Education Budget: In her seventh presentation of the Union Budget, Finance Minister Nirmala Sitharaman highlighted nine key areas, including employment and skill development, inclusive human resource development and social justice, infrastructure improvements, and promoting innovation, research and development, among other next-generation reforms. Notably, the budget has made a substantial allocation of Rs 1.48 lakh crore for education and skill development, which experts consider a great start. According to Praneet Mungali, educationist and trustee of the Sanskruti Group of Schools, “The allocation of Rs 1.48 lakh crore for education, employment and skill development is a positive step. Investment in education is the lowest common denominator to solve most of India’s long-term challenges. The emphasis on skilling the youth of our country will be a giant leap towards shaping the future.” Koneru Satyanarayana, president of KL Deemed to be University, says, “The allocation of Rs 1.48 lakh crore under the Modi 3.0 budget is a transformational step towards enhancing education, employment and skill opportunities in India.” Financial assistance in the form of loans
Expressing his views on this year’s budget, Prof. Ram Kumar Kakani, Director, IIM Raipur, said that providing funds for education contributes to social inclusion and empowerment. “By providing financial assistance for education, robust internship opportunities and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society – from aspiring students to new startups – can contribute to and benefit from India’s evolving economic landscape,” says Kakani.
New Centrally Sponsored Scheme for Skilling
Under the Prime Minister’s scheme for skills and collaboration with state governments and enterprises, a new centrally sponsored scheme will be launched. As per the budget, 20 lakh young students will develop their skills over five years. Dr. Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH, informed that the Prime Minister’s Skill Package includes engagement with all state governments and industry. Pankaj Priya said, “This will create more employment opportunities for our youth in rural and urban areas. The visionary thinking of combining the power of youth and technology in the Grow India Budget by the Finance Minister is commendable.” Internship opportunities for 1 crore youth The Union Budget includes a significant initiative to provide internships to 1 crore students in leading companies, with a monthly allowance of Rs 5,000 for a period of 12 months. The companies will cover the training cost through their Corporate Social Responsibility (CSR) funds. In addition, a one-time assistance payment of Rs 6,000 will be provided to the interns. Dr. P. Venkat Rangan, Vice Chancellor of Amrita Vishwa Vidyapeetham, appreciated the internship opportunities introduced in the budget and said, “The new internships offering stipend and assistance funded through CSR are also commendable and will provide valuable practical experience to the students.”
