Interim Budget 2024 (Edu & Skills): ‘it about research, innovation and entrepreneurship led by India’s talented Yuva Shakti’

The Budget Allocation for the Department of School Education & Literacy for the FY 2024-25 is ₹73,498 crore, highest ever. There has been an overall increase of ₹12,024 crore (19.56%) for the Department from RE 2023-24. Budget Allocation for flagship schemes has been increased: Samagra Shiksha (by ₹4,500 cr), PM-POSHAN (by ₹2,467 cr) and PM-SHRI (by ₹3,250 cr) as compared to RE 2023-24. The overall Budget Allocation for Department of Higher Education in FY 2024-25 is ₹47619.77 Cr out of which Scheme allocation is ₹7487.87 cr and Non- Scheme allocation is ₹40131.90 cr. There has been an overall increase of ₹3525.15 Cr (7.99%) in the Budget Allocation of Department of Higher Education in the FY 2024-25 with respect to FY 2023-24. Allocation in Central Universities has been kept at ₹15928.00 Cr, i.e, ₹ 4314.03 Cr more than allocation in BE 2023-24. IITs have been allocated ₹10324.5 Cr in 2024-25, which is ₹963.00 cr more than allocation in BE 2023-24. In IISERs the allocation has been kept at Rs. 1540 Cr, increasing the allocation by Rs.78 Cr in r/o BE 2023-24. Support to Indian Institute of Science (IISc) have been allocated Rs. 875.77 Cr in 2024-25, which is Rs. 60.37 crmore than allocation in BE 2023-24. Similarly for RUSA, the budget has been kept at Rs.1814.94 Cr for FY 2024-25, which is Rs. 314.94 cr more than BE 2023-24. An allocation of Rs.1800 Cr has been kept for Institutions of Eminence(IOE), which is Rs. 300 Cr more than BE 2023-24. For the scheme ‘Pradhan Mantri Uchhatar ShikshaProtsahan Yojna’(PM-USP), the budget allocation has been kept at Rs.1558 Cr in FY 2024-25, which is Rs.4 Cr more than BE 2023-24. In the scheme ‘National Apprenticeship Training Scheme(NATS)’, an allocation of Rs.600 Cr has been made in FY 2024-25, which is Rs.160 Cr more than BE 2023-24. In the scheme ‘National Mission in Education through ICT’, an allocation of Rs.480 Cr has been made in FY 2024-25, which is Rs.80 Cr more than BE 2023-24. In the scheme ‘Multidisciplinary Education and Research Improvement in Technical Education-EAP (MERITE)’, an allocation of Rs.200 Cr has been made in FY 2024-25, a 100% increase over the allocation in 2023-24. The scheme ‘Establishment of 3 Centres of Excellence (CoEs) in Artificial Intelligence (AI)’ was a budget announcement in FY 2023-24, an allocation of Rs.255 Cr has been made in FY 2024-25. Union Minister for Education and Skill Development & Entrepreneurship Shri Dharmendra Pradhan lauded the Interim Budget 2024-25 as a stepping stone to make India a developed country by 2047. Pradhan complimented the Finance Minister for her far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget. He said that this budget will pave the way for a golden era of research, innovation and entrepreneurship led by India’s talented Yuva Shakti. The budget mentioning achievements of Modi decade says Skill India Mission has successfully trained 1.4 crore youth, upskilled and reskilled 54 lakh individuals, and established 3,000 new ITIs, 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMSs and 390 universities’. A notable 28% increase in female enrollment in higher education was a moment of pride. In STEM courses, women now make up an impressive 43% of the total enrollment, marking one of the highest figures globally. The budget mentions, a corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates. And, a new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting  ‘atmanirbharta’. The Finance Minister stressed that this Government is working with an approach to development that is all-round, all-pervasive and all-inclusive. She said, “We are working to make India a ‘Viksit Bharat’ by 2047. For achieving that goal, we need to improve people’s capability and empower them”. Reactions Prof. Dr. M.S. Moodithaya, Vice Chancellor, NITTE Deemed to be University : “ As expected, being an interim Budget, the Finance Minister has not made many major announcements. Among some of the proposals she made,  the provision of Rs. 1 lakh Crore for providing interest-free loans to techno-savvy youth for starting their enterprises is a welcome development. Because many of our youngsters today are pursuing emerging technologies like AI, Robotics, Data sciences, etc, this could help in harnessing opportunities in sunrise domains. This can boost start-up and  entrepreneurship culture among our youth”  Dr. Subir Verma, Director – FORE School of Management, New Delhi:   “The Budget brings light to the idea of Atmanirbharta and the government’s goal of making the youth of India more skilled and increase employment opportunities for them. The Budget firmly stands by the idea of developed India and gives more autonomy to the key pillars of the society. It will help in creating more avenues for the Startups and create explosive growth by driving innovation and expedite reforms in sectors of national importance. The National Education Policy 2020 is ushering