Union Budget 2024 Live Update

Raj Singhal, Co-founder & CEO of Footprints Childcare

I am pleased with the Union Budget 2024's revisions to tax slabs and the increased standard deduction. These give parents more disposable income to invest in their children's early education, a critical developmental stage. This financial relief will support access to quality preschools, enhancing overall development and future success.

Furthermore, the reengineered skill loan scheme with loans up to INR 7.5 lakh, supported by a government-promoted fund guarantee, ensures 25,000 students annually access a dynamic workforce. Additionally, the comprehensive education loan scheme of up to INR 10 lakh for higher studies, with an annual interest subvention of 3% through e-vouchers, benefits one lakh students. Together, these measures create a robust foundation for educational growth from early childhood through higher education.

Pratham Barot, CEO & Co-Founder of Zell Education

We are pleased with the government's emphasis on providing opportunities for skill development and employability in the budget. The Prime Minister's package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crores is really inspiring . The Govt has made a provision of ₹1.48 lakh crores for education, employment and skilling taking one more step towards development and success. The emphasis on vocational training and apprenticeships is particularly noteworthy, as it will enable practical, hands-on experience that aligns with industry demands. Furthermore, the allocation of resources for digital skill training will ensure that our workforce remains competitive in an increasingly digital global economy. Overall, this budget reflects a forward-thinking approach to building a resilient and skilled workforce, which is essential for the sustained growth and prosperity of our country. We are optimistic that these measures will yield significant benefits and look forward to their successful implementation."

Rohit Gupta, COO & Co-founder, College Vidya

“Budget 2024's allocation of ₹1.48 lakh crores for education, employment, and skilling demonstrates a robust commitment to India's educational future. At College Vidya, we're particularly excited about the government's decision to provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions. This aligns perfectly with our mission to increase access to quality education. The Prime Minister's package of five schemes, with a ₹2 lakh crore outlay over five years, is a game-changer for youth empowerment. The goal to skill 20 lakh youth through employment-linked initiatives addresses a critical gap between academic learning and industry requirements. We see tremendous potential in integrating these initiatives with digital learning solutions. This budget sets a positive tone for collaboration between the government and ed-tech companies to deliver quality education at scale. With these bold steps, India is poised to create an educated, skilled, and employable youth force that will drive our nation's growth.”

Sarvesh Agrawal, Founder and CEO of Internshala, the career-tech platform

The 2024 Budget has been a landmark announcement for the future of employment and skilling in India, emerging as one of the top nine priorities. The allocation of a substantial budget of ₹1 lakh crore for employment and skilling development is a clear indication to the government's commitment towards building a robust workforce.

A key highlight for me in the Budget 2024 is the announcement of internship opportunities for 1 crore Indian youth with 500 top Indian companies. This initiative, which ensures a ₹5,000 stipend for interns along with an additional one-time help of ₹6,000, and a 12-month experience period, is a significant step forward. Encouraging companies to utilise their CSR funds for the learning and development of interns is a welcome move. It may even be the right nudge to inspire companies to build more holistic internship programs, contributing to the overall employment and skilling development of the nation.

Another noteworthy announcement for us at Internshala is the centrally sponsored skilling programs with the upgradation of 1,000 industrial training institutes. The focus on updating and introducing new courses for emerging industries is particularly exciting. This will not only help bridge the current skill gap but also prepare our youth for the future job market.

These measures reflect a strong and positive outlook for Indian youth, providing them with ample opportunities for growth and development. The structured support and initiatives outlined in this budget will empower our youth to gain valuable skills and experiences, making them more competitive in the job market. This, in turn, will contribute significantly to our pursuit of a “Viksit Bharat”. I am optimistic that these initiatives will pave the way for a brighter future, where the Indian youth are well-equipped to meet the challenges of the global economy and drive our nation's growth.

Shalini Aggarwal, an internationally Certified soft skills Trainer

"The emphasis on increasing women's participation in the workforce in the 2024 budget is a commendable step towards gender equality and economic growth. By setting up hostels and creating partnerships for women-specific skilling programs, the government is addressing critical barriers to women's employment. This initiative will empower women, enhance their skills, and provide them with safe and supportive environments. It's a forward-thinking move that recognizes the untapped potential of women in driving India's economic progress and social development."

Rashmi Mittal, Pro Chancellor, LPU

"The Union Budget 2024's focus on women's workforce participation is commendable. Establishing hostels and women-specific skilling programs, alongside promoting internships in top companies, shows a strong commitment to gender equality. The provision of a ₹5,000 internship allowance and ₹6,000 one-time assistance, along with skilling 20 lakh youth over five years, will significantly boost opportunities. These measures, coupled with enhanced educational support, will empower women and youth, driving India's economic and social progress forward.

Budget Quote

I am glad to see Budget 2024's focus on youth employment and skilling. The Rs 2 lakh crore allocation for employment schemes is the beginning to a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed.The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognising the need to focus on key areas that can make our journey towards a skill based economy smoother. -Ankit Aggarwal, Founder & CEO, Unstop

Budget quote

The Finance Minister’s emphasis on education in the Union Budget is a commendable initiative. Allocating INR 2 lakh crore for skilling, among other measures, will significantly enhance the country’s educational infrastructure. This investment will provide educators with ample opportunities to upskill in trending areas. Additionally, the focus on employment generation and the strategic package for upskilling the Indian youth will bolster the aspirations of numerous job seekers, particularly within the teaching profession, and promote professional growth.

- Rishabh Khanna, CEO and co-founder of Suraasa