UNION BUDGET 2024-25: EDUCATION GROWTH CATALYST FOR INDIA’S ECONOMIC ROADMAP
The Union Budget 2024-25 proved to be a pivotal moment for the growth roadmap of the Indian education sector. The financial framework and strategic allocation of funds focused on up to nine key areas, including education, to ensure holistic growth in the sector. Upskilling also proved to be one of the highlights of the budget, and coupled with relevant reforms, the sector is poised for substantial long-term growth. This budget can potentially become a critical enabler of India’s education outlook in the modern era, assisting educational institutions and corporations alike in a significant way.
The latest budget highlights the centre’s constant support to empower India’s educational capabilities to compete with global standards. Union Finance Minister Nirmala Sitharaman has ensured this with a comprehensive outlook on education and upskilling of millions of Indian youth. The pursuit of Viksit Bharat has driven this. In line with the interim budget, the latest Union Budget also encompasses sustained efforts to enhance education through a financial package worth INR 1.48 lakh crore. This has the potential to transform the quality of India’s primary and higher education in the short term itself. Coupled with the upskilling initiatives, which will help prospective educators to become more proficient in the modern practices of teaching, the education sector has a bright future outlook.
Furthermore, the finance minister announced loans up to INR 10 Lakhs for higher education, providing numerous Indian youth a unique opportunity to become part of India’s success story. This will not only help Indian students to upskill themselves in era-appropriate subjects but also make them ready to take on the challenges of teaching the next generation. Additionally, the government’s commitment to promote upskilling through collaborating with state governments and the private sector to train 20 lakh youth over the next 5-years will further strengthen India’s educational outlook globally, giving a boost to domestic institutions and the EdTech domain. The budget has provided further emphasis on creating course content that has been developed in line with industry standards, a critical aspect to future-proof India’s education and upskilling standards.
This Union Budget is significant not only because of its comprehensive coverage of young learners to transform the status of education in India but also for teachers. As educators upskill themselves to pursue professional growth, they essentially become critical enablers of the sector, paving the way to academic excellence and the sector’s economic growth. The budget will also have a long-lasting impression on India’s burgeoning teaching professionals who become well-versed with modern innovative practices to impart knowledge, especially inside digital classrooms. The strategic allocation of educational loans also enhances the accessibility of quality education in Indian institutions and will enable countless young learners to drive professional and personal aspirations. Finally, incentivizing employment will also have a lasting impression on education, albeit indirectly, by helping learners strategize their educational path that caters to their academic requirements in the long run.