FM Nirmala Sitharaman Budget Announcement for Education Live Updates: Nirmala Sitharaman, finance minister, is scheduled to present the Interim Budget today, February 1, at 11 am. This budget will outline the government’s plans for the remainder of its term, as a comprehensive budget can only be presented after the Lok Sabha elections in 2024, following the formation of a new government.
In anticipation of the Interim Budget 2024, education stakeholders have expressed their expectations for the sector to the Finance Ministry. In the fiscal year 2023-24, the Education Ministry received its highest-ever allocation, with the combined outlay of its two departments totaling Rs 1,12,898.97 crore.
Stay tuned to this live blog for all the significant updates from Finance Minister Nirmala Sitharaman’s budget speech, including allocations to the Education Ministry.
The education sector is undergoing a significant transformation, fueled by the transformative reforms introduced in the NEP 2020 and Skill India Mission, training 1.4 crore youth and establishing 3,000 new IITs. The increase in female enrolment in higher education is a testament to the commitment towards fostering inclusivity and equal opportunities. The Finance Minister’s emphasis on female enrolment in STEM courses, further showcases India’s commitment to breaking gender barriers in traditionally male-dominated fields. Increased budgetary allocation by the Govt will go a long way to maintain this momentum; a reduction in the GST from 18% to 5% will help being the sector on par with the off-line offerings. Easy access and affordability remain key to aligning with global educational trends. The collaboration between the public and private sectors is paramount for driving the necessary changes in our approach to education. Together, we can ensure widespread access to affordable, high-quality education, addressing the needs of our diverse population and laying the groundwork for a prosperous future.
-Prateek Maheshwari, co-chair, India Edtech Consortium (IEC), Co Founder- Physics Wallah (PW).
As the Union Finance Minister, Nirmala Sitharaman, unveils the Interim Budget, I commend the government’s focus on education with a 10% rise, allocating Rs 1,24,638 Crore for the Education Ministry. The commendable achievements of the Skill India Mission, coupled with last year’s highest-ever funds allocation for education, reflect a steadfast commitment to youth development. The holistic approach to learning, including teacher training, intelligent schemes, and digital integration, showcases the government’s progressive vision. Our young population will need the right set of language and soft skills along with tech exposure to meet the growing demands of the industry, and budget 2024-25 lays a perfect foundation to enable that. With Rs 73,008 crore allocated to the School Education, strategic investments and accomplishments in the education sector are pivotal steps towards fostering a generation of empowered and skilled individuals.
– Amit Baveja, MD, Burlington English (India)
The Finance Minister highlighted how new-age technologies and data are transforming lives and businesses globally, fostering efficiency and innovation. India‘s innovation and entrepreneurship are gaining global recognition, providing solutions to contemporary challenges.
The adoption of relevant technologies becomes more crucial for MSMEs in this case, ensuring competitiveness and growth. According to a 2023 Bharatiya Yuva Shakti Trust survey conducted across 12 states, just 39% of micro-entrepreneurs utilize social media for marketing, while only 22% use e-commerce platforms. The key causes for this disparity are said to be a lack of understanding regarding online business (44%), as well as a lack of skilled employees (17%). The challenge lies in bridging the digital divide, ensuring equal access to opportunities, and addressing skill gaps.
Increasing the representation of women in the workforce and fostering an entrepreneurial spirit in them to make India an inclusive and independent hub of innovation are all significant challenges. The Skill India Mission has truly revolutionized youth training, enhancing employability and contributing to economic growth. However, the country is yet to see its potential. We anticipate that today’s budget announcement will give everyone a fair shot at opportunities.
-Ambrish Sinha, CEO, UNext Learning
The Interim Union Budget 2024, presented by the Honourable Finance Minister Nirmala Sitharaman, places significant emphasis on women empowerment and housing.
Ensuring every homeless individual has a home within the next five years delivers a major boost to the country’s infrastructure and is a laudable initiative. The government’s commitment to an inclusive society was also evident during the Republic Day parade, where women were given preeminence. Overall, the budget reflects the Narendra Modi government’s commitment to women’s development and progress.
