In view of the Union Budget 2024, Quote on the announcements made by our FM Nirmala Sitharaman on the industry

Mr. Rishabh Khanna, CEO and co-founder of Suraasa,

highlights the positive impact of the Union Budget’s focus on education and upskilling. He states, “The Finance Minister’s emphasis on education in the Union Budget is a commendable initiative. Allocating INR 2 lakh crore for skilling, among other measures, will significantly enhance the country’s educational infrastructure. This investment will provide educators with ample opportunities to upskill in trending areas. Additionally, the focus on employment generation and the strategic package for upskilling the Indian youth will bolster the aspirations of numerous job seekers, particularly within the teaching profession, and promote professional growth.”

Rohit Gupta, COO & Co-founder, College Vidya, “Budget 2024’s allocation of ₹1.48 lakh crores for education, employment, and skilling demonstrates a robust commitment to India’s educational future. At College Vidya, we’re particularly excited about the government’s decision to provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions. This aligns perfectly with our mission to increase access to quality education. The Prime Minister’s package of five schemes, with a ₹2 lakh crore outlay over five years, is a game-changer for youth empowerment. The goal to skill 20 lakh youth through employment-linked initiatives addresses a critical gap between academic learning and industry requirements. We see tremendous potential in integrating these initiatives with digital learning solutions. This budget sets a positive tone for collaboration between the government and ed-tech companies to deliver quality education at scale. With these bold steps, India is poised to create an educated, skilled, and employable youth force that will drive our nation’s growth.”

Also Read: Pre-Budget Quote for 2024

Pratham Barot, CEO & Co-Founder of Zell Education says,” We are pleased with the government’s emphasis on providing opportunities for skill development and employability in the budget. The Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores is really inspiring . The Govt has made a provision of ₹1.48 lakh crores for education, employment and skilling taking one more step towards development and success. The emphasis on vocational training and apprenticeships is particularly noteworthy, as it will enable practical, hands-on experience that aligns with industry demands. Furthermore, the allocation of resources for digital skill training will ensure that our workforce remains competitive in an increasingly digital global economy. Overall, this budget reflects a forward-thinking approach to building a resilient and skilled workforce, which is essential for the sustained growth and prosperity of our country. We are optimistic that these measures will yield significant benefits and look forward to their successful implementation.”

Important Announcement – EasyShiksha has now started Online Internship Program “Ab India Sikhega Ghar Se”

Quote on behalf of Prof. Dr. M.S. Moodithaya, Vice Chancellor, NITTE Deemed to be University discussing his reactions on the budget.

I am happy to note that the Union Budget 2024-25 has rightly recognized the focus on India’s Youth as the route for economic growth.  With a median age of around 28 years, India has one of the youngest populations in the world.  To harness the potential of our youthful population the Finance Minister has made provision for Skill Development, education, Entrepreneurship, innovation and employment generation.
The proposal to provide Rs. 1.48 lakh crore for education, employment and skill development is most welcome.  Financial Support for loans up to Rs. 10 lakh to students aiming for higher education in domestic education is a good move, especially from the point of view of stopping our youth from going out for higher education. Similarly, the scheme for skilling students, in collaboration with State Governments and the Private Sector will help in making them industry-ready.  Another ambitious announcement is the proposal for providing internships for One crore youth, with a stipend of Rs. 5,000 and one-time assistance of Rs. 6,000. It is to be seen as to how the Finance Minister would ensure that the industry responds positively by allocating resources from their CSR funds.

Quote on behalf of Dr. Sanjay Gupta, Vice Chancellor, World University of Design.

“I commend the government’s initiatives in the Union Budget 2024 to empower our youth through education and skill development. The introduction of financial aid up to ₹10 lakh for higher education at domestic institutions, along with e-vouchers for interest relief, is a significant step towards enhancing access to quality education. Equally noteworthy is the Prime Minister’s internship initiative, aiming to train one crore students for prestigious organizations over the next five years with a monthly stipend. These efforts not only boost youth employability but also foster a culture of lifelong learning. These initiatives not only improve the employability of young people but also cultivate a culture of lifelong learning. Furthermore, establishing E-Commerce Export Hubs will enable MSMEs and traditional artisans to showcase their work globally. This holistic approach to social justice and inclusive growth resonates with our mission to nurture creative talent in the design industry. We look forward to leveraging these opportunities to help our students achieve their aspirations and contribute to India’s dynamic design sector.

