Union Budget 2024-25: Reactions From Education Sector

The union interim budget 2024-25 has obtained diverse reactions from experts in the education industry. The stakeholders are analysing its potential to enhance educational infrastructure, teacher training and student resources. The budget's focus on digital learning initiatives and vocational training is being appreciated and is believed to be a significant step towards future-ready education.

Let us read the opinions of education industry experts in their own words below:

Prof Nishith Gupta, Head & Professor, Department of Biological Sciences, BITS Pilani

“This budget for healthcare, agriculture, biotechnology and lifescience reflects the government’s vision and intent to promote the R&D, prioritise education and provide employment-specific skills and training. A primer minister package (Rs 2 lakh crore) comprising five programmes 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 per cent of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8 per cent). 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.”

Raghav Gupta, Managing Director, APAC and India, Coursera

"The Union Budget 2024-2025 showcases a crucial commitment to boosting education, employment, and skill-building capacity, perfectly aligning with the Government's vision of Viksit Bharat by 2047. The budget’s special focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the provision of skilling loans are steps in the right direction.

I am particularly excited about the provision for 1 crore youth to gain industry experience through internships with 500 top companies – this will bridge the gap between theory and practice. The cross-sector collaboration can address the rapidly growing skills gap and social inequities, ensuring students transition smoothly into high-demand job roles. Businesses will also benefit from a diverse and skilled talent pool, reducing recruitment time and costs.

In today's digital era, where talent can emerge from anywhere, access to digital skills will be a game changer. We’re excited to support these initiatives and provide millions of Indians a gateway to more equal opportunities, all while unlocking our demographic dividend and accelerating our journey towards a $5 trillion economy."

Dr Sanjay Gupta, Vice Chancellor, World University of Design

"I applaud the government's initiatives in Union Budget 2024 to empower youth through education and skill development. Financial aid up to Rs 10 lakh for higher education and e-vouchers for interest relief enhance access to quality education. The Prime Minister's internship programme, training one crore students over five years with a stipend, promotes lifelong learning and employability. Establishing E-Commerce Export Hubs will empower MSMEs and traditional artisans to showcase their work globally. These initiatives align with our mission to nurture creative talent in design and we look forward to helping our students achieve their aspirations and contribute to India's dynamic design sector."

Professor Manish Gangwar, Indian School of Business, Executive Director-ISB Institute of Data Science

"The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, stands out for its strong emphasis on job creation. Through a series of innovative schemes and forward-thinking policies, this budget aims to generate substantial employment opportunities and address the existing skill gap in the workforce.

A key highlight is the introduction of three ‘Employment Linked Incentive Schemes’ designed to provide direct financial support to both employees and employers. These schemes include support for first-time employees, incentives for manufacturing sector jobs and financial reimbursement for employers hiring additional staff.

Recognizing the critical role of skill development and practical training in enhancing employability and productivity, the budget emphasises the upgradation of ITIs and internships in top companies. Over the next five years, 1,000 Industrial Training Institutes (ITIs) will be upgraded, focusing on improving outcomes and quality. Additionally, 1 crore youth will gain valuable on-the-job experience through internships in top companies. The budget also plans to develop investment-ready ‘plug and play’ industrial parks in or near 100 cities to stimulate job creation and a conducive environment for businesses to set up operations and generate jobs.

The union budget 2024 is a forward-looking plan. By introducing targeted employment schemes, enhancing skill development programs, and developing industrial parks, the government aims to not only provide immediate employment opportunities but also focus on a skilled and resilient workforce for the future to drive India's long-term economic growth."

Usha Iyer, Principal and Managing Director, The Green School Bangalore, Benguluru

"It is indeed commendable to see such a significant budget allocation today towards education, employment and skilling in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman.

There has been an impressive Rs 1.48 lakh crore earmarked specifically for education as compared to the previous year's allocation for the education sector in 2023 which stood at Rs 1,12,898.97 crore.

The budget places a pronounced emphasis on fostering education, employment, and skilling across the nation. For the last nine years we haven’t seen large impact on youth through the skill India movement, now we have to see how it brings a change with these policies."

Nipun Goenka, Managing Director, GD Goenka Group
“We welcome the Rs 1.48 lakh crore allocation for education, employment and skilling in the 2024-25 budget. 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.”