-Prof Dr Arvind Chaturvedi – Pro Vice Chancellor and Director, School of Management, IILM University.
The interim budget spells out four thrust priorities, i.e. women, farmers, poor and youth; therefore a thrust on start-ups, support to farming communities and encouraging use of solar panels by offering 100 units of free power. Adding 1 crore additional lakhapati didis promises to bolster women empowerment within the SHG framework. Overall nothing out of the ordinary and mostly supportive of the government’s overarching vision.
-Dr. Kavita Pathak, Director Jaipuria institute of management, Lucknow.
We are happy to see the progressive stance on women empowerment that the Government has shown over the past decade. The disbursement of 30 crore in loans as part of Mudra Yojana to women entrepreneurs aligns seamlessly with the broader vision of fostering economic independence and supporting the entrepreneurial streak in women.
The notable increase of 28 percent in female enrolment in higher education, particularly in STEM courses, signifies a positive shift towards gender inclusivity. Further, with the provision of reservations for women in Lok Sabha and State assemblies, commendable steps towards ensuring equal representation and protection of women’s rights, the allocation of houses under Awas Yojana to women in rural areas and more have earn marked the past decade in so many ways.
As a women entrepreneur, I congratulate the Government in its commitment in supporting women entrepreneurs, small and medium enterprises, and e-commerce platforms. Let’s collectively forge a future that is not only economically robust but also socially equitable and empowering.
-Arpita Katyal, CEO, Reperro.
The initiatives of the Indian Government over the last decade have laid a robust foundation, promising to reshape our economic landscape, opening avenues for growth and innovation.
The emphasis on the Global Financial Hub at GIFT IFSC serves as a robust gateway for global capital and financial services, positions Indian economy on the global map. The Budget allocation of resources to Skill India Mission through 2014-23, has successfully resulted in the training of 1.4 crore youth, and aligns seamlessly with our vision for a skilled workforce in India. The remarkable 43 crore loans sanctioned under the PM Mudra Yojana further exemplify the Government’s commitment to fostering the entrepreneurial aspirations of our youth. Extending support through various measures, we appreciate Govt.’s extension of certain tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units that was due in March this year to March 2025.
-Krishan Mishra, CEO, FPSB India.
The Interim budget 2024, presented by the Honourable Finance Minister Nirmala Sitharaman, reflects a positive outlook. We applaud the government’s dedication to upskilling millions of youths through the Skill India Mission and establishing higher learning institutions. Women’s enrollment in higher education has increased by an astounding 28 percent over the last ten years, along with 43 percent of enrollment in STEM courses, a rate among the highest globally. These initiatives are anticipated to elevate the quality of education in India, fostering the development of a more educated workforce. This, in turn, is poised to stimulate increased research and innovation in emerging sectors by the private sector. By harnessing the combined potential of our youth and technology, these efforts aim to propel India forward. Additionally, extending tax exemptions for startups is viewed as a positive measure expected to contribute to overall growth and increased investment.
-Dinesh Kumar Poobalan, CEO and CTO, Greatify.
The Interim Budget 2024 underlines the importance of quality education and access to equal opportunities at all levels to achieve inclusive and holistic development. The NEP has paved the way for strengthening of India’s primary, secondary and tertiary level education, and we are proud to have been a part of India’s journey to internationalise curriculums and bring in global best practices. We are confident that the continued focus on quality, equality and access in education and skilling will accelerate India’s plan of becoming a global knowledge hub, and we remain committed to partnering the government and education sector in India to create opportunities that spark success for young Indians.
-Alison Barrett MBE, Director India, British Council.
The interim budget is a progressive budget towards Vikasit Bharat. It strengthens commitment towards the welfare of the poor, youth, women and farmers. Our vision for a developed India is reflected in this year’s budget focus on education and skill development given the country’s goal of becoming the third largest economy by 2030 and its vision for Amrit Kaal 2047.
-Dr Harishchandra Mishra, Chairman, Aditya Group of Institutions (Mumbai).
