The budget's allocation of Rs 1.48 lakh crore for education, employment, and skilling initiatives in the country, aims at employability-focused learning. Many stakeholders in the education segment have said that it will help in enhancing the skill sets of the country's youth and will help them better their employment opportunities. The allocation of Rs 1.48 lakh crore for education, employment and skilling is a positive step. Also, the provision of a loan of Rs 10 lakh for higher education in domestic institutions is a welcome move to improve the quality of human capital available to the nation.
Many major players have expressed their opinion that the 2024 budget is positive and forward-looking, with a focus on job creation, education, skill development and building a more inclusive workforce.
“The budget demonstrates a robust commitment to workforce development. Schemes enabling industries to create new jobs, financial support for higher education loans, ITI upgrades, and internship schemes will all enable a higher-skilled and employable workforce. We are confident that the proposed initiatives, enhanced by market-relevant knowledge and technological infrastructure, will bolster industries such as manufacturing, healthcare, and MSMEs,” pointed out Neeti Sharma, CEO, of TeamLease Digital.
She further added that addressing the talent and skill shortage across key industries has been a long-standing concern and this budget aims to close the gap and foster a more inclusive workforce, particularly for women and persons with disabilities (PWD).
“The commitments emphasise strengthening the talent pipeline by improving access to education through loans and residential infrastructure and aligning industry needs with learning opportunities. This approach holds great promise for the young workforce. Industries must now focus on raising job awareness and implementing strong talent-matching initiatives to ensure employment-linked programs succeed in improving livelihoods,” said Sharma.
Many players in the education field have also expressed that the internship initiative, aiming to train one crore students for prestigious organisations over the next five years with a monthly stipend is a welcome move. These efforts will not only boost youth employability but also foster a culture of lifelong learning. These initiatives will also cultivate a culture of lifelong learning.
“The initiative to skill 20 lakh youth, upgrade 1,000 training institutes, and introduce industry-aligned courses will enhance employability and innovation. The provision of Rs 10 lakh education loans with interest subvention and the revised Model Skill Loan Scheme are commendable steps towards making higher education more accessible. Additionally, the internship opportunities for one crore youth in top companies will provide valuable experience and financial support. These measures will create a robust and inclusive educational ecosystem, fostering growth and development,” said Nipun Goenka, Managing Director, GD Goenka Group.
The budget also helps in bridging the talent-academia gap by fuelling the aspirations of 4.1 crore youths and empowering women to join the workforce. “Loans like Skilling loan (up to Rs 7.5 lakh) and Education loan (up to Rs 10 lakh) is a masterstroke and set to unlock India's demographic dividend and drive growth. This budget is not just a financial plan but a blueprint for a brighter future where India's youth will thrive and continue to lead global job requirements. The government's scheme to provide internship opportunities to 1 crore youth in 500 top companies over five years will bridge the industry-academia gap and enhance employability, empowering India's youth with the opportunities they need to bridge the talent supply demand across global jobs,” said Mayank Kumar, Co-founder and MD, upGrad.
Many players in the education and ed tech segment have said that amid growing concerns about the impact of AI on job creation, the substantial allocation of Rs. 1.48 lakh crore for these sectors demonstrates a significant commitment to developing India's human capital.
“The introduction of various schemes to promote skilling and job creation is poised to significantly boost economic growth. Additionally, the comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years, funded partly through CSR, is a welcome initiative. This will give the youth valuable exposure to real-life business environments and diverse professions, further enhancing their employment prospects while ensuring a future-ready workforce,” observed Akshay Munjal, Founder & CEO, Hero Vired.
