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 Rajita Kulkarni, President of Sri Sri University, Cuttack –

Rajita Kulkarni, President of Sri Sri University

“The Interim Budget presented by honourable Finance Minister on February, 2024 is people-centric budget focusing on inclusive development with substantive development of all forms of infrastructure-physical, digital and social. Its particular focus on women, youth, farmers and the poor people of the country will ensure that employment is created and economic empowerment is developed. No one is left behind in the process of development. The emphasis on climate action, health, enabling innovation and startups will make India well poised to take a global leadership position as we approach Amrit Kaal.
The 2024 Budget signifies the important 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 re-skilled 54 lakh youth, emphasizing empowerment for the younger generation.
At the forefront is the National Education Policy (NEP) 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, it 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 of New York Academy
  
  

  Vinay Maheshwari, Executive Chairman of 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 28 percent 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.”

• Dhara Thakore, Head Incubation and Office of Career Services, Anant National University
  
  

  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 start-up ecosystem. A substantial corpus of Rs 1 lakh crore providing a 50-year interest-free loan for long-term financing or re-financing, 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 Artificial Intelligence (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.
Furthermore, as observed in previous budgets, the tax benefits for start-ups, including certain sovereign wealth fund investments and grants exemptions for businesses in GIFT City until 31st March, 2025, are a welcome move as it will boost the investment ecosystem. In essence, Finance Minister Nirmala Sitharaman’s budget on February 1, presents a promising trajectory toward realising the Viksit Bharat dream.”

• Arjun Vadaraj, Founder and CEO, ArivuPro Academy
  
  

  Arjun Vadaraj, Founder and CEO, ArivuPro Academy

“I appreciate the Budget’s strategic guidelines for the nation’s holistic development and its vision for achieving prosperity by 2047. The government’s targeted investments in the financial sector, encompassing size, capacity, skills, and regulatory framework, are laudable. This approach not only fosters economic growth but also lays the groundwork for essential infrastructure to manage this expansion effectively.

The emphasis on skill development and creating job-ready youth opens substantial opportunities, particularly in the financial education sector. Professional courses in Chartered Accountant (CA), wealth management and financial planning stand to witness significant growth. We’re optimistic about the future, thanks to supportive economic policies fostering inclusive and sustainable development. We believe the upcoming generation of finance professionals will thrive in an efficient ecosystem, enhancing their capabilities and contributing significantly to the nation-building process while achieving their personal aspirations.”

• Manish Rastogi, Chief Executive Officer, Zee Learn Ltd 
  

  Manish Rastogi, Chief Executive Officer, Zee Learn Ltd

“The Budget has been on expected lines, considering it was a vote-on-account budget. As per Finance Minister Nirmala Sitharaman, female enrollment in Higher Education has increased by 28 percent in 10 years and a 43 percent rate of female enrollment in STEM courses, which is heartening. The Budget’s focus on the poor, women, youth and farmers will go a long way to ensure a developed India. 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 Finance Minister has kept that for the full Budget to be presented later in the year.”