Minister Nirmala Sitharaman expressed pride in the nation’s current status, it’s lofty aspirations and confidence in a promising future. Emphasising innovation as the bedrock of development, she highlighted the upcoming golden era for our tech-savvy youth. A fund of Rs. 1 lakh crore, supported by 50-year interest-free loans, aims to provide extended and low to zero interest rate financing for the private sector, facilitating research expansion in sunrise sectors. Additionally, Mudra Yojana has disbursed thirty crore loans to women entrepreneurs, contributing to a notable rise of twenty-eight percent in female enrollment in higher education over the past decade. In STEM courses, girls and women constitute forty-three percent of enrollments, marking one of the highest figures globally. These promising developments for the country’s education landscape are laudable.
-Aarul Malaviya, Founder Zamit.
The interim budget 2024 stands out for its renewed dedication to the aspirations of young India, as the government directs its focus towards advancing the nation’s prosperity through the empowerment of its vibrant youth. The Finance Minister highlighted promising statistics, including a substantial 43 percent increase in women’s enrollment in STEM-related fields, a 28 percent rise in women pursuing higher education, and a commendable uptick in female participation in the workforce.
Building upon the foundation laid by the NEP 2020, the budget places a strong emphasis on propelling the nation forward by promoting cutting-edge technologies, especially by nurturing the growth of innovative startups. We commend the administration’s allocation of 50-year interest-free loans to provide long-term financing for the private sector to scale up research in sunrise sectors. This support would be helpful for upcoming EdTech startups to invest in cutting-edge education technologies and provide new-age learning services for students. This contribution serves as a guiding light for us, as we aim to steer the nation towards a bright future.
-Monica Malhotra Kandhari, MD, Aasoka & MBD Group
Declaring 2024–25 to be a “golden year” for tech enthusiasts, the finance minister announced in Interim Budget 2024 the government’s priorities of empowering women, youth, farmers, and the impoverished. In addition, I’m pleased to see that, in the last ten years, the number of women enrolled in higher education has increased by 28%. The last three years have seen a rise in the amount of money allocated to the education sector, particularly to 2023, which was awarded a staggering grant of Rs. 44094.62 crore for higher education in order to support multi-mode access to education. Budget 2022 and 2023 aimed to advance upskilling and reskilling, technology integrated teacher training, and the incorporation of digital, online, and on-air education. Additionally, they established Centers of Excellence in some of the top universities, enabling futuristic young minds and creating a world-class education ecosystem. While Budget 2021 focused on making education accessible, available, and affordable for everyone, the budgets of 2022 and 2023 focused on incorporating digital education.
-Dr. Prabina Rajib, Director at Birla Institute of Management Technology (BIMTECH).
The 2024 budget heralds the start of a golden era in technology. This Rs 1 lakh crore fund is a seismic shift, a direct investment in our nation’s brightest minds. At Newton School, we’re not just observers; we’re active participants in this revolution. This transformative wave aligns deeply with our ethos at Newton School: to democratise tech education. Our mission has always been to make cutting-edge tech education accessible to all. Now, with this unprecedented support, we can elevate our efforts, reaching more aspiring tech leaders than ever before.
-Siddharth Maheshwari, co-founder of Newton School.
The long term focus with matching infrastructure development for the higher education sector and skill development is helping the youth of India to be job ready. Addition of 390 Universities, skill development of over 2 youth and improvement by 28% in female enrolment in higher education are results of this focus. This will yield rich dividends for the industry and economy at large.
-Shantanu Rooj, CEO and Founder TeamLease Edtech on Higher Education.
The female contribution to GDP remains one of the lowest among the comparable economies. Increasing participation and contribution for GDP growth will mean creating a strong base of education, skill development, employment and entrepreneurship opportunities and inclusion in several key initiatives. The Government’s focus on this is reflected through the budget allocations and policy support for Mudra Yojna, STEM Education and Higher Education are important commitments that will help women participate in GDP growth.