in transformational reforms and with initiatives like Skill India Mission, Mudra Yojana loans and PM ScHools for Rising India (PM SHRI), India will reach its goal of Developed Bharat. We are all together with PM Modi in his vision of making India the Vishwaguru a reality .” Dr. V.P. Singh, Director – PGDM and Professor – Managerial Economics & Statistics, Great Lakes Institute of Management, Gurgaon :  “This budget exudes NDA government’s confidence while going into general election in few months from now. Populism has been shunned will prudence has been observed. As expected, the growth in capex has been slowed and more emphasize being given to agents of financial inclusivity – skill building; women; street vendors; farming community and handicapped. Three railway economic corridors – Energy, Minerals and Cement; Port connectivity; and high traffic density corridors will move goods and people faster. Together, when money, material and man travel faster the economic development happens faster. Emphasis on logistics is one of the pillars through which the government wishes to make India ‘viksit’ by 2047.” Sachin Alug, CEO, NLB Services : “ The budget hinted at aspects critical for large-scale employment generation. A standout move is the approval of 43 crore loans under the PM Mudra Yojana. This financial boost not only fortifies the entrepreneurial spirit among the youth but also fosters an environment conducive to business growth and job creation. Furthermore, the budget takes a strategic leap with a substantial corpus of Rs 1 lakh crore which will drive innovation and research in sunrise sectors, ushering in a golden era for our tech-savvy youth. By addressing the core pillars of Employment, Innovation, Skilling, and Education, the budget paves the way for a dynamic and inclusive economic future, where the aspirations of the youth are nurtured, and the nation’s potential is fully unleashed. The introduction of a ground-breaking bio-manufacturing scheme highlights commitment to an equitable and sustainable future. These reforms will significantly boost employment generation, creating up to  1 lakh jobs in the country by 2025. However, some extensions in the PLI Scheme and dedicated measures for the MSME/start-up and tech ecosystem would have also contributed to the larger employment engine.”  Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship: “ With the special focus on poor, women and youth – it is an indication of leveraging demographic dividends to raise economic productivity. Investments in infrastructure development related to travel, housing and tourism is expected to raise much needed employment opportunities which will percolate to skilled talent required to fulfill those jobs. In order to achieve the target of net zero carbon emissions by 2070, there has been an emphasis on a green economy with focus on expansion of solar energy, bio fuels and charging infrastructure which will raise the need for green skills. Make in India continues to be the focal point to take advantage of reorder in the global supply chain by highlighting the need for technical skills in the manufacturing sector. With all these initiatives there is a need to gravitate towards a skill economy and the budget indicated the vision and mission of Government for next 5 years that it is expected to be in power.” Alison Barrett MBE, Director India, British Council:   “The Interim Budget 2024 underlines the importance of quality education and access to equal opportunities at all levels to achieve inclusive and holistic development. The NEP has paved the way for strengthening of India’s primary, secondary and tertiary level education, and we are proud to have been a part of India’s journey to internationalise curriculums and bring in global best practices. We are confident that the continued focus on quality, equality and access in education and skilling will accelerate India’s plan of becoming a global knowledge hub, and we remain committed to partnering the government and education sector in India to create opportunities that spark success for young Indians.”  Dr Atul Nasa Pro VC & Prof. (Dr.) Rajesh Kumar Sinha SGT University: ” It has given rightful emphasis to the two pillars on which the story of New India will be built – Innovation and Education. Skill India’s Mission in training the youth in next-generation specialisations indicates that the government is aware of the tides of global technological change and beyond. The allocation for long-term funding is the cornerstone of the way the government looks to strengthen the youth powerhouse that is India, and it will lead an Intellectual property-led growth. The charged female participation in higher education is another direct result of the government’s clear intentions. The intent to establish additional medical colleges is prescient and anticipates India filling the global shortage of healthcare professionals. Overall, the budget makes promising headway in strengthening human capital through skilling programs and higher educational institutes .”  