Mr. Chirag Sharma, CEO, Drone Destination said- “We welcome the budget’s focus on creating digital agriculture, employment generation, skill development, and women in the workforce. At Drone Destination, we continue to be a lead player in the Namo Drone Didi program to train and empower women drone entrepreneurs from self-help groups in rural areas.  We look forward to carrying our extensive drone mapping experience from schemes like SVAMITVA to support creation of digital public infra in agriculture. Additionally, our recent MoU with NSIC to establish drone training centres nationwide aims to skill and develop a future-ready workforce for the growing demands in the Indian drone eco-system”

Dr. Payal Kanodia, Chairperson, FICCI YFLO Delhi.
“It is promising to see our vision align with the Modi government’s forward-thinking ideology. As the newly appointed Chairperson of YFLO Delhi, my dedication to women and child welfare has been amplified by this honour. I am committed to reaching 1 million people, focusing on livelihood opportunities, youth skill development, literacy, socio-economic empowerment, environmental conservation, and enterprise development. Modi 3.0’s focus on enhancing women’s workforce participation through initiatives like hostels and women-specific skilling programs is inspiring. At YFLO, in collaboration with Womenovator, we are encouraging private academic institutions to help post-graduate women overcome societal challenges and secure relevant work. Additionally, through M3M Foundation, new initiatives for promoting private investment in post-harvest activities and faster adoption of technologies like nano DAP to boost agricultural productivity will be scaled in Delhi NCR and border areas like Leh and Ladakh, benefiting women in rural areas.”

Anish Srikrishna, CEO, TimesPro

“The Finance Ministry’s focus on youth development, job creation and the skilling of millions of young learners will establish a robust foundation for India’s economic strength and position it as a global hub for skills. The comprehensive package of schemes, with an estimated cost of Rs. 2 lakh crores, aims to facilitate employment and skilling initiatives, significantly contributing to job creation and skill enhancement across various candidate categories in the country. The direct benefit transfer of one month’s salary to new entrants in the workforce will help expand the base of formal employment, benefiting 2.1 lakh young people in India.

Higher education has a crucial role in executing these next-generation initiatives. EdTech platforms, in particular, have proven to be key differentiators in democratising education through innovative and cutting-edge technology. They are significantly upskilling Indian youth to enhance employability and contribute to executive learning, thereby creating a substantial upskilled workforce to power the economy and we look forward to Edtech’s continued participation in India’s growth narrative.”

Reactive Statement on Budget Allocations that will help Child Welfare in 2024 – Sudarshan Suchi, CEO, Bal Raksha Bharat
“The recently presented Budget 2024-2025 demonstrates a significant commitment to improving the lives of children through comprehensive allocations in education, health, and child welfare. Over ₹3 lakh crore allocated for schemes benefiting women and girls ensures that these crucial segments of the population receive support for education, healthcare, and economic participation. Additionally, the launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan is set to benefit 5 crore tribal people, which includes a significant number of children, by improving their socio-economic conditions. Additionally, the allocation of ₹1.48 lakh crore for education ensures significant investment in infrastructure, quality of education, and skill development. The budget speech also mentioned a centrally sponsored scheme that aims to skill 20 lakh youth over five years by upgrading 1000 Industrial Training Institutes (ITIs). Upgrading ITIs and skilling initiatives prepare youth for employment, reducing unemployment and driving economic progress. This skilled workforce can attract global businesses and enhance India’s competitiveness. Although specific child health allocations are not detailed, the focus on inclusive healthcare ensures that children and adults receive necessary medical services. Healthy children grow into productive adults, reducing future healthcare burdens and increasing societal productivity. The Budget 2024-2025 reflects a robust commitment to fostering the well-being and development of children through targeted investments. Strategic allocations in child welfare will lay a solid foundation for achieving a Viksit Bharat. These investments are not just expenditures but critical enablers of a developed, equitable, and prosperous India”

