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 Aalesh Avlani, Co-Founder, Executive Director, Credit Wise Capital
Aalesh Avlani, Co-Founder, Executive Director, Credit Wise Capital
“The government’s strong commitment to the welfare of the underprivileged, women, young people and farmers is essential to developing our country’s human capital and maintaining stability overall. The nation’s support for EV manufacturing and infrastructure for charging them is expected to expand the availability of electric motorcycles in every corner of the nation. This is expected to lay the foundation for a robust and environmentally friendly transportation sector. This initiative not only addresses the immediate need for cleaner mobility but also stimulates economic growth by fostering job creation within the burgeoning EV industry that will also help give a boost to the demand for EV financing in the near future.”
- Anish Srikrishna, CEO, TimesPro
Anish Srikrishna, CEO, TimesPro
“The government has laid the groundwork to usher in next-generation reforms, steering the growth of India by providing a significant boost to infrastructure development and bridging the accessibility gap to fulfil the aspirations of its citizens. The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and re-skilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities. This will undoubtedly contribute to our collective economic resilience and competitiveness on the global stage. The government’s emphasis on technology, including the provision of 50-year interest-free loans, underscores its dedication to investing in Deep Tech, requiring substantial investment and highly skilled human capital.
Enhancing the Girl Enrolment Ratio will empower females to enter aspiring fields and make significant contributions to various emerging sectors. Although the EdTech sector anticipated some tax incentives that could have benefited our learners, we remain highly optimistic about the upcoming full budget, expected to announce next-generation reforms, will address these concerns. We look forward to actively participating in providing excellence in education, transforming the Indian ecosystem, and contributing to holistic national development.”
- Prof Dr M S Moodithaya, Vice Chancellor, NITTE Deemed to be University
Prof Dr M S Moodithaya, Vice Chancellor, NITTE Deemed to be University
“As expected, being an interim Budget, the Finance Minister has not made many major announcements. Among some of the proposals she made, the provision of Rs 1 lakh crore for providing interest-free loans to techno-savvy youth for starting their enterprises is a welcome development.
Because many of our youngsters today are pursuing emerging technologies like AI, Robotics, Data sciences, this could help in harnessing opportunities in sunrise domains. This can boost start-up and entrepreneurship culture among our youth.”
- Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship
Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship
“The Budget clearly paves way for setting the stage for ‘Viksit Bharat’ with Sabka Sath, Sabka Vikas, in 2024. It is inclusive, holistic, progressive and sustainable, aiming for a 5 trillion dollar economy by 2027 and preparing for a $30 trillion turn by 2047. With the special focus on poor, women and youth – it is an indication of leveraging demographic dividends to raise economic productivity. Investments in infrastructure development related to travel, housing and tourism is expected to raise much needed employment opportunities, which will percolate to skilled talent required to fulfil those jobs.
In order to achieve the target of net zero carbon emissions by 2070, there has been an emphasis on a green economy with focus on expansion of solar energy, bio fuels and charging infrastructure which will raise the need for green skills. Make in India continues to be the focal point to take advantage of reorder in the global supply chain by highlighting the need for technical skills in the manufacturing sector. With all these initiatives there is a need to gravitate towards a skill economy and the Budget indicated the vision and mission of Government for next 5 years that it is expected to be in power.”
- AR Ramesh, CEO, TeamLease Degree Apprenticeship
AR Ramesh, CEO, TeamLease Degree Apprenticeship
“The Budget’s commitment to upskilling and reskilling 54 lakh youth represents India’s path towards a ‘Viksit Bharat’ or Developed India, taking a significant stride towards unlocking the potential of our 800 million youth. The focus on digital and online learning is crucial, providing access to education for everyone and empowering people from diverse backgrounds. Now the journey for the next generation of women entrepreneurs begins. With organizations leveraging higher learning embedded OJTs like Degree Apprenticeship programmes to attract and train workforce, this is the right time for the government to create conducive frameworks to accelerate adoption.
Additionally, the trend towards inclusivity in the workforce, particularly in traditionally male-dominated sectors, promises a bright future.
Our data indicates that some manufacturing companies, which previously preferred male employees, have more than doubled their female workforce and aim to exceed 30 percent ratios. Companies that adopt apprenticeship programs encourage diversity and drive economic empowerment, as evidenced by the doubling of the female workforce in manufacturing sectors. As we nurture the next generation of women entrepreneurs, integrating degree apprenticeship programs can catalyse change, bridge the skills gap and foster socio-economic mobility. The government’s proactive role in creating favourable frameworks for the widespread adoption of such programs is crucial, ensuring that women throughout the country have the same opportunities to thrive and contribute to India’s journey towards inclusive growth and development.”
