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Edu. sector’s response to Union Budget a mixed bag
Ajit Ranade, vice-chancellor, Gokhale Institute of Politics and Economics (GIPE), said, the Union Budget’s focus on employment creation, apprenticeships, and student loans is welcome
There are mixed reactions to the Union Budget declared on Tuesday as far as the education sector goes.
Ajit Ranade, vice-chancellor, Gokhale Institute of Politics and Economics (GIPE), said, “The Union Budget’s focus on employment creation, apprenticeships, and student loans is welcome. Additionally, collateral-free loans for small businesses will stimulate growth. India’s long-term economic development hinges on investment in infrastructure and human capital. The initiatives on skilling, job creation and support for small businesses align well with the goal of sustained economic growth.”
Rahul Karad, managing trustee, MAEER, executive president, MIT World Peace University, said, “We welcome the finance minister’s progressive budget which demonstrates a strong commitment to education, employment, and skilling with an allocation of ₹1.48 lakh crore. This significant investment highlights the government’s dedication to nurturing talent and fostering growth. The introduction of financial support for higher education will help make higher education more accessible. Furthermore, the emphasis on developing digital public infrastructure applications will drive productivity and innovation, benefitting various sectors such as education and health. On the budget priority area, employment and skilling emphasis should be on organically linking the ITIs, skill enhancements and parallel education opportunities. We call for clear guidelines on attention towards creative avenues to fund and promote a mandated industry-academia partnership for mutual benefit and skilling. The partnership will help boost the initiative to skill 20 lakh youth through internships with top companies and the Prime Minister’s Internship Programme to provide valuable practical experience and skill development.”
Rajesh Pande, advisory committee member, National Service Scheme Maharashtra, said, “This budget has been presented to achieve the goal of India becoming a developed nation by 2047. The development of the poor, women, youth and farmers is the highest priority of the government. Employment, skill development, small- and medium- enterprises and the middle class are the main themes of the budget. A substantial provision of ₹125,638 crore has been made for education. Today’s budget is a very balanced one which aims to strengthen the foundation of the economy by providing loans of ₹10 lakh at moderate interest to students, financial assistance to youth in their first job, education, skill development and employment growth. Skill development training to 20 lakh youth in five years, upgradation of 1,000 industrial training centres, curriculum design according to the needs of the industries’ sector will boost industry, business and employment generation.”
On the other hand, student representatives are not too happy with the Union Budget. Akshay Jain, general secretary, Maharashtra State Youth Congress, said, “As a representative of the student and youth community, I am deeply concerned about the 2024 budget presented by the finance minister. It falls short on addressing critical issues faced by young people today. The allocation for education and skill development remains inadequate, leaving students and recent graduates without the necessary resources to thrive in a competitive global economy. Moreover, the budget does not provide sufficient support for job creation, which is crucial given the rising unemployment rates among the youth. This budget lacks a comprehensive vision for empowering the next generation and securing their future. The 2024 budget is a missed opportunity for India’s youth. It lacks substantial investment in education and job creation, which are essential for our country’s growth. We need a budget that truly prioritises the needs of young people and prepares them for the challenges of the future.”