Dr Jaskiran Arora, Dean - Education Quality, BML Munjal University

“The budget marks a pivotal moment for India's education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to Rs 10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer. The e-vouchers offering a 3 per cent annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially transforming countless futures.

The proposal to open working women hostels in collaboration with industry underscores a strong commitment to supporting female workforce participation and creating a more inclusive environment for women."

Nidhi Bhasin, CEO, Nasscom Foundation

“The FY 2024 budget underscores a commitment to fostering inclusive growth by focusing on women, youth, farmers and the marginalised groups aligning tremendously with our mission at Nasscom Foundation. It is elating to see employment, skilling and education being the core of the Budget speech. The comprehensive approach towards empowering these groups, not only addresses immediate challenges but also lays the foundation for an inclusive economy. Additionally, start-ups have the potential to be the backbone of innovation in India and the abolition of the angel tax is a landmark decision for the start-up ecosystem that will encourage investment and spur social innovation. In essence, we are positive that the Budget will create new opportunities for the youth as well as women, contribute to the economic growth trajectory of India and help the government realize the vision of Viksit Bharat 2047.”

Kunal Vasudeva, Co Founder & Managing Director, Indian School of Hospitality

"The government's allocation of Rs 1.48 lakh crore for education, employment and skilling, including training 20 lakh youth and upgrading 1000 institutes, is a significant step forward. For those pursuing vocational routes, this is a major win. It will help people develop practical skills and excel in their fields, bringing more youth into the formal economy. Additionally, with manufacturing bases in or near districts, there's less need to migrate to cities, reducing mobility. Such initiatives are crucial for hyper-local job creation and boosting the manufacturing sector, driving India towards becoming a $10 trillion economy in the next 7-10 years.

The Union Budget’s provision for Rs 10 lakh education loans with interest relief for higher education in India is a big win for those pursuing the academic route. Given our low gross enrollment ratio, these loans will make quality education more accessible, allowing students to choose institutions of merit. This embodies ‘Sabka Saath, Sabka Vikas,’ fostering inclusivity from the ground up. By enhancing local education opportunities and increasing our GER from 26 per cent to at least 40 per cent in the next 5 years, we can cultivate a skilled, competent and agile-thinking workforce. This workforce is essential for job creation, manufacturing growth and meeting the workforce needs across various sectors, supporting ‘Made in India for India and Made in India for the world’ and propelling us towards becoming a $10 trillion economy in the next 7-10 years."

Shishir Jaipuria, Chairman, Seth Anandram Jaipuria Group of Educational Institutions

“The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman emphasizes on skill development and employment generation – two very important areas for realising the country’s demographic dividend. The three schemes for the employment-linked incentives shall facilitate smooth entry of graduates and post-graduates into industry through the one-month wage allowance and EPFO contribution. The decision to upgrade 1000 industrial institutes and aligning the course content with the industry needs will address the skills gap. Many of India’s youth who have the potential but can’t afford quality higher education will benefit immensely from the provisions for availing loans upto Rs 10 lakh through e-vouchers. This initiative will also improve the gross enrolment ratio in higher education from its present 28.4 per cent to the 50 per cent target for 2035 proposed in the National Education Policy 2020. To provide learners an industry exposure, the initiative to give internship to 1 crore youth in the next five years is indeed commendable. With an outlay of 1.48 lakh crore collectively for education, skilling and employment, the Union Budget is aimed at empowering the youth to play an active role in nation-building for Viksit Bharat.”

Dr Latha Krishnan, Dean - MBA, School of Management, IILM University, Gurugram

"In the 2024-25 interim budget, the Education Ministry’s overall budget allocation this year increased by 6.8 per cent from Rs 1,20,627.87 crore as opposed by Rs 1,12,899.47 crore in 2023-24.

The PM POSHAN scheme saw an increase of over Rs 800 crore in allocation from Rs 11,600 in 2023-24 to Rs 12,467.39 crore in 2024-25.

Finance Minister Nirmala Sitharaman has announced that the Centre will provide Rs 1.48 lakh crore for education and employment and skill. Financial support for loans up to Rs 10 lakh will be given to students aiming for higher education in domestic institutions. New centrally sponsored scheme for skilling in collaboration with state governments and industries. About 20 lakh youth will be skilled over 5-year period.

