Education Budget 2024 Highlights: Internship opportunities for one crore youth in top 500 companies- Check latest updates here

“The allocation of Rs 1.48 lakh crore in the budget is a positive move. As a company focused on designing skill-based courses for Higher Education Institutions, I appreciate the government’s emphasis on skill development and the introduction of new courses and programs aligned with this goal. We are eager to collaborate with the government in creating these new courses.

Students studying abroad, particularly in Ukraine, Israel, the UK, Canada, and Australia, have recently faced major challenges. Therefore, the government’s decision to offer education loans of Rs 10 lakh for pursuing higher studies in India is a commendable step. This initiative will encourage students to study in India where they will have a conducive learning environment and eventually it will reduce brain drain. Additionally, the 3% reduction in education loan interest will alleviate financial stress for students and allow them to focus more on their studies.

Announcing internship opportunities to 1 crore youth in 5 years by the government is a transformative step, this will provide youths an invaluable exposure to diverse professional environments. This industry engagement will enhance employability and practical skills

As an Edtech startup we believe that the removal of the Angel Tax by the government is anticipated to significantly benefit the Edtech sector. This announcement is expected to attract more domestic and international investors. This influx of capital can help Edtech companies expand their operations. It may also inspire more individuals to launch new Edtech ventures”.

“The Union Budget for FY25 marks a significant milestone in the government’s ongoing efforts to drive India towards a ‘Viksit Bharat’ by 2047. Building on the momentum from the interim budget, the FY25 Union Budget demonstrates the Indian government’s sustained commitment to skilling, education, and employment with a substantial allocation of Rs 1.48 lakh crore towards these critical areas. As India continues on this growth trajectory, the role of skilled accountants will be crucial in driving business innovation, ensuring financial sustainability, and navigating emerging technologies in fintech, AI and sustainable accounting practices. Additionally, the introduction of a new assessment model for MSME credit, leveraging digital footprints, has the potential to unlock financing opportunities for this vital sector,” he said.

“This year, the Government’s commitment of Rs 1.48 lakh crore for education, employment and skilling is a step in the right direction. Additionally, financial support for loans up to Rs 10 lakhs for higher education in domestic institutions will assist both students and our institutions. Another promising step is the allocation of around Rs 3 lakh crore for schemes benefitting women and girls. This signals our government’s commitment to enhancing women’s role in economic development. The budget’s focus on the poor, women, youth, and farmers will go a long way toward ensuring a developed India. Another important highlight is the focus on recognition of first-time employees and support to employees and employers under the ‘Employment Linked Incentive,” Manish Rastogi, Chief Executive Officer, Zee Learn Ltd commented.

“The budget marks a pivotal moment for India‘s education sector, reflecting a robust commitment to enhancing opportunities for the youth. The allocation of Rs. 1.48 lakh crore for education, employment, and skilling underscores a strategic shift towards holistic development. The introduction of financial support for loans up to ₹10 lakhs for higher education, particularly for those excluded from existing government schemes, is a game-changer,” Jaskiran Arora, Dean- Education Quality, BML Munjal University, said.

“The substantial allocation of Rs 1.48 lakh crore for education, employment, and skilling underscores the government’s commitment to human capital development. The Prime Minister’s ambitious plan to skill and employ millions of youth is particularly encouraging,” Ritesh Kumar, Country Lead for Wiley in India, said.

“It has been good to see that skilling and employment were at the forefront of this budget as one of the key priorities – with a greater emphasis on a multi-dimensional approach to hone the youth with industry-ready skills. That said, it remains imperative to recognise the significance of collaborative efforts between stakeholders – including the governments, the private sector, and non-government organisations to collectively work towards closing the skill gap and ensuring the robust implementation of these schemes to fruition,” Sapna Moudgil, CEO, NIIT Foundation, said.

“This budget marks a pivotal moment for the education sector, with substantial investments aimed at revamping our education system. Enhancing vocational training and focusing on STEM education can propel India towards becoming a global knowledge hub. It’s imperative, however, to monitor the implementation of these initiatives closely to ensure they reach the intended beneficiaries. Collaborative efforts between the government, private sector, and educational institutions will be key to achieving these ambitious goals,” Bhupendra Bahadur Tiwari, Professor and Director School of Economics and Commerce (SOEC), CMR University, Bengaluru, said.

“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. Also, the loan of Rs 10 lakh for higher education in domestic institutions is a welcome move improving the quality of human capital available for the nation,” Praneet Mungali – Educationist and Trustee, Sanskriti Group of Schools, said.