Aniket Sunil Talati, President, ICAI “ ICAI appreciates the interim budget and feels that the structural reforms taken by the Government have now started bearing the fruit and is laying the foundation for a stronger and resilient new India.” Dr Anish Shah, President, FICCI : “ The Interim Budget is a clear and outcome-based continuum towards Viksit Bharat. It brings together growth, climate, and social empowerment, while maintaining a careful balance between current investment rate and fiscal discipline.Enabling States to adopt reforms for Viksit Bharat will seize the momentum created from the Centre towards Amrit Kaal. Focus on Blue Economy, expanding and strengthening the EV ecosystem, domestic tourism, and multi-modal logistics will propel India towards the vision of a developed nation by 2047.” FR Singhvi, President, ASDC: “ In a significant stride towards enhancing the electric vehicle (EV) ecosystem and fostering environmentally friendly growth, the government has revealed plans to expand and fortify the manufacturing and charging infrastructure for EVs. This strategic move is expected to generate employment opportunities for semi-skilled labour in the installation and maintenance of EV charging stations. As ASDC – an institution steadfast in its commitment to skill enrichment; we embrace these forthcoming advancements with anticipated enthusiasm. Such strategic executive direction indicates amplified requirement for skilfully trained professionals within the evolving EV sector – a demand growth we are equipped and eager to accommodate viably through enriched training programs constantly updated catering ever-evolving industry requisitions effectively.” Vishnu Manchu, Pro-Chancellor, Mohan Babu University: “ The recognition of the transformative impact of new-age technologies and data, coupled with the emphasis on innovation and entrepreneurship, resonates well with the educational landscape. The allocation of a one lakh crore corpus for long-term, low-interest loans to encourage private sector research and innovation in sunrise domains is a positive step towards nurturing a culture of research and development among our tech-savvy youth.” Dr. Sanjay Gupta, Vice Chancellor of the World University of Design: “As a design university, we enthusiastically welcome the government’s acknowledgement of ‘Nari Shakti’ and its commendable efforts in advancing female education, especially in STEM courses. The commitment to empowering women transcends education, as one can see it being reflected in various reforms. Furthermore, the emphasis on new-age technologies and allocating a one lakh crore corpus for research and innovation heralds a big opportunity for our tech-savvy youth. This forward-looking budget resonates with our university’s mission to cultivate creativity, innovation, and inclusive progress in design education. We are poised to leverage these opportunities to inspire the next generation of designers and contribute to the transformative landscape of design in India.” Col. Gaurav Dimri, HR Director, Sharda University: “ Government has rightly identified in budget 2024 that Youth is one of the four major pillars of development and accordingly the interim budget 2024 has made provisions to address the high aspirations of youth with an agenda of empowerment and upskilling. Setting up medical colleges utilising existing infrastructure is a right step in this direction to enhance scope of medical education & research as well benefit the healthcare sector. Creation of a corpus of  Rs 1 lakh crore corpus dedicated towards integration of youth with research &  technological development which provides for long term financing of R&D projects and entrepreneurial ventures through long tenure funding at low/ nil interest rates is a giant step to promote and scale up research. The provision of support for defence sector related R&D and projects is also a welcome measure.”  Dr Dhara Thakore, Head Incubation and Office of Career Services, Anant National University: being an interim budget, it includes several noteworthy “Despite announcements poised to have a positive impact on the innovation and startup ecosystem. A substantial corpus of Rs 1 Lakh Crore providing a 50-year interest-free loan for long-term financing or re-financing, featuring low or even nil interest rates, will help the youth innovate especially in deep tech and sunrise sectors. This will encourage businesses to make substantial research and development efforts, in technologies such as 5G, and generative AI to name a few. This budgetary allocation will not only boost skill development of the youth but also foster industry academia collaboration, which will eventually transform the research landscape of the Higher Education institutions.” Dr. Santanu Paul, Founding CEO and MD, TalentSprint:  “ New scheme ‘atmanirbharta’ will facilitate partnerships between defence organizations, academia, and industry players to co-create an ecosystem that will focus on building skilled capacity for the