The unveiling of Union Budget 2024 on February 1 by Finance Minister Nirmala Sitharaman garnered widespread attention, focusing on economic policies dedicated to fostering growth, promoting inclusive development, enhancing productivity, and creating opportunities for various segments of society.
In a significant development, the education sector witnessed an augmented budgetary allocation, receiving Rs 73,008.10 crore for the 2024-25 fiscal year, as outlined in the interim Budget. This announcement has generated keen insights and opinions from esteemed educationists. Brainfeed magazine is dedicated to showcasing noteworthy quotes from these specialists in the coming days, providing a comprehensive perspective on the impact of Union Budget 2024 on the education landscape.
We are pleased to present the insights of Meritus Chairman, Ramana Prasad
Chairman of Meritus, Ramana Prasad
“The Budget, presented by the government, unfolds crucial points with profound implications for advancing Artificial Intelligence (AI) in education and fostering start-up growth.
- New scheme for deep tech in Defense:
The government’s commitment to launching a new scheme for strengthening deep tech in defense is a significant stride. A potential positive impact can be noticed with the advancement of Artificial Intelligence and technology in the defense and security sectors. - Extended tax benefits for start-ups:
Notably, the Budget extends tax benefits for start-ups and investments made by sovereign wealth and pension funds until March 2025. This is a crucial move for fostering growth and innovation within the start-up ecosystem, with specific benefits for AI-driven enterprises. - Vision for AI and education in India’s development:
The government’s commitment to making India ‘Viksit’ by 2047 reveals a visionary approach to the growth of AI and education. This commitment signals potential strategic measures and investments to propel the integration of AI in the education sector. - Stability in taxation for businesses, including start-ups:
The assurance of no changes in taxation, both direct and indirect, is a stability-enabling move. This predictability in the tax landscape is anticipated to create a conducive environment for businesses especially start-ups, facilitating their growth and development.
- Parag Goel, Chief Business Officer – eduXLL (ed-tech startup)
Parag Goel, Chief Business Officer – eduXLL
“The government’s remarkably strides on online higher education and youth development through the Skill India Mission, training 1.4 crore individuals and up-skilling 54 lakh youth.
The establishment of 3000 new Industrial Training Institutes (ITIs) and numerous prestigious institutions including IITs, IIMs, AIIMS and other reputed universities reflects a visionary commitment to shaping a skilled and educated India. Additionally, tax benefits for start-ups foster an environment conducive to growth.”
- Dhriti Prasanna Mahanta, Vice President, TeamLease Degree Apprenticeship
Dhriti Prasanna Mahanta, Vice President, TeamLease Degree Apprenticeship
“The aviation industry’s progress heavily depends on having a skilled workforce in its 12 key functions. Unfortunately, India faces a significant 67 percent skill deficit in this sector due to the high training costs and inadequate infrastructure. To address this challenge and prevent the loss of talent to other countries, we recommend implementing work-based apprenticeship programs supported by government initiatives like Direct Benefit Transfer (DBT). These programs can bridge the skill gap and ease the financial burden for employers and aspiring professionals. By fostering a culture of apprenticeship, India can emerge as a global leader in aviation skills comparable to Global Capability Centres (GCC) segments. This strategic push towards ‘Skill in India’ is linking to Global Mobility initiative of NDSC.”