“The government’s allocation of Rs 1.48 lakh crore for education, employment, and skilling, including training 20 lakh youth and upgrading 1000 institutes, is a significant step forward. For those pursuing vocational routes, this is a major win. It will help people develop practical skills and excel in their fields, bringing more youth into the formal economy. Additionally, with manufacturing bases in or near districts, there’s less need to migrate to cities, reducing mobility. Such initiatives are crucial for hyper-local job creation and boosting the manufacturing sector, driving India towards becoming a $10 trillion economy in the next 7-10 years,” Kunal Vasudeva, Co – Founder and Managing Director, Indian School of Hospitality, said.

“The emphasis on job creation and skill development with an Rs 2 Lakh Crore infusion, and the initiative on internships, is a very welcome move. The revision on tax slabs is also a welcome move to allow more dispensable income for young parents. Definitely a budget that puts us on the right path on skill development.”

-AK Srikanth, CEO – KLAY Preschools and Daycare.

Ankit Mehra, CEO and Co-Founder of GyanDhan asserts that the allocation of Rs 1.48 lakh crore for education, employment and skilling in the country is a highly-anticipated move that will change the course for the entire industry hereon. If we have to speak of the model skill loans scheme, which promises an aid of up to Rs 7.5 lakhs, more than 25,000 students are going to be the beneficiaries of this initiative.

“The current education loan policy already allows students to apply for loans up to Rs. 7.5 lakhs from banks without collateral and loans up to Rs 4 lakhs without collateral and a co-applicant. As a result, we see most institutes have fees in the range of these amounts. If the scheme is just related to changing this amount, it will only result in institutes increasing their fees to the higher amounts without addressing employability concerns, Mehra said.

“To support our youth who haven’t been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience,” Ram Kumar Kakani, Director of IIM Raipur, said.

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,” Kakani added.

Mahadeo Jaiswal, Director of IIM Sambalpur believes that, this year, the Education Ministry’s budget allocation has increased by 6.8% which signifies the government’s commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasises the importance of education, employment, and skill development by allocating an impressive Rs 1.48 lakh crore for these crucial areas, which is indeed commendable.

“The provision of financial support for loans up to Rs 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all. This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities,” he said.

Abhinav Mathur, CEO and Managing Director of Kaapi Machines, believes that the latest budget announcement heralds a transformative era for the tech and manufacturing sectors. The emphasis on skilling and upskilling programs will empower our workforce to navigate the complexities of an increasingly automated landscape.

“As we delve into the intricacies of this fiscal roadmap, it’s evident that innovation, digitalisation, and sustainability will be the cornerstones of future growth. The allocation of resources towards cutting-edge technologies, such as AI, IoT, and renewable energy, signals a proactive approach towards harnessing the power of Industry 4.0,” Mathur said.

Vedant Hamirwasia, Director, ODA Class, emphasised that the Union Budget 2024‘s focus on youth and employment, with a Rs 1.48 lakh crore allocation, is a commendable step towards addressing the critical need for skill development and job creation. This investment will play a crucial role in equipping the younger generation with the necessary skills to meet the demands of the modern workforce.

“We are particularly encouraged by the government’s commitment to promoting natural farming and improving rural infrastructure, which will have a positive impact on the communities we serve. By integrating these elements into our curriculum, we aim to foster a generation of environmentally conscious and socially responsible individuals,” he said.

Rahul Subramaniam, Co-Founder and MD of Athena Education believes that this budget will empower millions of students through the development of new educational initiatives, enhanced programs, and much-needed resources to schools and institutions across the country.

“We are pleased with the Union Budget 2024‘s significant allocation toward education and skill development. The Rs 1.48 lakh crore investment in the education sector is a testament to the government’s commitment to nurturing the future of our nation. With jobs being one of the nine priorities for this budget, this elevated budgetary allocation will enable students to pursue their desired careers,” Subramaniam said.

Er. Koneru Satyanarayana, President at KL Deemed to be University, emphasised that 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. By offering financial support of up to Rs 10 lakhs for higher education loans, the government directly aids 1 lakh students annually with interest subvention, thereby reducing financial burdens and promoting domestic institution enrolment.

“This initiative not only boosts accessibility but also ensures quality education remains within reach. Furthermore, the PM’s comprehensive package of five schemes aims to skill and employ 4.1 crore youth over five years, injecting vitality into the job market and fostering a skilled workforce. Such strategic investments are pivotal in nurturing a robust education sector and driving economic growth through empowered, skilled individuals,” he said.

Ankit Aggarwal, Founder and CEO, Unstop, asserts that 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.

“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. It’s a great time to be young and skilled in India,” he said.

FM Nirmala Sitharaman announced that the Union Budget for 2024-25 includes an allocation exceeding Rs 3 lakh crore for schemes benefiting women and girls. Presenting the Budget in the Lok Sabha on Tuesday, Sitharaman emphasised the government’s dedication to enhancing women’s roles in economic development. “To promote women-led development, the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls,” she stated. Sitharaman also mentioned that the government will establish hostels for working women to support their workforce participation.