The FM further announced that the government will provide internships to one crore youth. These interns will get Rs 5000 as stipend and one time assistance of Rs 6000. The companies will bear the cost from their CSR funds. There has been an increase in higher educational institutes and women in STEM courses in the last 10 years, which she said were the effects of the National Education Policy (NEP) 2020.

The funding for UGC was brought down by 60.99 per cent, it was brought down to Rs 2,500 crore from the previous year’s revised estimate of Rs 6,409 crore. However, the grants for central universities increased from Rs 4,000 crore to Rs 15,928 crore for the financial year 2024-25."

Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya

"The Union Budget's emphasis on education and upskilling is a commendable initiative. The allocation of Rs 1.48 lakh crore for education, employment, and skilling marks a significant step towards India’s economic growth, particularly as we advance towards digital literacy. As Finance Minister Nirmala Sitharaman stated during today's budget announcement, this focus on education aims to enhance the accessibility and affordability of quality education. Furthermore, the budget's emphasis on employment generation will fuel the aspirations of countless teachers, who are the backbone of our education sector. This investment will empower educators with greater opportunities to ensure ‘Baccha Seekha Ki Nahi’.

The establishment of new medical colleges in Bihar is especially encouraging for us, as we have been deeply committed to empowering learning outcomes in Bihar through our Patna Test Prep Centres. This is evident from our learners' exceptional performance in recent competitive exams for engineering and medical fields. This motivates us to redouble our efforts to nurture outstanding doctors and improve the healthcare infrastructure in Bihar."

Monica Malhotra Kandhari, Managing Director, AASOKA

“I am delighted with the Union Budget 2024-25, which allocates Rs 1.48 lakh crore towards education, employment, and skilling. This budget's focus on skilling 20 lakh youth over five years through upgraded training institutes is a commendable step toward developing a capable workforce. The introduction of Rs 10 lakh education loans for domestic institutions, with e-vouchers providing 3 per cent interest subvention to one lakh students annually, will make higher education more accessible and affordable. The revised Model Skill Loan Scheme, benefiting 25,000 students yearly, further emphasises the government's dedication to skill development. Additionally, the initiative to offer internship opportunities to one crore youth in top companies, with financial support, will significantly enhance their employability.”

Professor Bhagwan Chowdhry, Indian School of Business (ISB)

"The Union Budget did not offer big surprises, but a positive way of looking at it is that a few good initiatives that we expected came through.  The removal of Angel Tax was an anticipated but welcome move for startups. A focus on job growth by providing incentives to the private sector, for example, paying the first month's salary, was also welcome. The focus on skilling is also essential for India. So the language of the Union Budget is consistent with that, but this ultimately matters if it is executed well. Here the details of how this will be achieved will evolve over time. This is not a simple nut to crack, but is absolutely essential.

Similarly, providing MSMEs simpler access to credit is essential. The intention is there in the budget, but the implementation will matter ultimately.

As a school - ISB would be delighted to partner with the government in facilitating startup growth, designing solutions for MSME growth, and designing programs for skilling the youth."

Dr P Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham

“The Union Budget announced by the 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 and will provide the student’s valuable hands-on experience. We look forward to aligning with the nation's imperatives and working collaboratively with the government towards our common goals.”

Akshay Munjal, Founder & CEO, Hero Vired

“I applaud the Government's strong emphasis on education, skilling, and employment in the Union Budget 2024. 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."

Pankaj Jathar, Chief Executive Officer, NIIT 
“The budget announcement has laid a strong foundation for advancing education, skilling, and employment opportunities and is truly commendable. The allocation of Rs 2 lakh crore for the five employment and skilling schemes, along with Rs 1.48 lakh crore for education, employment and skilling, underscores the government's dedication to the country’s youth and its commitment to propel growth. The new centrally sponsored scheme aimed at skilling 20 lakh youth over five years will significantly contribute to fostering a skilled workforce. This significant step is the need of the hour to bridge the gap between education and the skills essential to equip the youth to be industry-ready. These initiatives will help us maximize our education and skilling efforts, propelling the next phase of growth for the Indian economy.”

Dr P Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham
“The Union Budget announced by the 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 lakh for higher education is a significant step towards making education accessible to all. The skilling programme 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 and will provide the student’s valuable hands-on experience. We look forward to aligning with the nation's imperatives and working collaboratively with the government towards our common goals."

