A budget of Rs 1.48 lakh crore has been suggested by India’s Finance Minister, Nirmala Sitharaman, for employment, skill development, and education. By offering training and skills unique to the business, the budget seeks to improve job prospects, foster talent, and improve educational chances. Stakeholders from educational institutions are urging significant changes and investments to enhance the education sector as the Union Budget 2024 draws near. A portion of GDP is anticipated to be set aside in the budget for digital literacy, in line with Prime Minister Modi’s “Viksit Bharat” initiative. Industry insiders are pushing for more funding for education to assist India in becoming a developed country by 2047.
Key Highlights of Education Budget 2024
- With an emphasis on elementary, secondary, and postsecondary education, the approaching Budget 2024 offers an opportunity to enhance India’s education system comprehensively.
- Reforms include improving teacher quality, using technology, and rationalising taxes. To support early childhood education, the budget should include more money for infrastructure development, teacher training, technological integration, and scholarships.
- Financial markets simulation laboratories are expected to be established by educational institutions to teach students about real-world issues.
- The return on investment in digital infrastructure, skill development, accessibility, and inclusion may be maximised with larger budget allocations for the Education Sector.
- Education is an investment in human capital that may enable students to become productive members of society by helping them reach their full potential in terms of employability or entrepreneurship.
- Reduced interest rates on student loans would ease financial strains and improve access to education at the preferred location.
- Lowering the cost of air travel is essential to make international education affordable for a larger range of students.
Direct Benefits of Union Budget 2024
- The Indian Budget 2024 seeks to help students financially for postsecondary education through direct student delivery of e-vouchers and loans up to Rs 10 lakh.
- In addition, the budget prioritises job-ready education, facilitating the connection between recent graduates and hiring firms, and initiating a centrally-sponsored skilling initiative.
- Over 100 million young people between the ages of 21 and 24 will be able to participate in one-year internships at prestigious organisations thanks to the government.
- Interns will get a monthly salary of Rs 5,000 along with an extra grant of Rs 6,000 for incidental expenditures. Additionally, the budget calls for modernising 1,000 industrial training facilities with an emphasis on results and the design and content of courses specific to the industry in question.
- For the fiscal year 2024–2025, the University Grants Commission has cut its funding priority by over 61%, yet grants to central institutions have grown by more than Rs 4,000 crore.
Experts’ Opinion on the Education Budget
- The CEO of Footprints Childcare, Raj Singhal, emphasised the role that early childhood education would have in determining the future of India. The budget for 2023–24 allots 2.9% of GDP, up 8% from the year before, although this is still less than the 6.6% and 4.2% of GDP that the US and the UK spend on education, respectively.
- The Lovely Professional University’s chancellor, Ashok Mittal, reported a decline in student financial aid. Chancellor Er Koneru Satyanarayana of KL Deemed to be University highlighted the need for more funding for digital technology to raise the calibre and accessibility of education to create long-term sustainable wealth,
- Tarun Kumar Soni, Associate Professor of Finance at FORE School of Management, predicted that educational institutions should invest in reskilling and setting up sophisticated financial markets simulation labs.
Best Educational Websites of 2024
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Masterclass space BITSAT: https://bitsat.masterclassspace.com/
Edureka: https://www.edureka.co/
Conclusion
In the Union Budget 2024, Nirmala Sitharaman, India’s Finance Minister, has suggested allocating Rs 1.48 lakh crore for job creation, skill enhancement, and education. The budget seeks to provide education opportunities, develop talent, and boost employment prospects. The use of technology, rationalising taxation, and enhancing teacher quality are among the highlights. Increased funding is allocated in the budget for early childhood education scholarships, teacher training, infrastructure development, and technology integration. More than 100 million youths between the ages of 21 and 24 will take part in one-year internships.
