Kalinga Voice Bureau
The financial plan for 2024, unveiled by Finance Minister Nirmala Sitharaman, has set to be the primary guide for economic strategies throughout the year. It carefully addressed three key areas: national debt, markets related to resources like land and labor, and employment opportunities. India’s prime minister Narendra Modi might now understand the reasons behind India’s economic progress, which is notably stronger than in numerous other nations.
Prof. Mahadeo Jaiswal, Director, IIM Sambalpur says, “This year, the Education Ministry’s budget allocation has increased by 6.8 per cent, which signifies the government’s commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasizes the importance of education, employment, and skill development by allocating an impressive Rs 1.48 lakh crore for these crucial areas, which is indeed commendable. The provision of financial support for loans up to Rs 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all. This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities. Additionally, the introduction of a new centrally-sponsored scheme for skilling, in collaboration with state governments and industries, is another praiseworthy move. Skilling 20 lakh youth over the next five years will create a robust workforce ready to meet the evolving needs of the industry. The upgrade of 1000 ITIs and the alignment of course content to industry requirements will further enhance the employability of our youth. Furthermore, the government’s internship scheme, providing internships to one crore youth with a stipend and assistance, will offer invaluable hands-on experience and financial support. This initiative, supported by CSR funds, will bridge the gap between education and employment, ensuring that our young talent is work-ready.”
Prof. Ram Kumar Kakani, Director of IIM Raipur says, “To support our youth who haven’t been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience. By integrating financial support for education, robust internship opportunities, and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society—from aspiring students to new startups—can contribute to and benefit from India’s evolving economic landscape.”
Dr. PR Sodani, President, IIHMR University says, “As an institute devoted to nurturing innovation and excellence, we commend the government on this year’s budget, demonstrating a strong commitment to strengthening education & skilling among youth. The significant investment in one thousand industry training institutes, and the provision of 1.48 lakh crore rupees for education, employment and skilling will build a strong support system for educational delivery. The allocation of 10 lakh crore loans for higher education in domestic institutions and the revision in skilling loans upto 7.5 lakh will enhance the skills of our students, and improve participation rate in educational institutes. Moreover, it is promising to see governments focus on providing internship opportunities to 1 crore youth in 500 top companies with a stipend of 5000 rupees giving them market exposure. Such initiatives are poised to elevate India to stand on par with its western counterparts.“
Dr. Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH says, “Since 2014, the central government’s focus on skilling has remained consistent, as highlighted in the present budget. The prime Minister’s package for skilling envisages a collaboration with all state governments as well as industry. This new centrally sponsored scheme for skilling will support our 20 Lakh youth in up-skilling over the next five years. It will translate into more jobs for our youth in rural as well as urban areas. The above investment, along with a newly announced scheme targeting 4.1 crore youth will propel India towards its goal of becoming a developed nation by 2047. The Finance Minister’s far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable.”
