India (Commonwealth Union)_ Finance Minister Nirmala Sitharaman unveiled the Union Budget 2024 on July 23, 2024, marking a pivotal moment for the BJP-led NDA government under Prime Minister Narendra Modi’s third term. This year’s budgetary focus is sharply honed towards bolstering India’s rising education sector and fostering employment opportunities across various domains. Accordingly, with an allocation of ₹1.48 lakh crore, the Education budget sets forth ambitious initiatives aimed at transforming the educational landscape and enhancing employment prospects.
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The cornerstone of the Education Budget 2024 is its substantial allocation of ₹1.48 lakh crore towards education, employment, and skilling initiatives. This significant financial commitment underscores the government’s resolve to elevate the standard of education across the country, from primary school education to higher education. Accordingly, the allocation of additional funds is anticipated to address critical infrastructure gaps, integrate advanced technologies, and introduce comprehensive reforms aimed at fostering inclusive and equitable access to quality education.
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Key Educational Initiatives
The budget introduces several pivotal initiatives designed to revolutionize the rising education sector:
- Increased Budget For Education: The Union Budget for 2024-25 has earmarked ₹1.48 lakh crore for education, employment, and skilling, underscoring the government’s dedication to enhancing the rising education sector.
- Financial Support for Higher Education: Recognizing the financial barriers to higher education, the government will provide e-vouchers and interest subventions on loans up to ₹10 lakh annually to one lakh students, thereby enhancing accessibility and affordability.
- Upgradation of ITIs: Under a hub-and-spoke model, 1,000 Industrial Training Institutes (ITIs) will undergo modernization, aligning curriculum with industry demands to enhance vocational training.
- New internship opportunities: A novel internship scheme will be launched, offering practical exposure to 1 crore youths across 500 firms, thereby augmenting their employability and bridging the gap between education and industry requirements.
- Skill Development Initiative: Over the next five years, 20 lakh youths will receive skill training in emerging sectors, catering to the burgeoning demands of the job market and promoting entrepreneurship.
Employment-Linked Incentives
In a bid to stimulate job creation, the budget introduces 3 schemes for Employment Linked Incentive:
- First Timers: Incentives aimed at first-time job seekers to ease their entry into the workforce.
- Job Creation in Manufacturing: Focuses on enhancing employment opportunities within the manufacturing sector, a critical component of India’s economic framework.
- Support to Employers: Financial incentives for employers hiring new employees, including direct salary support through the Employees’ Provident Fund Organisation (EPFO).
Women’s Hostels and PM SHRI Initiative
Acknowledging the pivotal role of women in the workforce, the budget allocates substantial funds for establishing women’s hostels, aimed at supporting working women across India. Furthermore, the PM SHRI initiative receives a significant boost in funding, underscoring the government’s commitment to transforming public schools into model institutions.
Additionally, the Union Budget 2024 epitomizes a resolute commitment towards nurturing a skilled workforce and fortifying the educational framework in India. With a robust focus on innovation, accessibility, and quality, the budgetary allocations are poised to drive transformative changes across the education and employment sectors. As the government gears up to implement these visionary policies, stakeholders across academia, industry, and society at large anticipate a paradigm shift towards a more prosperous and inclusive future for the nation.
Furthermore, Finance Minister Nirmala Sitharaman’s Budget 2024 not only outlines a roadmap for bolstering educational opportunities and job creation but also lays the groundwork for sustainable economic growth and social empowerment. Through strategic investments and forward-thinking policies, India is poised to harness its demographic dividend and emerge as a global leader in education and employment in the years to come.
