Budget 2024: Rs 1.48 Trillion Allocated for Education, Employment, and Skilling

Addressing the critical issues of employment and skilling, Finance Minister Nirmala Sitharaman on Tuesday announced a substantial allocation in the Union Budget 2024-25. The Budget will allocate Rs 1.48 trillion towards education, employment, and skilling of the youth, marking a 30 percent increase from the previous year's allocation of Rs 1.13 trillion.

In her record seventh Budget speech, Sitharaman emphasized that the Budget's focus areas include employment, skilling, micro, small and medium enterprises (MSMEs), and the middle class. She highlighted that the nine priorities of the Budget encompass productivity, job creation, social justice, urban development, energy security, infrastructure, and reforms.

Significant Increase in Education and Skilling Budget

The Finance Minister introduced five innovative schemes dedicated to employment and skill development, totaling an investment of Rs 2 trillion. Highlighting the critical need for job creation and skill enhancement, Sitharaman revealed the government's plan to train 2 million young people within the next five years.

Youth Empowerment Initiatives

Finance Minister Nirmala Sitharaman asserted, "People of India have reinforced their faith in the government led by Modi and re-elected it for a third term." She pointed out that India's economy remains resilient despite the global economic policy uncertainties. Additionally, she noted that India's inflation rate is stable and progressing towards the 4 percent target.

Financial Support for Higher Education

In a move to support higher education, Sitharaman announced that the Centre would provide financial support for loans up to Rs 10 lakh for students pursuing higher education in domestic institutions. Furthermore, 1,000 Industrial Training Institutes (ITIs) will be upgraded in a hub-and-spoke model to enhance vocational training and skill development.

Focus on MSMEs and Middle Class

The Budget 2024 also underscores the importance of supporting MSMEs and the middle class. The increased allocation and new schemes are designed to bolster productivity and social justice while fostering urban development and energy security. This comprehensive approach aims to drive significant economic reforms and infrastructure development.

Conclusion

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, underscores the government's commitment to education, employment, and skilling. With an unprecedented allocation of Rs 1.48 trillion—30 percent higher than the previous year's budget—the government aims to address the critical needs of the youth and the broader workforce. The introduction of five new schemes with a total outlay of Rs 2 trillion highlights the emphasis on job creation and skill development.

By providing financial support for higher education loans and upgrading 1,000 ITIs, the Budget seeks to empower the next generation with the necessary skills and knowledge to thrive in a competitive global economy. The focus on MSMEs and the middle class, coupled with measures to enhance productivity, social justice, and infrastructure, reflects a comprehensive approach to economic growth and stability.

As the government sets its sights on these ambitious goals, the positive impact of these initiatives is eagerly anticipated. The increased investment in education, employment, and skilling is poised to drive significant progress, fostering a more resilient and robust economy for India. The Budget 2024-25 not only addresses immediate needs but also lays the foundation for sustainable development and prosperity in the years to come.