नवीनतम
Union Budget 2024-25: Reactions from education sector
NEW DELHI [Maha Media]: Finance Minister Nirmala Sitharaman tabled the Union Budget 2024 in Parliament, focusing on job creation, skilling, agriculture, infrastructure, and research. She introduced several new initiatives, including education loans up to INR 10 lakhs with a three per cent interest subsidy capped at one lakh rupees, and revisions to the skill loan scheme for first-time formal sector workers. An outlay of Rs. 1.48 lakh crore has been announced for education, employment, and skilling.
The budget outlay for the Indian Institutes of Technology (IITs) has increased from INR 9,661.50 crore last fiscal year to INR 10,324.50 crore. Also, the budget for Indian Institutes of Science Education and Research (IISERs) has increased from INR 815.40 crore in 2023-24 to INR 918.27 crore in 2024-25. Here, candidates can check the reactions of some of the educators on the announcements in the Union Budget 2024:
Prof. Nishith Gupta, Head & Professor, Department of Biological Sciences, BITS Pilani stated, “This budget for healthcare, agriculture, biotechnology and lifescience reflects the government’s vision and intent to promote the R&D, prioritize education, and provide employment-specific skills and training. A primer minister package (INR 2 lakh crore) comprising five programs for boosting education, employment, and skills is unveiled.
The government aims to transform agricultural research and perform a thorough review to increase productivity and develop climate-resilient varieties. There is also a strong emphasis on private sector-driven research and innovation overseen by domain experts from the public and private sectors. Our gross expenditure on R&D still stands at >0.70% of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8%). This budget offers a timely boost in R&D and education to fuel inventions and innovation at public and private academic institutions and lead to uniformity in cutting-edge research, high-quality education, and training of a competent workforce across the nation.”
Shreevats Jaipuria, Chairman of, the Education Committee, PHDCCI said, "An allocation of Rs 1.48 lakh crore has been made for education, compared to an allocation of Rs 1.12 lakh crore last year. This is an increase in absolute terms and needs to be applauded. Loans of up to Rs 7.5 lakh will be provided with Government guarantee for skilling courses and of Rs 10 lakh for higher education. E-vouchers will be given to 1 lakh students with interest subvention of 3 per cent of the loan amount from the government. We are hopeful that public expenditure on education will rise towards 6% in years to come".
Dr. P. Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham shared, “The Union Budget announced by the Hon’ble FM has its heart in the right place. The allocation of Rs. 1.48 lakh crore to focus on education, employment, and skilling, augurs well for nation building in the long term. The increase in funding for central universities reflects a commendable commitment to strengthening the educational infrastructure. The financial support with loans up to Rs. 10 lakhs for higher education is a significant step towards making education accessible to all. The skilling program to train 20 lakh young people over the next five years in partnership with state governments and industries is a welcome step too. The new internships, offering stipends and assistance funded through CSR, are also commendable."
Siddharth Chaturvedi, Executive VP, AISECT Group, Chancellor– SGSU states, "With the Union Budget 2024 focusing on MSMEs, employment, and youth job schemes, it is a positive step towards empowering India's future workforce. The allocation of Rs1.48 lakh crore for skill education and job creation, along with women-specific skilling programs, underscores the government's commitment to building a skilled workforce. The new job schemes targeting India's 4.1 crore youth population and the RS 2 lakh crore central outlay signal a strong initiative to address unemployment in the country. The increased loan scheme of up to Rs19 lakh for higher education and the one-month salary support for first-time employees are strategic moves to enhance educational access and job creation. Overall, the Union Budget 2024 sets a positive tone for skill development, job creation, and economic growth."