-Jaideep Kewalramani, COO & Head of Employability Business, TeamLease Edtech
The 2024 budget is notable by its revitalised focus on the young India with high aspirations, as the government channels efforts into enhancing the country’s prosperity by empowering its dynamic youth. The Finance Minister unveiled promised statistics with a significant 43 per cent rise in women’s enrollment in STEM-related fields, 28 per cent uptick in women pursuing higher education, along with a commendable increase in female participation in the workforce. Building upon the NEP 2020’s foundation, the budget also places a strong emphasis on propelling the nation forward through the promotion of cutting-edge technologies, particularly by supporting the growth of innovative startups. This forward-looking approach aligns with the ambitions of the tech-savvy youth and cultivates a welcoming environment for technological advancement and economic growth. The budget serves as a beacon, guiding the nation towards a future where the synergy of youth empowerment, gender inclusivity, and technological innovation propels Indian education landscape to new heights.
-Sujatha Kshirsagar is the president and chief business officer of Career Launcher.
I reiterate, that the Government needs to initiate schemes and programmes to deal with the stigma attached to mental health and bring mental well-being to the forefront.
While unveiling the Union Budget 2024, the Finance Minister expanded on the progress we have made as a nation in the field of education and how the National Education Policy 2020 is driving substantial reforms in this sector. The progress is quite laudable; however, no mention has been made of taking constructive measures to tackle the growing concern of youth’s mental health and suicide issues. The sooner this is brought into focus the better it would be for the leaders of tomorrow, in whose hands our future rests.
While the Skill India Mission has successfully trained 1.4 crore young individuals, providing upskilling and re-skilling opportunities to 54 lakh youths, and establishing 3000 new Industrial Training Institutes (ITIs), very little has been done to address the growing academic distress that students need to deal with in their developmental years.
In terms of accomplishments, a noteworthy array of higher education establishments has been instituted, comprising 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities. The Pradhan Mantri Mudra Yojana has approved a commendable 43 crore loans amounting to Rs. 22.5 lakh crore, to foster the entrepreneurial aspirations of the youth. Initiatives like the Fund of Funds, Startup India, and the Startup Credit Guarantee Schemes are actively supporting the endeavors of the younger generation.
For the youth to benefit from these promising developments, they need to have robust mental health, which will enable them to successfully navigate the uncertain waters. Hence, I reiterate, that the Government needs to initiate schemes and programmes to deal with the stigma attached to mental health and bring mental well-being to the forefront.
-Neeraj Kumar is the founder and CEO of Peakmind.
The 2024 interim budget has a clear focus on the demographic dividend that India’s huge youth population offers. The government’s amplified focus on skill development through The Skill India Mission, which has commendably trained over 1.4 crore youth, will definitely empower more students to reach their fullest potential. The increased financial commitment not only underscores the importance of skills in our growing economy but also mirrors our dedication to bridging the gap between talented students and the opportunities they deserve.
Moreover, the remarkable 28% increase in female enrolment in Higher Education over the last 10 years is a clear indicator of progressive change. It reflects a nation moving towards gender parity in all walks of life with education being the most important part of it. This surge in female participation is not just a statistic; it’s a narrative of empowerment and breaking stereotypes, showing the world that India is taking significant strides towards inclusive education and career opportunities for all.
These reforms are not just changes; they are a revolution in our educational approach, promising a future where every student can aspire to and achieve greatness, irrespective of their gender or socio-economic background. We at Buddy4Study are hopeful that these developments will continue and expect the government to also take into consideration the higher cost of education and how students from underprivileged sections of society are provided with the equal opportunities to pursue their dreams.
-Ashutosh Burnwal is the founder and CEO of Buddy4Study.
The interim budget for FY 2024-25 maintains stability in major income tax slabs while laying out a strategic vision for India‘s future development. With a focus on achieving the mission of “Viksit Bharat” by 2047, the budget prioritizes infrastructural development and aims to provide 2 crore more houses under the Pradhan Mantri Awas Yojana – Gramin, making homes more affordable. To encourage private sector innovation, a noteworthy move involves establishing a Rs 1 lakh crore corpus with a 50-year interest-free loan. This initiative is anticipated to benefit millennials and contribute to a knowledge-based economy. Furthermore, the budget unveils a comprehensive plan to achieve a Net Zero Target by 2070, aligning with global environmental goals.
