loans. Here’s a summary of their insights:
Creating a Robust Workforce
The provision of financial support through e-vouchers for education loans up to Rs 10 lakh is a commendable move toward making higher education more accessible. This initiative is expected to alleviate financial constraints for many aspiring students and enhance job opportunities. Additionally, the plan to skill 20 lakh youth over the next five years will help build a strong workforce equipped to meet industry demands. Upgrading 1,000 ITIs and aligning course content with industry needs will further improve employability, while the internship scheme, offering stipends and support to one crore youth, will bridge the gap between education and employment.
— Prof. Mahadeo Jaiswal, Director, IIM Sambalpur
Holistic Foundation for Sustainable Growth
The integration of financial support for education, robust internship opportunities, and a focus on skill development establishes a solid foundation for sustainable growth and innovation. This comprehensive approach ensures that all societal segments—from students to startups—can contribute to and benefit from India’s economic evolution.
— Prof. Ram Kumar Kakani, Director, IIM Raipur
Affordable Higher Education
The establishment of a National Research Fund to boost innovation and research, coupled with the creation of Growth Hubs in 14 cities and a new scheme on skilling, underscores the budget’s positive impact on higher education. The introduction of e-voucher loans at low interest rates will make higher education more inclusive and affordable.
— Prof. Debashis Chatterjee, Director, IIM Kozhikode
Benefits for the Accounting Profession
The budget’s focus on employment, skilling, and MSME development reflects strategic priorities that will enhance workforce skills and entrepreneurial opportunities. The announcement of five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years, with a central outlay of Rs 2 lakh crores, is expected to boost demand for financial expertise, benefiting the accounting profession and Chartered Accountants.
— CA Ranjeet Kumar Agarwal, President, The Institute of Chartered Accountants of India
Priority on Women-Led Development
Allocating Rs 2 lakh crore for youth employment, skilling, and opportunities, alongside Rs 3 lakh crore for schemes targeting women and girls, underscores a commitment to women-led development. The alignment of the announced Employment Linked Incentives (ELIs) with CII recommendations is a positive step forward.
— Chandrajit Banerjee, Director General, CII
Making India a Global Knowledge Hub
Enhanced vocational training and a focus on STEM education could position India as a global knowledge hub. It’s crucial to monitor the implementation of these initiatives to ensure they reach their intended beneficiaries. Effective collaboration between government, private sector, and educational institutions will be key.
— Prof. Bhupendra Bahadur Tiwari, Director, CMR University, Bengaluru
The Problem Remains
Despite increased budget allocations for education, skill development, and ITI upgrades, the budget falls short in addressing specific areas such as research and innovation. The absence of allocations for PM SHRI model schools and NEP implementation reflects a need for a more detailed budget breakdown. To make a significant impact, the education budget should be increased to 4-5% of GDP and strategically allocated.
— Vinesh Menon, Co-Chair, CII National Education Committee & CEO, AMPERSAND Group
Annual Increase in R&D Budget
The government aims to enhance agricultural research and increase productivity. However, with our gross expenditure on R&D still below the global average, there’s a need for continued annual increases in the R&D budget to meet international standards.
— Prof. Nishith Gupta, Head, Department of Biological Sciences, BITS Pilani
Ensuring Stipends for Internship Programmes
The announcement of internships for 1 crore youth with stipends and additional support is a significant advancement. This initiative encourages companies to use CSR funds for intern development, potentially inspiring more comprehensive internship programs.
— Sarvesh Agrawal, Founder and CEO, Internshala
Commitment to Gender Equality
Hostel facilities and women-specific skilling programs, along with internship provisions, demonstrate a strong commitment to gender equality. The financial support and skilling initiatives will empower women and youth, driving economic and social progress.
— Rashmi Mittal, Pro-Chancellor, LPU
Integration of On-the-Job Training
The internship scheme offering Rs 5000 per month and Rs 6000 as one-time assistance, combined with mandated on-the-job training, will enhance practical experience and job readiness. This focus on employment and skilling will build a sustainable pipeline of skilled professionals.
— Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeship
Specialised Skill Development
The introduction of skilling programs and financial support targeting manufacturing and women-led self-help groups represents a strategic move. Specialized skill development aligned with industry needs will create a more job-ready workforce, particularly in emerging sectors.
— Amit Goyal, Regional Managing Director, South Asia, Project Management Institute
Large-Scale Internship Programmes
The budget’s emphasis on upgrading ITIs and introducing extensive internship programs reflects a shift towards employability-focused learning. Financial support for higher education loans will alleviate student burdens and promote access to further education. Effective implementation of these large-scale internship programs will be crucial for transforming the educational landscape.
— Monika Soni, Assistant Professor-OB & HR, BBA Programme Coordinator, Institute of Management, JK Lakshmipat University
Role of the EdTech Sector
The budget’s focus on bridging the skill gap through new schemes and collaborations with the EdTech sector is vital. The introduction of a Rs 10 lakh loan for higher education aligns with NEP 2020’s vision. Performance-based funding models and support for women and girls will harness demographic and gender dividends.
— Prateek Maheshwari, Co-Founder, Physics Wallah, and Chair, India EdTech Consortium (IEC)
An Average Budget
The Union Budget 2024, while addressing employment and financial support for higher education, leaves much to be desired. Despite positive measures like financial assistance and investment in education, there remains potential for more impactful reforms.
— Satyajit Tambe, Member, Maharashtra Legislative Council
Enabling Students for Higher Education
The introduction of e-vouchers for education loans and the emphasis on skilling and internships provide strong support for higher education and workforce readiness. Initiatives to enhance women’s participation and upgrade ITIs further solidify this foundation.
— Fr. Sebastian George SJ, Director, XLRI Jamshedpur
Multi-Dimensional Approach
The budget’s focus on skilling and employment through a multi-dimensional approach highlights the need for collaboration between various stakeholders to address the skill gap and ensure effective implementation of these initiatives.
— Sapna Moudgil, CEO, NIIT Foundation
Youth Skills as an Economic Driver
The plan to skill 20 lakh youths and upgrade ITIs is a strategic move to address the skill gap and boost the economy. This budget underscores the role of youth upskilling in driving economic growth.
— Warren Harris, CEO & MD, Tata Technologies
States Can Help in Skill Development
States should be incentivized to invest in education and skill development, especially in regional languages. Enhanced lending for domestic education and support for students returning from abroad could further benefit the educational landscape.
— Madhu Veeraraghavan, Pro Vice Chancellor, Manipal Academy of Higher Education
Focus on Industry-Specific Skills
The increased budget allocation for skilling and education will support the development of an industry-ready workforce. New courses and ITI upgrades, along with loan provisions, will benefit youth and align with emerging industry needs.
— [Expert’s Name], [Position]