sector. To this end, all three partners must collaborate to curate curriculum, provide hands-on experience and promote knowledge exchange in cutting-edge defence technologies and related expertise in cybersecurity, devops, spacetech etc. Moreover, Artificial Intelligence (AI) will be the bedrock of all emerging technologies and will play a major role in defence tech. This move will act as a catalyst to bring about self-reliance in India’s growth narrative and simultaneously create experts for the global market .” Nischal Narayanam, Founder and Mentor, Nischal’s Smart Learning Solutions : “While upskilling programs were mentioned, I believe strengthening initiatives to establish more institutions like RIE for teacher training can significantly amplify the impact. By investing in RIE-like institutions and empowering our teachers, we can create a strong schooling system that fosters innovation, critical thinking, and prepares our youth for future challenges. We remain hopeful that our government will prioritize this in the future and allocate funds to broaden robust training modules aligned with industry demands and emerging technologies”  Manikanth Challa, Founder and CEO, Workruit: “ Aligned with India’s 2047 Vision, the government aspires for the country to become the largest skill bank globally, transforming into a hub of economic activities driven by sustainable technologies and leveraging the demographic dividend to its fullest potential. However, it is now imperative for state-level governments to concentrate on and collaborate to make skill development a focal point. Collaborations and partnerships are crucial in emphasizing the need for collective efforts to harness the full potential of India’s youth.” Pooja Thakran, Senior Director – Corporate Communications and CSR, Honeywell India. “ The budget acknowledges the need for critical interventions in youth upskilling and this is reflected in the success of the Skill India. Moreover, the surge in female enrolment in higher education and in STEM courses is indicative of the positive transition in India’s gender parity. Much of this success is also attributed to the growing synergies between the government, the development sector and corporate India, specially by promoting upskilling and sustainability interventions through CSR.  The Interim Budget’s allocation of 1 lakh crore to scale up research and innovation in sunrise sectors (hydrogen fuel production, petrochemical industry) is a great move and aligns with Honeywell’s business priorities and our social impact agenda. We are optimistic that this will contribute to India’s $5 trillion economic vision.”  Krishna Kumar, Founder and CEO, Simplilearn:  “The focus on training and upskilling aspiring professionals, coupled with the establishment of new Industrial Training Institutes (ITIs), aligns seamlessly with the ed-tech sector’s core emphasis on skill development. The government’s commitment emphasizes skill acquisition, re-skilling, and upskilling through both short-term and long-term training programs. The integration of the National Education Policy (NEP) has successfully incorporated the crucial aspect of skill development among the youth. We anticipate a substantial increase in the ed-tech sector’s growth and impact, contributing significantly to the overall skill development landscape.” Balu Ramachandran Founder at OC Academy: “ We look forward to the implementation of robust setups aimed at facilitating the upskilling of medical professionals, fostering an environment conducive to continuous learning, and ultimately improving patient outcomes.” PK Samal, Managing Director – American EduGlobal School:  “ We belive 2024-25 is overall a balance budget ,  Embracing what PM Modi has said  ‘Ab Kartavya Kaal Ka Samay Agya Hai,’ we believe collective citizen initiative will propel India to top developed status in 5 years.”  Dr. Netra Neelam, Director of Symbiosis Centre for Management and Human Resource Development (SCMHRD): “ If we have to attain holistic development, multidisciplinary learning, technology integration, teacher empowerment and student-centric inclusive ecosystem as per objectives of NEP, we must definitely have a progressive education budget this year. NEP has recommended a budget allocation of 6% towards education which is actually double of what has been allocated for education in the last three years.   