-Prof. Mousumi Bhattacharya from IIM Shillong.
We commend the government for its efforts towards upskilling millions of youths through the Skill India Mission and establishing new ITIs and higher learning institutions. The increase in female enrollment in higher education by 28% in the last 10 years is a significant step towards gender equality in education, and we are pleased to see the government’s commitment towards this cause. These efforts will help learners in India become world-ready and equip them with the necessary skills to succeed in the global workforce. However, learners need access to affordable technological tools that cater to their needs to make this a reality. The digital infrastructure has become a crucial aspect of education, and the government must prioritize affordable technology and digital literacy for all in their future policies. As a brand dedicated to eliminating the digital divide in the country, we strongly urge the government to recognize the importance of digital inclusion and take substantial steps to make affordable technology accessible to all learners in India.
-Chitranshu Mahant, CEO and Co-Founder, Primebook.
Reflecting on the strides made last year, with increases in girls’ enrollment in schools and STEM programs, as well as efforts in skilling India through Skill India programs and initiatives, we recognize the importance of building upon these successes. While no new initiatives were unveiled this year, there’s an opportunity to shift focus towards holistic child-to-adult development. Let’s prioritize measures to eliminate school dropouts, enhance career awareness, and promote industry inclusion, motivating both students and parents to embrace learning, skill-building, and excellence.
-Dr Sarvjeet Herald, Director – India STEM Foundation.
I firmly believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With thirty crore Mudra Yojana loans empowering women entrepreneurs and a commendable twenty-eight per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring. At Ziyyara Edutech, we stand proud in contributing to the educational landscape that empowers and equips the youth for a brighter future.
-Kavita Sharma is the co-founder and CEO of Ziyyara Edutech.
Greater responsibility on higher education institutions to create infrastructural capacity to collectively cater to an increased female enrolment by 28% in higher education in 10 years.
-Charu Malhotra, co-founder and managing director at Primus Partners.
The Skill India Mission’s initiative to train 1.4 crore young individuals, along with the upskilling and re-skilling of 54 lakh youth, coupled with the establishment of 3,000 new Industrial Training Institutes (ITIs), is a vital step towards bolstering the pli and make in India programs. This comprehensive approach is essential in enhancing the manufacturing sector’s contribution to the GDP from 17% to 25% by 2047, thereby creating numerous job opportunities.
-Kartik Narayan is the CEO, staffing at TeamLease Services.
“Long term funding for research is most welcome. This is critical for India to drive IP based growth, which is the future. This combined with Atmanirbhar for defense, fledgling defense Industrial complex and quality of education at premier colleges would allow India to become a research and product nation.”
-Nilaya Varma is the co-founder and CEO of Primus Partners.
The huge success of Skill India Mission under which 1.4 crore youth have been trained, upskilled and re-skilled 54 lakh youth, and established 3000 new ITIs. With setting up of 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 Universities.
And with Female enrolment in higher education up by 28% in 10 years, in STEM courses, girls and women make 43% of enrolment, one of the highest in the world is the big achievement by this government and the commitment of the finance minister to invest more augurs well for higher education and for developing qualified workforce of young India is highly promising.
– Nitin Potdar, partner, JSA Advocates and Solicitors.
The Skill India Mission has successfully trained 1.4 crore youth, provided upskilling and re-skilling opportunities to 54 lakh youth, and inaugurated 3000 new ITIs. Additionally, a significant number of institutions for higher learning, including 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities, have been established: FM
In accordance with the Budget 2023, under the PM Schools for Rising India (PM Shri) initiative, 14,500 schools are slated for upgrades to showcase elements of the new National Education Policy 2020. Furthermore, Rs 4,000 crore has been allocated this year to the schools announced in the 2022 budget speech, which previously had no funding allocated to them.
The government intends to establish additional medical colleges across the country and optimise the utilisation of existing ones. Furthermore, a committee will be formed to provide recommendations in this regard.
