As the Finance Minister Nirmala Sitharaman has given her 7th consecutive Union Budget speech this morning, experts from the education sector are showing strong support for it. Experts believe that the government has demonstrated a strong commitment to enhancing education and employment opportunities by allocating Rs 1.48 lakh crore. “A standout feature of the budget is the introduction of financial assistance for higher education loans, with provisions allowing up to Rs 10 lakh for students in domestic institutions. The new initiative also includes e-vouchers to cover 3% annual interest on these loans for one lakh students annually,” Vingish K Vijyan, Founder, 90+ My Tuition App, said.
He further asserts that this measure significantly alleviates financial burdens on families and promotes access to quality education. Additionally, the budget’s introduction of a scheme offering internship opportunities at 500 top companies for one crore youth over five years is seen as a forward-thinking initiative. “This scheme aims to provide 12 months of real-world business exposure, equipping students with essential skills and knowledge to thrive in a competitive global economy,” he added.
Regarding upskilling programmes, Arun Prakash, CEO and Founder of GUVI, commended the Union Budget’s emphasis on employment and skills development. He remarked, “The Union Budget’s financial plan underscores a strong focus on upskilling initiatives aimed at Indian youth. With a strategic allocation of Rs 2 lakh crore across five schemes dedicated to enhancing employment and upskilling, we anticipate a positive, long-term impact on students and professionals. Additionally, the removal of Angel Tax is poised to benefit the ed-tech sector by fostering opportunities for scalability, growth and investment.”
Additionally, experts welcomed the revisions to tax slabs and the increased standard deduction in the Union Budget. “These changes provide parents with more disposable income to invest in their children’s early education. This financial relief will support access to quality preschools, enhancing overall development and future success,” Raj Singhal, Co-founder and CEO of Footprints Childcare, said.
Adding to that he also praised the reengineered skill loan scheme, which offers loans up to Rs 7.5 lakh and the comprehensive education loan scheme of up to Rs 10 lakh for higher studies. Both initiatives, supported by government-promoted fund guarantees and annual interest subventions, are set to create a robust foundation for educational growth from early childhood through higher education.