While presenting the interim budget on February 1, 2024, Finance Minister Nirmala Sitharaman had stated that, “In the full budget in July, our Government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’.” If India does aim to become a developed country by 2047 as per Prime Minister Narendra Modi’s vision of Viksit Bharat, the Union Budget 2024 which will be presented on July 23 must prioritise the education of children, who are the future of the country. Read on to find out what experts from the education sector shared with us at Brainfeed about their expectations from the Union Budget 2024.
The Union Budget 2024 has garnered widespread attention and acclaim, primarily for its visionary approach and comprehensive measures aimed at driving India’s progress towards becoming a developed nation. With a substantial allocation of ₹1.48 trillion dedicated to education, employment, and skilling, the budget reflects a commitment to fostering holistic development and creating ample opportunities for the youth. The Union Budget 2024 presents a balanced approach to social reforms and economic growth. By prioritizing education, skilling, rural development, and energy efficiency, the budget aims to create a more inclusive and sustainable economic framework. The measures have the potential to drive significant positive change, fostering a more skilled workforce, promoting gender equality, and supporting long-term economic stability. However, the successful implementation of these initiatives are important for realizing the vision of a developed and self-reliant nation. It’s imperative to maintain this momentum and continue to invest in the pillars of development to achieve its aspiration of becoming a developed nation. It is however essential to explore its potential to transform India into a developed nation.
One of the most groundbreaking initiatives in the budget is the provision of financial support for education loans up to ₹10 lakh, specifically for students who have not benefited from other government schemes. The introduction of e-vouchers offering a 3% annual interest subvention for 100,000 students is a transformative measure. This initiative not only makes higher education more accessible and affordable but also addresses the financial constraints that often hinder academic aspirations. By investing in education and ensuring that every student has the opportunity to pursue higher studies, India is laying a solid foundation for a knowledgeable and skilled workforce, which is crucial for its development journey.
The budget also emphasizes the importance of female workforce participation by proposing the establishment of working women hostels in collaboration with industry. This initiative is a significant step towards creating a more inclusive environment for women, supporting their career advancement, and contributing to gender equality in the workplace. Empowering women and ensuring their active participation in the workforce is vital for the nation’s socio-economic growth and development.
A commendable aspect of the budget is its focus on upskilling. The revised Model Skilling Loan scheme and the upgrading of 1,000 industrial training institutes reflect a clear intent to enhance employability. By aiming to skill 2 million youth over the next five years, the budget sets the stage for a more competitive and skilled workforce, driving economic growth and innovation. This focus on skilling aligns with the broader goal of holistic development, ensuring that the youth are well-equipped to meet the demands of the evolving job market.
The budget’s emphasis on fiscal consolidation without compromising on capital expenditure is an important initiative. The clear roadmap for “Viksit Bharat,” as lauded by Venkat Chalasani, Chief Executive of AMFI, underscores a positive step towards sustainable economic growth. The emphasis on job creation, skilling, and boosting the MSME sector, coupled with tax relief for the middle classes, is expected to increase disposable income and stimulate economic activity. These measures are likely to drive consumption, investment, and overall economic growth, which are essential components of a developed economy.
The budget’s commitment to rural development, with an allocation of ₹2.66 lakh crore, is poised to boost economic activity, create job opportunities, and improve living standards in rural areas. The focus on job creation and incentivizing skill development initiatives is crucial for effectively channeling the demographic dividend, benefiting the overall economy. Sadaf Sayeed, CEO of Muthoot Microfin, highlights the significance of this commitment in enhancing rural development and supporting economic stability.
The budget addresses the energy sector comprehensively, focusing on climate finance and stimulating carbon markets. The budget’s emphasis on managing and reducing demand, encouraging resource efficiency, and enhancing energy security is critical for driving energy transition and supporting the common man through initiatives like the solar rooftop mission. These measures align with global sustainability goals and are essential for creating a resilient and environmentally sustainable economy.
Dr Rajat Gera, Professor, Cluster Dean, Management, Economics, Commerce, Liberal studies, Director School of Management, OMBR, CMR University, Bangalore
