In her seventh presentation of the Union Budget, Finance Minister Nirmala Sitharaman highlighted nine major areas, including employment and skills development, inclusive human resource development and social justice, infrastructure improvement, and the promotion of innovation, research, and development, among other next-generation reforms.
Notably, the budget allocates a substantial Rs 1.48 lakh crore to education and skill development which experts feel is a great beginning. According to Praneet Mungali, educationist and trustee of the Sanskriti Group of Schools, “The allocation of Rs 1.48 lakh crore for education, employment and skilling is a positive step. Investment in education is the lowest common denominator for solving the majority of India’s long-term challenges. Impetus on skilling the youth of our country will be a huge leap towards shaping the future.”
“The allocation of Rs 1.48 lakh crore under Modi 3.0’s budget is a transformative step towards enhancing education, employment, and skilling opportunities in India,” says Koneru Satyanarayana, President at KL Deemed to be University.
Financial Support in the Form of Loans
While expressing his opinions on this year’s budget, Prof. Ram Kumar Kakani, the director of IIM Raipur, stated that providing funding for education contributes to social inclusion and empowerment. “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,” says Kakani.
New Centrally Sponsored Scheme for Skilling
Under the prime minister’s scheme for skilling and collaboration with state governments and enterprises, a new centrally sponsored scheme will be introduced. 20 lakh youth students will develop their skills throughout five years as per the budget. Dr Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH, pointed out that the Prime Minister’s skilling package includes engagement with all state governments and industry. “It will translate into more jobs for our youth in rural as well as urban areas. The Finance Minister’s far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable,” Pankaj Priya adds.
Internship Opportunities for 1 Crore Youth
The union budget included a significant initiative to offer internships to 1 crore students in leading companies, with a monthly allowance of Rs 5,000 for a duration of 12 months. Companies will cover the training costs through their Corporate Social Responsibility (CSR) funds. Furthermore, interns will be provided with a one-time support payment of Rs 6,000. Dr. P. Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham, commended the internship opportunities put forward in the budget and said, “The new internships, offering stipends and assistance funded through CSR, are also commendable and will provide the student’s valuable hands-on experience.”
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