Gaurav Tyagi, Founder of Career Expert believes, the Union Budget 2024–25’s allocation of Rs 1.48 lakh crore for education, employment and skills marks a significant step towards empowering India‘s future generation. This investment will enhance the quality of education and training, providing students with superior professors, facilities, and resources. The impact will be particularly notable in the healthcare sector, leading to better patient outcomes and more qualified professionals.

“A major step towards empowering India’s future generation is the Union Budget 2024–25’s allocation of Rs 1.48 lakh crore for education, employment, and skills. This increased investment will allow us to give our students access to superior professors, facilities and resources, resulting in better patient outcomes and more qualified professionals in the healthcare industry,” Tyagi said.

Akash Sharma, Director of Admissions and Outreach, Noida International University emphasised that the Union Budget 2024‘s focus on education, skills, and internships aims to make quality education more accessible and affordable. The introduction of financial support for higher education, e-voucher systems, and direct benefit transfers for first-time employees will encourage formal employment and support students in pursuing their desired careers. The internship opportunity scheme will enhance youth skills and motivation, benefiting both students and the broader education industry.

“I am thrilled to see the Union Budget 2024 prioritise education and skills along with internship opportunities for students. The introduction of financial support for higher education and the e-voucher system will greatly benefit our students, making quality education more accessible and affordable,” Sharma said.

“The Finance Minister’s emphasis on education in the Union Budget is a commendable initiative. Allocating Rs 2 lakh crore for skilling will significantly enhance the country’s educational infrastructure and provide educators with ample opportunities to upskill in trending areas.”

— Rishabh Khanna, CEO and co-founder of Suraasa

The government has introduced three schemes to boost employment and support education. These initiatives include wage subsidies for new employees, financial aid for students through education loans, and stipends for internships. These measures aim to encourage hiring, formalise jobs, and promote higher education within domestic institutions. However, there is a call for the internship stipend scheme to be extended to all employers, not just the top 500.

“These initiatives shall propel the employment scenario in the country. The wage subsidy and support to employers will encourage hiring fresh candidates, while education loans and student internships will aid both students and institutions,” Shantanu Rooj, Founder and CEO, TeamLease Edtech, said.

In her Union Budget speech, Finance Minister Nirmala Sitharaman announced a major initiative to boost youth employment. She stated that internships for 1 crore youth will be facilitated in top companies over the next five years. These internships aim to provide practical work experience and skill development opportunities, with a monthly stipend of Rs 5,000 to support the interns during their training period.

Finance Minister Nirmala Sitharaman announced that new medical colleges would be established in Bihar. This move aims to enhance healthcare infrastructure and educational opportunities in the region. Additionally, the government plans to set up working women hostels to promote women’s participation in the workforce.

Nischal Narayanam, Founder and Mentor at Nischal’s Smart Learning Solutions, advocates for substantial resources to promote immersive learning through AI, AR/VR tech, and kinaesthetic EdTech tools, emphasising the need for teacher training in these methods to enhance educational outcomes.

“With the ed-tech industry now worth $10.1 billion, Budget 2024 can ensure students’ growth by promoting immersive learning. This can be achieved by allocating substantial resources for AI-enabled learning and the integration of AR/VR tech in education. Investing in creating and improving kinaesthetic ed-tech tools, such as well-equipped laboratories and interactive experiences, will provide more opportunities for students to thrive,” Narayanam said.

In her Union Budget 2024-25 speech, Finance Minister Nirmala Sitharaman announced a significant policy to support higher education. She stated, “Education loans up to 10 lakh rupees will be available for students pursuing higher education in domestic institutions.” This initiative aims to make higher education more accessible and affordable for students across the country, enabling them to pursue their academic aspirations without financial constraints.

In her Union Budget 2024-25 speech, Nirmala Sitharaman announced, “Have made an allocation of Rs 1.48 lakh crore for education, employment and skilling.”

Vingish K Vijyan, Founder of 90+ My Tuition App, emphasized the crucial need for widespread internet access, especially in rural and underserved areas, and advocated for a reduction in GST on these solutions.

“I believe the upcoming budget should prioritise the enhancement of digital infrastructure in education. Ensuring widespread internet access, particularly in rural and underserved regions, is essential for providing equitable learning opportunities. NEP 2020 encourages schools to move beyond books to provide multi-modal education, yet all technology and learning hardware to schools are currently taxed at either 18% or 28%. Reducing GST on these solutions will make educational goods and services more affordable, fostering innovation and transformation,” Vijyan said.

In the Union Budget 2023, the central government allocated Rs 1,12,898.97 crore to the education sector, marking the highest allocation ever granted to the Ministry of Education. Of this, the school education department received Rs 68,804.85 crore, while the higher education department was allocated Rs 44,094.62 crore.