Shridhar Venkat, CEO, Akshaya Patra Foundation
"The 2024-2025 budget brings positive direction for education and nutrition in India. The National Means cum Merit Scholarship Scheme has received a significant boost, with Rs 377 crore allocated for 2024-25. Together, these initiatives will help talented students from economically weaker sections continue their education beyond schooling, reducing dropouts and nurturing potential.

The PM POSHAN (formerly Mid-Day Meal) scheme has been allocated Rs 12,467.39 crore for 2024-25. This represents a significant 24.67 per cent increase from the revised estimate of Rs 10,000 crore in 2023-24. This substantial investment in our children's nutrition is heartening.

These strategic allocations, coupled with the five-year extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), form a comprehensive approach that directly addresses multiple Sustainable Development Goals. By combating hunger and promoting education, we are making significant strides towards SDG 2 (Zero Hunger), SDG 4 (Quality Education) and SDG 10 (Reduced Inequalities). This budget takes us another step closer to achieving the Zero Hunger SDG and ensuring quality education for all."

Supriya Pattanayak, Vice Chancellor, Centurion University of Technology and Management, Odisha
"The Union Government has always put special focus on skill development and we are extremely glad that this budget is set to take it to the next level. The announcement by the Finance Minister on the increased budgetary allocation for skilling, education and employment is a welcome step and would go a long way in India's vision to consistently create an industry-ready workforce. The Prime Minister's package of schemes and initiatives for skilling and employment is likely to benefit over 4 crore youth across the country, further aided by the dedicated Rs 1.48 lakh crore allocation for education, employment and skilling.

The other highlight of this year's budget is the setting up of 1000 industry training institutes and new courses for emerging needs. With our campus already housing more than 50 industry-sponsored action labs and manufacturing units, we can vouch for the immense benefit of it as compared to conventional higher education methodologies. Also, loan provision up to 10 lakh for higher education in domestic institutions and the new internship scheme are welcome steps and point towards a bright future for India."

Tejal Amin, Chairperson Navrachana Education Trust, Vadodara Gujarat

“There is a special emphasis on education, particularly higher education, in the budget. The announcement of financial support for loans for higher education in domestic institutions will help many aspiring students to pursue further studies. The finance minister has also given significant attention to skilling and job creation. The scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years and upgrading of 1,000 ITIs to skill 20 lakh youth will help in up-skilling potential job seekers and enhancing their employability. The abolition of angel tax for all classes of investors will bolster the startup ecosystem, boost entrepreneurial spirit and support innovation. These comprehensive measures demonstrate the government’s holistic approach and will significantly contribute to the nation’s socio-economic development.”

Sanjana, Managing Trustee, GD Goenka Public Schools

“Delighted to see the education sector slowly gaining momentum as a priority, which was long overdue. The current budget is certainly a transformative step towards enhancing education with a focus on skilling and internships. It will directly address the issue of unskilled labour in the workforce, as recent reports say only 51.25 per cent of the country’s youth is currently employable. Another highlight from the budget is financial assistance to encourage higher education within the country. It is a great step towards increasing access to education while ensuring quality education is within reach. With all these great initiatives, the challenge still remains when it comes to implementing the policies on the ground. While the education sector is finally gaining the attention it deserves, challenges persist in the effective implementation of policies on the ground. Despite the increased expenditure, the budget still falls short of the recommended allocation of 6 per cent of GDP for the education sector. To truly transform education in India, it is imperative to focus on enhancing learning outcomes through targeted interventions within the K-12 system. Additionally, devising robust policies to encourage Public-Private Partnerships (PPPs) in education can provide a significant boost. These partnerships can bring in innovative solutions, increased funding, and improved infrastructure, addressing both quality and access issues. While the current budget is a commendable step forward, achieving the recommended 6 per cent of GDP spend on education is crucial for long-term, sustainable development."

Saurabh Arora, Founder & CEO, University Living
“The 2024 budget lays a foundation for a skilled, empowered and future-ready India. University Living congratulates the Finance Minister's 2024 budget and strong commitment to education, employment, and skilling, reflecting a strategic vision for India's future. The comprehensive package of five schemes reiterates government's dedication to empowering the youth. Allocating Rs 1.48 lakh crore for education, employment, and skilling initiatives are a significant step towards nurturing a skilled workforce within the country and becoming a source for the rest of the world. The key priorities to skill 20 lakh youth over the next five years, upgrading 1,000 ITIs and aligning course content with industry needs to address the skills gap are all welcome moves.  However, India needs at least 1500 HEIs to support the growing student population of 40 million students aspiring for higher education opportunities. The financial support through student loans up to Rs 10 Lakh for those pursuing higher education in the country is encouraging. Yet, it's important to recognise the gap in opportunities for students aspiring to study abroad. Increasing support for international education would further enhance India's stance in the global educational ecosystem."

