Education Industry Terms Union Budget As Roadmap For Futuristic Development A new skilling scheme which envisages the upskilling of 20 lakh youth over the next five years, along with a comprehensive scheme of internships for youth, will boost employment generation besides equipping the workforce with crucial skills to meet evolving needs of the industry.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As soon as the Finance Minister Nirmala Sitharaman presented her 7th consecutive Union Budget speech on Tuesday, education industry players were quick to applaud the budget and termed this as roadmap for futuristic development.
Rohit Manglik, Founder & CEO, EduGorilla said that, "The Union Budget 2024-25 lays the roadmap for futuristic development by identifying nine key priorities. A new skilling scheme which envisages the upskilling of 20 lakh youth over the next five years, along with a comprehensive scheme of internships for youth, will boost employment generation besides equipping the workforce with crucial skills to meet evolving needs of the industry."
Speaking on the same, Amit Kapoor, Founder and CEO, Eupheus Learning said that the focus on skilling the youth with the industry needs and providing education loans with an attractive subvention scheme is a game-changer.
"These measures from the government are a good step forward and we are sure that there will be percolation down to the school level in each district. This percolation will equip students with the skills they need to excel in their careers and contribute to the economy," Kapoor added.
The Minister has also come up with the provision of INR 10 lakh education loans for domestic institutions, with e-vouchers providing 3 per cent interest subvention to one lakh students annually.
Speaking on this, Monica Malhotra Kandhari, Managing Director, AASOKA said, "I am delighted with the Union Budget 2024-25, which allocates INR 1.48 lakh crore towards education, employment, and skilling. This budget's focus on skilling 20 lakh youth over five years through upgraded training institutes is a commendable step toward developing a capable workforce. The introduction of INR 10 lakh education loans for domestic institutions, with e-vouchers providing 3 per cent interest subvention to one lakh students annually, will make higher education more accessible and affordable."
"The revised Model Skill Loan Scheme, benefiting 25,000 students yearly, further emphasizes the government's dedication to skill development. Additionally, the initiative to offer internship opportunities to one crore youth in top companies, with financial support, will significantly enhance their employability," she added.
Meanwhile, Prateek Maheshwari, Co-Founder, Physics Wallah and Chair of the India EdTech Consortium (IEC) appreciated the Budget 2024 announcements.
"The government's focus on closing the skill gap is clear with five new schemes. One key scheme promotes collaboration between the government, academia, and industry to upskill youth by matching course content with industry needs and adding new courses for emerging demands," Maheshwari added.
He said that this is a crucial development, and the EdTech sector can play a big role in expanding this initiative across Bharat. For students who are not eligible under any scheme or policy, the announcement of a loan of INR 10 Lakh to pursue higher education at any domestic institution is in line with NEP 2020's vision of improving the Gross Enrollment Ratio of the nation and the government should also look at introducing academic performance-linked models of funding for Educational programmes. Additionally, loans for skilling and schemes supporting women and girls will help harness the country's demographic and gender dividend, boosting economic growth. However, it's important to remember that the budget allocation is only part of the solution. The real challenge will be how all stakeholders come together and execute this to pave the way to larger economic progress.
Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya said that the Union Budget's emphasis on education and upskilling is a commendable initiative. The allocation of INR 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.
"This investment will empower educators with greater opportunities to ensure 'Baccha Seekha Ki Nahi'," Singh added.
"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," he said.
Supriya Pattanayak, Vice Chancellor, Centurion University of Technology and Management, Odisha said, "the announcement by the Finance Minister on the increased budgetary allocation for skilling, education and employment is a welcome step and would go a long way in India's vision to consistently create an industry-ready workforce. The other highlight of this year's budget is the setting up of 1000 industry training institutes and new courses for emerging needs."
Col. Gopal Karunakaran (Retd.), CEO, Shiv Nadar School said that with an allocation of INR 1.48 lakh crores this year for education, employment, and skilling, the government has reaffirmed its commitment to building a future-ready workforce.
"These initiatives will undoubtedly create a robust framework for skill development and employment generation, essential for our nation's economic progress. Furthermore, the initiative to establish working women hostels and creches will encourage greater participation of women in the workforce, thereby enhancing workforce diversity," he added.
Vaidyanathan V, Director, Finance at Great Lakes Institute of Management, Chennai said, "The interest subvention on education loans for students pursuing higher education in domestic universities is a significant step. It will make higher education more affordable and accessible, reducing the financial burden on students and their families."
Meanwhile, Dr Srinivasan K, Director, MBA ESG India said that management colleges across the country exude confidence in the Union Education Budget 2024, presented by the Union Finance Minister Nirmala Sitharaman, emphasizing the need for innovative and access-based education.
"This commitment gets cemented for the future business leaders of our country due to the fact that an absolute allocation of INR 1.48 lakh crores has been made for education, employment, and skill development. The government has come forward with a scheme of providing loan assistance of up to INR 10 lakh for higher education in a domestic institution, therefore making the access to an MBA programme easier and more accessible to a larger range of talent who dream of pursuing it," Srinivasan added.
