Education, Employment & Skilling: The recent Union Budget of India, unveiled on July 23, 2024, has once again highlighted the significance of education in shaping a promising future. This budget serves as a positive force for change, in line with the objectives outlined in the National Education Policy 2020 (NEP 2020) and National Curriculum Framework 2022 (NCF 2022). The recent unveiling of the Union Budget of India on July 23, 2024, once again underscores the importance of education in shaping a promising future. This budget represents a proactive step towards change, aligning with the goals set forth in the National Education Policy 2020 (NEP 2020) and National Curriculum Framework 2022 (NCF 2022).
India’s historical educational models, such as the Gurukul system, emphasized holistic development, individual growth, and a deep understanding of knowledge. Despite the progression of our modern education system, it still faces challenges in fostering critical thinking, creativity, and a love for learning. The introduction of NEP 2020 and NCF 2022 signifies a significant shift towards tackling these issues by promoting a student-centered, experiential learning approach. This transformation is crucial for equipping students with the necessary skills to thrive in an ever-changing global environment.
Key Highlights of Education, Employment, and Skilling
Key Highlights of Education, Employment, and Skilling in Union Budget 2024
The Prime Minister’s economic plan encompasses three distinct “Employment Linked Incentive” programs that are set to be put into action.
- Program A is designed to cater to individuals seeking employment for the first time.
- Program B aims to stimulate job growth within the manufacturing sector.
- Program C offers assistance to employers in various capacities.
2. An ambitious initiative to provide one million internship opportunities at the most prestigious 500 companies within the next five years.
3. The introduction of a novel centrally sponsored skilling initiative as part of the Prime Minister’s comprehensive plan, which is expected to benefit 2 million young individuals over a span of five years.
4. A revision of the Model Skill Loan Scheme is in the pipeline, allowing for loans of up to ₹7.5 lakh.
5. Financial aid will be extended to individuals seeking loans of up to ₹10 lakh for the purpose of pursuing higher education at domestic educational institutions.
The Education Budget for the fiscal year 2024-25 has been allocated Rs 1.48 lakh crore by the government, with a focus on education, employment, and skilling. The Department of School Education and Literacy has received the highest allocation of Rs 73,498 crore, while the Department of Higher Education has been allocated Rs 47,619.77 crore, representing a 7.99% increase from the previous year.Key initiatives include a scheme to provide internships to 1 crore youth with a monthly allowance, as well as employment-linked incentives and education loans. This budget allocation reflects the government’s dedication to improving educational infrastructure and creating job opportunities, with a focus on skill development and financial support for education and internships to equip the youth for the competitive job market.
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Different opinions by Different Leaders
The recent decision by the government to offer education loans of Rs 10 lakh for students looking to pursue higher studies in India is a commendable step, especially for those facing challenges while studying abroad, particularly in countries like Ukraine, Israel, the UK, Canada, and Australia. This initiative will not only encourage students to study in India, providing them with a conducive learning environment, but also help in reducing brain drain. Furthermore, the 3% reduction in education loan interest will help alleviate financial stress for students, enabling them to focus better on their studies.
Raghav Gupta, Managing Director, APAC and India, Coursera, expressed his enthusiasm for the Union Budget 2024-2025, which demonstrates a strong commitment to enhancing education, employment, and skill-building capacity. This aligns with the Government’s vision of Viksit Bharat by 2047. Gupta highlighted the budget’s emphasis on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgrade of 1,000 training institutes, and the provision of skilling loans as positive steps.
He also emphasized the significance of providing 1 crore youth with industry experience through internships with 500 top companies, which will help bridge the gap between theory and practice. He is of the opinion that collaboration across different sectors can help address the increasing skills gap and social inequalities, ensuring a seamless transition for students into high-demand job roles. He also emphasized that businesses will profit from a diverse and skilled talent pool, reducing recruitment time and costs.
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Gupta also stressed the importance of digital skills in today’s digital era, expressing eagerness to support initiatives that provide millions of Indians with access to digital skills and more equal opportunities. He believes that these efforts will unlock India’s demographic dividend and accelerate the journey towards a $5 trillion economy.
Dr. Jaskiran Arora, the Dean of Education Quality at BML Munjal University, has highlighted the significance of the recent budget in India’s education sector. The dedication to improving opportunities for the youth is clear with the allocation of Rs. 1.48 lakh crore for education, employment, and skilling.
Offering financial aid for loans up to Rs 10 lakhs for higher education, especially for those not covered by existing government programs, signifies a significant shift towards comprehensive development. Furthermore, the introduction of e-vouchers with a 3 per cent annual interest subvention for one lakh students will make higher education more accessible and affordable, potentially changing the lives of many individuals.
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In conclusion, the Union Budget 2024 prioritizes significant funding for education, employment, and skill development, with a total budget of ₹1.48 lakh crore. These initiatives are intended to stimulate economic growth, enhance employment prospects, and foster the growth of a proficient workforce in the coming five years.