Budget 2024 reactions: 'Loans of up to Rs 10 lakh for students significant accessibility to higher education'

Check out reactions to the Union Budget announcements for the Education sector:-

Prof Mahadeo Jaiswal, Director, IIM Sambalpur, said “This year, the Education Ministry’s budget allocation has increased by 6.8 per cent, which signifies the government’s commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasizes the importance of education, employment, and skill development by allocating an impressive Rs 1.48 lakh crore for these crucial areas, which is indeed commendable. The provision of financial support for loans up to Rs 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all. This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities. Additionally, the introduction of a new centrally-sponsored scheme for skilling, in collaboration with state governments and industries, is another praiseworthy move. Skilling 20 lakh youth over the next five years will create a robust workforce ready to meet the evolving needs of the industry. The upgrade of 1000 ITIs and the alignment of course content to industry requirements will further enhance the employability of our youth. Furthermore, the government’s internship scheme, providing internships to one crore youth with a stipend and assistance, will offer invaluable hands-on experience and financial support. This initiative, supported by CSR funds, will bridge the gap between education and employment, ensuring that our young talent is work-ready.”

Prof Ram Kumar Kakani, Director of IIM Raipur, said, "To support our youth who haven't been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience. By integrating financial support 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.”

Dr Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH, said, "Since 2014, the central government's focus on skilling has remained consistent, as highlighted in the present budget. The prime Minister's package for skilling envisages a collaboration with all state governments as well as industry. This new centrally sponsored scheme for skilling will support our 20 lakh youth in up-skilling over the next five years. It will translate into more jobs for our youth in rural as well as urban areas. The above investment, along with newly announced scheme targeting 4.1 crore youth will propel India towards its goal of becoming a developed nation by 2047. The Finance Minister’s far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable.”