Sachin Jain, Country Manager, ETS India and South Asia
“The Union Budget for FY 24-25 presented by Finance Minister Nirmala Sitharaman highlights a significant focus on youth, employment and skilling. The comprehensive package of schemes aimed at facilitating employment and skilling initiatives is a step in the right direction. With a significant allocation of Rs 2 lakh crore, targetting 4.1 crore youth, the Union Government has signalled its policy priority of revamping the skilling landscape in the country. However, while the announced measures, such as the DBT support and the upgradation of ITIs, are promising, there is still more that could be done to address the challenges faced by our youth in the rapidly evolving job market. We welcome the centre’s decision to launch a new centrally sponsored scheme for providing paid internship opportunities in the top 500 companies, but we believe that it is imperative to complement practical training with critical soft skills, such as English proficiency, which are key markers of employability. We believe that standardised tests play a crucial role in supporting equitable access to higher education by providing a fair and objective measure of student abilities, regardless of their socio-economic backgrounds. We encourage the government to consider integrating internationally accepted, robust assessment frameworks to complement these initiatives, ensuring that every student has the opportunity to demonstrate their potential and succeed in a competitive academic and employability landscape. We look forward to seeing how these initiatives unfold and contribute to building a robust, future-ready workforce in India.”

Krishan Mishra, CEO, FPSB India
"We at FPSB India commend the Finance Minister for addressing the skill gap through this Union Budget 2024, introducing initiatives to upskill 4.1 crore youth with a Rs 2 lakh crore outlay over five years. FPSB India stands aligned with the Centre and committed to upskilling professionals with the financial planning education. Further, the Prime Minister’s package, including employment linked incentives and support for first-time employees, is a significant step towards empowering the youth with opportunities. Incentives to IFSC, such as tax exemptions for retail schemes and reductions in tax rates for foreign companies, further enhance and strengthen the investment ecosystem in the country. FPSB India, is dedicated to IFSCA in providing a steady stream of skilled financial planning professionals for GIFT IFSC and jointly establish GIFT IFSC as a ‘Global Finance Hub."

Pankaj Dhingra, Managing Partner, Co Founder, FinTram Global LLP
“FinTram Global applauds the Union Budget 2024 for prioritising education and skilling opportunities, alongside paid internships for Indian students. The revision of the Model Skill Loan Scheme to facilitate loans up to Rs 7.5 lakh, backed by a government-promoted fund, is expected to help 25,000 students annually. Additionally, the financial support for education loans up to Rs 10 lakh, with e-vouchers providing annual interest subvention of 3 per cent for 1 lakh students, is a transformative measure. This initiative will significantly benefit our country's vast talent pool, ensuring accessibility and affordability of higher education opportunities for all. We are proud to align with these efforts, empowering youth and women through education and skill development.”

Abhijit Zaveri, Founder & Director, Career Mosaic
“We welcome the Union Budget 2024-25 and commend the Union Finance Minister for identifying Yuva (Youth) as a key focus area. The emphasis on financial support for students is highlighted by the allocation of Rs 1.48 lakh crore for skill development, employability and education. The FM announced that e-vouchers will be given to 1 lakh students, showcasing the government's intent to revamp the education sector and increase the Gross Enrolment Ratio (GER) in traditionally low-enrollment sectors/regions. The model skill loans scheme will also be revised to offer loans up to Rs 7.5 lakh, benefiting 25,000 students annually. Another key highlight is the new internship scheme for 1 crore youth in over 500 top firms in India, providing real-world experience and improving job prospects. We eagerly anticipate further details in the full budget document, particularly regarding collaboration with international universities, which plan to set-up academic campuses in GIFT City and other parts of the country. On the whole, the budget represents a promising step towards empowering the youth of India and help them build a brighter future.”