“Additionally, The introduction of the National Pension Scheme for Minors (NPS Vatsalya) in the Indian Budget 2024 represents a significant development in the domain of child welfare and financial security. NPS Vatsalya aims to provide a structured and secure financial instrument for the long-term welfare of children, and is designed to cater to the needs of minors, offering a way for parents or guardians to plan for the future financial security of their children.
Unlike SSY or PPF, NPS Vatsalya is focused on creating a pension corpus rather than just savings, which aligns well with long-term financial security goals. The automatic transition from a minor’s scheme to an adult NPS plan offers a seamless process for continued savings and investment. This scheme integrates child welfare into broader financial and social security frameworks, reflecting a more holistic approach to child welfare beyond immediate needs.
It represents a shift towards future-oriented policy measures aimed at ensuring long-term benefits for children as they grow into adulthood.
By targeting minors, the scheme can be inclusive of a wide demographic, including those from economically weaker sections who might not otherwise consider long-term savings for their children.
However, the challenge lies in amplifying its awareness and Reach, ensuring that all parents, especially in remote or underprivileged areas, are aware of and can access NPS Vatsalya. Similarly, some parents might find pension schemes complex and might require additional support to understand the benefits and operation of the scheme.  The effectiveness of the scheme will depend on the returns generated by the investments made under NPS Vatsalya. Parents will need assurance of adequate returns to meet future needs.
NPS Vatsalya is a forward-thinking initiative that aligns well with the goals of child welfare by promoting early financial planning and ensuring future stability for minors. Its focus on long-term pension benefits represents a significant step towards comprehensive child welfare, integrating financial security into the broader social safety net. However, its success will depend on effective implementation, accessibility, and the ability to address the challenges faced by different segments of the population. The scheme reflects a commitment to the future well-being of children and presents an opportunity to cultivate a culture of long-term financial responsibility among Indian families” 

Quote by Prof. (Dr.) Madhu Veeraraghavan, Pro Vice Chancellor ,Manipal Academy of Higher Education, Bengaluru who holds a Doctorate in Finance “Public Sector Units (PSUs) are the single biggest repositories of industrial skills. Their divestment could have been strategically used to fund skill development clusters in emerging sectors such as Fintech, Logistics, Textiles, and Defence Production. Additionally, lenders to students possess critical insights into the employability of their borrowers and could be incentivized to align education and skills training with industry needs, enhancing efficiencies. Domestic educational institutions would benefit from increased lending ceilings for local education, while creating more opportunities for the return of talent educated abroad could prevent dis-incentivization of such loans. States, having the best scope to create jobs, should be given GST incentives to invest in education and skills, particularly in regional languages”

Prof. (Dr) Preeti Bajaj, Director General, KIET Group of Institutions says, “Budget 2024’s focus on holistic development, particularly in education and skill development, is a watershed moment for India’s future. The government’s commitment of ₹2 lakh crores over five years for youth empowerment, coupled with this year’s allocation of ₹1.48 lakh crores for education, employment, and skilling, demonstrates a clear vision for building a knowledge-based economy. The emphasis on employment-linked skilling schemes is a game-changer. With the goal to skill 20 lakh youth, this initiative addresses the critical need to bridge the gap between academic learning and industry requirements – a challenge we’ve long recognized at KIET. As a leading educational institution, we’re excited to leverage our expertise in technical and professional education to support these government initiatives. We see immense potential for collaboration between academia and industry to create curricula that are responsive to market needs and to provide hands-on, practical training to our students. This budget sets a strong foundation for transforming India’s youth into a skilled, employable workforce ready for taking our country to become Viksit Bharat.”

Sourabh Deorah, CEO & Co-founder, AdvantageClub.ai says, “Today’s Budget announcement about abolishing the angel tax for all classes of investors will significantly boost growth and create a more supportive environment for angel investments in startups. This should help reduce the stress in the market for early stage startups. With increased R&D investments, there will be creation of newer industries and more job opportunities that will ultimately benefit the entire startup ecosystem and position India as a global innovation hub. Also, the changes in tax slabs along with increased standard deduction brings much-needed relief to salaried individuals, enhancing their disposable income and overall economic well-being. Additionally, it’s encouraging to see a strong focus on youth empowerment with internship opportunities for 1 crore young people across 500 companies and one-month wage support for all first-time formal job entrants. At AdvantageClub.ai, I have always advocated for hiring fresh talent. Modi 3.0’s top nine priorities will generate ample opportunities for Indians and transform India for a brighter future.”

Dr. Saloni Wagh, Director, Supriya Lifescience

 “This budget represents a pivotal move towards a Vikasit Bharat, emphasizing progress through targeted support for Garib (poor), Mahilayen (women), Yuva (the youth) and Annadata (farmers). Key focus areas include employment, skill development, MSME growth—vital for GDP and exports—and middle-class upliftment.