We all know, that ploughing money into education is not an expense, it’s an investment for our future and we look forward to a budget which will make up this gap. “ Dr. Asmita Chitnis, Director, SIIB Pune :” The budget measures promise a brighter future for India’s youth and signify a positive trajectory for national development. ”   Dr. Shashikala Gurpur, Director of Symbiosis Law School, Pune: “ Last year, the Education Ministry’s budget allocation increased by a marginal 8 per cent from Rs 1.12 lakh crore. The fact that there has been no change in income tax has implications for teachers and householders. Lastly, the incorporation and recognition of caregivers are important. We look forward to seeing more initiatives in the upcoming budgets that address these critical areas . ”   Robin Sarkar, Project Director of The Shiksha Initiative , “ Improving the basic infrastructure and food resources for Anganwadi Centers is a great move by the Government. Anganwadi workers play a significant role in providing early childhood educational and necessary healthcare needs at the grassroot level. This is key to ensure that the young learners have a strong foundation. The Shiksha initiative by Shiv Nadar Foundation is also developing a seamless, effective, technology-led program for Anganwadi Centers called ‘Shiksha Aarambh’. As part of this, we focus on early child development and Anganwadi workers’ training. This budget reflects a positive stride towards ensuring the well-being of our nation’s future through comprehensive maternal and child healthcare initiatives.”  Vinay Singh, Executive Director & CEO of Thomson Digital and Q&I: “A pplaud the 2024 budget for its remarkable strides in education, with a noteworthy emphasis on EdTech in shaping a holistic and skilled education landscape, pointing towards a promising future for our nation’s educational advancement.”  Ashish Munjal, Co-founder and CEO of Sunstone : “The transformative reforms outlined in the National Education Policy 2020 with PM SHRI schools delivering quality teaching and nurturing holistic, well-rounded individuals resonate with Sunstone’s commitment to educational advancements. As we eagerly await the detailed roadmap in the upcoming full budget.” Jasminder Khanna, Co-founder, Gresham Global: “ This (budget) will prepare students for the global market, ensuring they possess the expertise needed to thrive abroad and it will facilitate access to world-class education. This will empower our youth to become global citizens and contribute meaningfully to the global community. Through investments in educational excellence, our aim is to equip students with the necessary skills and knowledge to thrive on a global scale.”  Vijay Kumar Agarwal, Founder & CEO Makoons Playschool:  ” The National Education Policy 2020 heralds transformational reforms and the PM Schools for Rising India (PM SHRI) will become instrumental in delivering quality education while nurturing holistic individuals. Our future relies upon empowering the youth of the country, and these projects are pivotal in reaching that purpose.”  Vandana S Ahuja, Organizational HR Adviser & Executive Coach (ICF), Executive Director at Metamorph Dynamics Consulting: ‘Lakhpati Didi’ scheme, which aims to provide skill development training to 20 million women in villages across the country, is quite laudable. Wherein each SHG (self help group) household is encouraged to take up multiple livelihood activities coupled with value chain interventions, resulting in a sustainable income of Rupees One Lakh or more per year. Finance Minister Nirmala Sitharaman revealed that 83 lakh Self-Help Groups (SHGs) comprising nine crore women are reshaping the rural socio-economic landscape through empowerment and self-reliance. Their achievements have facilitated nearly 1 crore women in attaining the status of ‘lakhpati didi.’ Encouraged by this success, the decision has been made to raise the target for lakhpati didi from 2 crore to 3 crore. The scheme gives the much-needed impetus to the economic empowerment of women. The program has been praised for its grassroots participation, providing a platform for women to actively participate in decision-making processes and contribute to local governance. Beyond economic upliftment, the initiative contributes to a broader societal transformation. It promotes gender equality, enhances women’s agency and creates an environment where their contributions are valued. As women actively participate in decision-making processes, the program not only alleviates immediate economic challenges but also fosters a sense of empowerment and community development.” Sachin Jain, Country Manager, ETS India and South Asia: ” The budget prioritizes the upskilling of the youth and endorses the spirit of ‘Jai Anusandhaan,’ envisioning a future where Indian youth lead in innovation and research. This strategic investment in education and research is poised to empower the next generation, ensuring they are well-equipped to navigate a rapidly changing world. The government’s dedication to this cause is evident, and we look forward to the comprehensive budget details for the education sector.” Manisha Zaveri, Joint Managing Director, Career Mosaic: ” This budget is foundational for empowering India’s youth in shaping the country’s technological advancements and international stature. We eagerly anticipate the details the full budget will unveil for the higher education sector.” Saurabh Arora, CEO ,  University Living: “ The expanding global opportunities for India are being driven by innovative solutions and entrepreneurial spirit. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector, this budget lays a crucial foundation for empowering India’s youth, enabling them to aspire for higher education avenues beyond boundaries and elevate India’s international standing .” Jaideep Kewalramani, COO & Head of Employability Business, Teamlease Edtech : ‘’The female contribution to GDP remains one of the lowest among the comparable economies. Increasing  participation and contribution for GDP growth will mean creating a strong base of education, skill development, employment and entrepreneurship opportunities and inclusion in several key initiatives. The Government’s focus on this is reflected through the budget allocations and policy support for Mudra Yojna, STEM Education and Higher Education are important commitments that will help women participate in GDP growth.’’ : Arjun Vadaraj, Founder & CEO, ArivuPro Academy “The emphasis on skill development and creating job-ready youth opens substantial opportunities, particularly in the financial education sector. We’re optimistic about the future, thanks to supportive economic policies fostering inclusive and sustainable development. We believe the upcoming generation of finance professionals will thrive in an efficient ecosystem, enhancing their capabilities and contributing significantly to the nation-building process while achieving their personal aspirations. Rohit Pandit, Managing Director, People’s University :  The combination of Nidhi, Startup India, and Startup Credit Guarantee Scheme is in line with our vision of youth empowerment as ‘Rojgar Data’. These changes speak to our core values in society, where we believe in inclusion and equal opportunity. As we strive to encourage more women in the workforce, the NEP and the expansion of health coverage in the budget are important steps toward creating an inclusive and supportive environment for ASHAs, Anganwadi workers, and assistants. On a mass scale, we are already contributing to this vision with our medical health camps and initiatives such as cervical cancer vaccination for young girls, which will ensure a brighter future for the next generation. Sahil Aggarwal, CEO and CoFounder, Rishihood University : It’s imperative to make sports an integral part of our education system, not just as an extracurricular activity but as a necessary component for the holistic growth of our students To fully harness the potential of our youth and continue our upward trajectory in the world of sports, we need better sports infrastructure, increased access to training facilities, and comprehensive sports education programs embedded within our schools and colleges. Investing in sports is not just about winning medals; it’s also about fostering a culture of fitness, discipline, teamwork, and resilience among our future generations. We recognise sports as a compulsory part of our curriculum and aim to increase holistic and physical wellbeing and education of all our students via a mix of sports and academia. Abbhinav R Jain, CFO, AdCounty Media: I n the budget 2023-24, the government announced an outlay of 4795.24 crore for its Digital India program which ensured universal access to high-speed internet and digital literacy initiatives. This year, in a bid to bolster R&D in sunrise domains, FM, announced a corpus of 1 Lakh Cr with 50 year interest free loan. The budget, undeniably, is leaving no stone unturned to bridge the gap between youth and technology to realise the aim of a fully developed India. Hariom Seth, Founder, Tagglabs “This marks a landmark in the history of tech startups and companies, providing a one-of-a-kind chance to explore distant shores and leave an indelible mark on the ‘Make in India’ dream. Discussed earlier, the infusion of technology into the defense sector promotes security nationally while at the same time fosters an environment that is conducive for innovation.” Dr Harishchandra Mishra, Chairman, Aditya Group of Institutions (Mumbai): “The interim budget is a progressive budget towards Vikasit Bharat. It strengthens commitment towards the welfare of the poor, youth, women and farmers. Our vision for a developed India is reflected in this year’s budget focus on education and skill development given the country’s goal of becoming the third largest economy by 2030 and its vision for Amrit Kaal 2047.” Rekha Kejriwal, Academic Director of the Academy of Fashion and Art (AFA): “ The interim budget was not what we expected. There was nothing new for students or the education sector in comparison to last year. However, the overall budget is balanced.” Dr. Chef Balendra Singh Director Institute of Bakery and Culinary Arts:  “ The budget highlights the significant progress made in the last decade in empowering women and improving the quality of life through entrepreneurship. The rise in female enrollment in STEM courses over the past decade has been impressive, demonstrating a notable 28% increase. This upward trend in female representation underscores the government’s dedication to advancing gender equality and encouraging diversity within the STEM workforce.”