Amit Baveja, Managing Director, Burlington English, India & Southeast Asia
“The Union Budget 2024's initiatives to enhance digital infrastructure, educational facilities and learning support are timely and commendable. The government's focus on empowering youth through skilling and education is particularly noteworthy. However, I encourage the government to further support learning initiatives, especially in the K-12 sector, by improving digital infrastructure and prioritising the upskilling of educators. Collaborating with educational organisations and skill-development entities will broaden upskilling opportunities for the Indian population through programmes, certifications and employment. Allocating funds for continuous technological development and establishing a solid regulatory framework is essential for the sector's growth. While the announced measures, such as the DBT support to eligible employees and the upgradation of ITIs, are promising, more concentrated efforts are required for bolstering the youth employability. For instance, targetted support for English proficiency for learners and other critical soft skills will enhance formal employment. Additionally, a reduction in GST for skilling institutions will further augment the sector. We look forward to seeing how these initiatives unfold and contribute to building a robust, future-ready workforce in India and we remain committed to supporting these efforts through our expertise and resources.”

Meenakshi Kachroo Chatta, Senior Director & Regional Head, College Board – India, South & Central Asia
"The upcoming budget presents a unique opportunity to transform the landscape of higher education in India. We anticipate significant investments and initiatives aimed at enhancing accessibility to quality education through increased scholarships and financial aid. This support is crucial for students aspiring to study both within    India and abroad. With the growing demand for international education, the budget must address the need for better financial assistance. Beyond this, we hope to see announcements that foster international academic    collaborations and invest in technological advancements in education. Moreover, investments in digital infrastructure will ensure that students from all corners of India can access world-class education and resources. By  prioritising these aspects, the budget can be a catalyst for empowering Indian students to become global leaders. Such measures will not only democratize access to premier educational institutions worldwide but also strengthen India’s position in the global academic community.

Mayank Kumar, Co Founder and MD, upGrad
“Budget 2024-25 allocations towards skilling and employment and Startup growth marks a watershed moment in India's journey towards becoming the world's largest talent economy.

With a very strong emphasis on skilling and employment and bridging the talent-academia gap, GOI's allocations—to fuel aspirations of 4.1 crore youths, empower women to join the workforce and provide tax benefits and loans like skilling loan (upto Rs 7.5 lakh) and education loan (upto Rs 10 lakh) is a masterstroke, 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.

Innovative initiatives announced, such as the scheme to boost job creation in the manufacturing sector, incentives for EPFO contributions and reimbursement for additional employee EPFO contributions, demonstrate the government's commitment to creating a conducive employment ecosystem. India's economic growth, described as a 'shining exception', will propel its focus on innovation and growth with a focus on job creation and skilling. The skilling loan and education loan initiatives will further empower India's youth to drive growth and innovation.

Moreover, the government's scheme to provide internship opportunities to 1 crore youth in 500 top companies over 5 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. With such bold commitments towards jobs, skilling and employment, Budget 2024-25 ignites a talent revolution in India, poised to propel the nation's youth to global leadership.

By abolishing angel tax, the government has given a major fillip to the startup ecosystem, fostering more investments, growth and innovation in India, and enhancing its capabilities to cater to global demands. Additionally, the reduction of capital gains tax for unlisted equity aligns it with listed equity is another strong move, further boosting investor confidence and liquidity in the startup space.”

Rohit Gajbhiye, MD and Founder, LEO1
"The Union Budget 2024-25 provision for financial support on loans up to Rs 10 lakh for higher education aims to enhance accessibility for economically disadvantaged students. Establishing clear eligibility criteria and efficient disbursement mechanisms will be crucial to ensure these funds reach those in need. An allocation of Rs 1.48 lakh crore for education, employment and skilling signals a commitment to addressing infrastructure and quality challenges. With focussed implementation, this investment can benefit educational institutions and students alike.

Employment-linked incentives, such as direct benefit transfers for first-time employees, can stimulate job creation and workforce participation. Additionally, a new centrally sponsored scheme for skilling, in collaboration with state governments and industry, aligns educational outcomes with market demands. The internship scheme in top 500 companies aims to bridge the industry-academia gap, enhancing employability.

Overall, the budget's emphasis on affordability, accessibility, infrastructure, and capacity building in education reflects a promising outlook for India's human capital development. While our primary focus is on providing innovative digital solutions and cashless campus experiences, we recognise the potential synergies these initiatives can bring to the educational ecosystem."