Parul
The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country. Presenting the Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman said it will focus on employment, skilling, MSMEs and the middle class.
She added that people have given unique opportunity to the Modi government to take India on the path of strong development, and all-round prosperity.
Sitharaman in her Budget speech also proposed creation of employment of about 4.1 crore youth over the next five years. Towards it, the finance minister has made an allocation of Rs 2 lakh crore.
The budget announcement includes a new centrally-sponsored scheme for skilling 20 lakh youth over the next five years. As part of boosting skilling efforts, 1,000 ITIs will be upgraded on the hub-and-spoke model. Besides, the government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. Sitharaman said the new centrally-sponsored scheme for skilling in collaboration with states and industry will train 20 lakh youth over a period of five years.
She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT)
The Finance Minister said that the government will launch internship opportunities in 500
companies to one crore youth in five years.
Interns will get exposure to real-life environment and an allowance of Rs 5000 per month, she said.
The companies will bear training and 10 per cent of training cost from CSR funds.
Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget.
Commenting on the announcement, Dr. Bhupendra Bahadur Tiwari, Professor and Director, CMR University, Bengaluru said that this budget marks a pivotal moment for the education sector, with substantial investments aimed at revamping our education system.
“Enhancing vocational training and focusing on STEM education can propel India towards becoming a global knowledge hub. It’s imperative, however, to monitor the implementation of these initiatives closely to ensure they reach the intended beneficiaries. Collaborative efforts between the government, private sector, and educational institutions will be key to achieving these ambitious goals.”
Jaideep Kewalramani, COO & Head of Employability Business, TeamLease Edtech said, the FY 25 budget signals continuity and a forward-looking framework to strengthen India’s growth trajectory.
“By prioritising employment and skilling, inclusiveness and social justice, infrastructure, innovation, and next-generation reforms, this budget not only addresses immediate challenges but also lays the foundation for a knowledge based growth economy. Women participation in the workforce is absolutely essential for sustained GSP growth and realising the vision of developed India. Creating an ecosystem that supports women in the workforce that is culturally aligned is important. Encouraging higher education and skill development among females is another critical aspect that requires thrust,”