The full exemption of basic customs duties on three cancer treatment medicines is a notable advance, promising substantial benefits for both the pharmaceutical sector and cancer patients. With a ₹2,143 crore allocation under the Production Linked Incentive (PLI) scheme, India is set to lead globally in pharmaceuticals, with the domestic market projected to reach USD 130 billion by 2030. These steps are vital for achieving our $5 trillion GDP goal in three years and $7 trillion by 2030.

Moreover, the Prime Minister’s package, Significant funds—₹2 lakh crore for employment and skill development, and ₹1.48 lakh crore for education—are allocated to drive job creation. Enhanced focus on women’s workforce participation through dedicated hostels and targeted skilling programs is also commendable. These initiatives are expected to deliver a skilled workforce crucial for innovation and precision industries.

The budget also prioritizes innovation, R&D, and education, fostering advancements across public and private sectors. The government’s commitment to these areas aims to boost research, enhance education quality, and develop a competent workforce. This emphasis will propel India’s technology and manufacturing sectors, positioning the country as a major global manufacturing hub.”

Union Budget commentary from Mr. Deepak Patkar, MD & CEO of SMFG Grihashakti(Formerly Fullerton Grihashakti), one of India’s leading housing finance companies.

“The FY25 Union Budget represents a decisive step forward in addressing India’s housing needs with the expansion of the Pradhan Mantri Awas Yojana (PMAY) to include 3 crore additional houses. This ambitious plan, supported by a proposed central assistance of ₹2.2 lakh crore over the next five years, underlines the Government’s commitment to providing quality housing for all. The introduction of an interest subsidy scheme for urban housing will make loans more affordable, enhancing access for many looking to realise their housing dreams. The Budget also emphasizes substantial investment in urban housing under PMAY 2.0, with an allocation of ₹10 lakh crore, showcasing a comprehensive approach to meeting urban housing demands.

As of now, 118.64 lakh houses have been sanctioned under PMAY-U, with 85.04 lakh already completed, reflecting significant progress. In rural areas, the PMAY-G scheme has facilitated the construction of 2.95 crore pucca houses by March 2024, with 2.94 crore houses sanctioned and 2.55 crore completed by February 2024. This highlights the Government’s dedication to improving the overall infrastructure across the country and providing improved living conditions for the Economic Weaker Section (EWS) & Low Income Group (LIG) populous, thereby boosting overall economic development.”

Shridhar Venkat, CEO, The Akshaya Patra Foundation – mid-day meal NGO partner for GoI in government schools

“The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with ₹377 crore allocated for 2024-25. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.

The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated ₹12,467.39 crore for 2024-25. This represents a significant 24.67% increase from the revised estimate of ₹10,000 crore in 2023-24. This substantial investment in our children’s nutrition is heartening.

These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we’re making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education), and SDG 10 (Reduced Inequalities). This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all.“

In light of the new tax regime, Prof. Dr. Sudipto Bhattacharyya, Principal of Global Institute of Management and Technology, Krishnanagar, Nadia, WB. has shared a quote on how the education sector will benefit from the announcement of the new budget in 2024.

” The Union Budget 2024 has a significant allocation toward education and skill development. The Rs 1.48 lakh crore investment in the education sector is a testament to the government’s commitment to nurturing the future of our nation. With jobs being one of the nine priorities for this budget, this elevated budgetary allocation will enable students to pursue their desired careers.

We believe this budget will empower millions of students through the development of new educational initiatives, enhanced programs, and much-needed resources to schools and institutions across the country.

The Union Budget 2024’s focus on youth and employment, with a Rs 2 lakh crore allocation, is a commendable step towards addressing the critical need for skill development and job creation. This investment will play a crucial role in equipping the younger generation with the necessary skills to meet the demands of the modern workforce.

The emphasis on sustainable agricultural practices and infrastructure development aligns with our mission to create a holistic learning environment that prepares students for the challenges of the future. We are particularly encouraged by the government’s commitment to promoting natural farming and improving rural infrastructure, which will have a positive impact on the communities we serve. By integrating these elements into our curriculum, we aim to foster a generation of environmentally conscious and socially responsible individuals.

Platforms like Easyshiksha play a crucial role in educating and equipping professionals with the knowledge and skills to navigate this rapidly evolving landscape.