Finance Minister presented Interim Budget 2024; Know how Education Sector reacts

Finance Minister Nirmala Sitharaman presented the interim budget 2024 today. A total of INR 1,24,638 Crores allocated for the education sector and INR 47, 619 crore for Higher Education sector. Read here to know how the education sector has reacted to today's budget.

Interim Budget 2024: Union Finance Minister Nirmala Sitharaman has today announced her sixth budget. She has allocated a total of INR 1,24,638 crore for education sector, INR 90,171 crore for health sector, and INR 47, 619 crore for Higher Education sector. 

Total research and innovation sector got an allocation of INR 355.00 crores as compared to INR 210.61 crores allocated in the last budget. Total-Central Sector Schemes/Projects are allocated INR 5672.93 crores in the education budget while INR 4968.03 crores was allocated in the last year's budget. University Grants Commission (UGC) saw significant reduction in the allocation as this year INR 2500.00 crores allocated to UGC as against INR 5360.00 crores allocated last year. IIT's allocated INR 10324.50 crores as against INR 9661.50 crore last year.

Education Budget 2024 Reactions

Here are the reactions of a few stakeholders:

Dr . Yajulu Medury, Vice Chancellor, Mahindra University said, "The Budget 2024 exemplifies the government's commitment to empower 'Amrit Peedhi', our youth and National Education Policy 2020 reaffirms commitment towards transformative reforms, ensuring quality education and inclusive development. Initiatives like Startup India, Skill India and PM Mudra Yojana align with our vision to cultivate a robust entrepreneurial culture on our campus, reiterating our focus on growing the University’s Entrepreneurship and Innovation Cell (EIC). The rise in female enrollment, especially in STEM courses, and their growing impact on the workforce, stands testament to inclusivity as we envision a future where our youth not only thrive but also lead, armed with skills and innovation for a dynamic world."

Prof. Rudra Pratap, Founding Vice Chancellor, Plaksha University reacted to empowering women in STEM education, and said, "This interim budget puts the future first by investing in India's young minds, particularly in STEM education. Empowering young women to excel in these fields is not just about inclusivity; it's about unlocking India's full potential for innovation. Seeing them rise to the top of the global STEM enrollment rankings is a powerful testament to their commitment. Equipping our youth with essential skills and cultivating a vibrant research landscape powered by technology paints a positive picture. While resources are important, their effectiveness depends on reaching every corner of society. This budget represents a commendable step towards an educated and empowered youth. Let's nurture our young minds, especially our talented women, and watch them propel India towards a brighter tomorrow.”

Dr. Sanjay Gupta, Vice Chancellor of the World University of Design said,"As a design university, we enthusiastically welcome the government's acknowledgement of 'Nari Shakti' and its commendable efforts in advancing female education, especially in STEM courses. The commitment to empowering women transcends education, as one can see it being reflected in various reforms. Furthermore, the emphasis on new-age technologies and allocating a one lakh crore corpus for research and innovation heralds a big opportunity for our tech-savvy youth. This forward-looking budget resonates with our university's mission to cultivate creativity, innovation, and inclusive progress in design education. We are poised to leverage these opportunities to inspire the next generation of designers and contribute to the transformative landscape of design in India."

"We commend the government's unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth. The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape," said Dr. Dhruv Galgotia, CEO, Galgotias University.

"The government has given due importance to skilling, entrepreneurship, and startups in India, not to mention creating employment opportunities for the youth and I commend the government's budget speech for focusing on the empowerment of marginalized groups. The emphasis on skill upliftment through training programs for 1.4 million youth is a testament to our commitment to fostering a uniquely skilled workforce for the future, something that will only serve to contribute to our ever-growing economy," said Mr. Shobhit Mathur, Vice Chancellor of Rishihood University.

 The commitment to education and skill development through successful initiatives like Skill India has offered training, skilling, and reskilling to millions, enabling them to acquire cutting-edge skills and secure employment opportunities. This will undoubtedly contribute to our collective economic resilience and competitiveness on the global stage. The government's emphasis on technology, including the provision of 50-year interest-free loans, underscores its dedication to investing in Deep Tech, requiring substantial investment and highly skilled human capital. Enhancing the Girl Enrolment Ratio will empower females to enter aspirational fields and make significant contributions to various emerging sectors. Although the EdTech sector anticipated some tax incentives that could have benefited our learners, we remain highly optimistic about the upcoming full budget, expected to announce next-generation reforms, will address these concerns. We look forward to actively participating in providing excellence in education, transforming the Indian ecosystem, and contributing to holistic national development, said Anish Srikrishna, CEO, TimesPro.

Read more:

• Interim Budget 2024: Medical Research Sector gets INR 3001.73 crores
• Union Budget 2024: AIIMS Delhi gets an increased allocation by INR 388.33 crores