The Budget 2024 was a comprehensive and forward-looking plan aimed at empowering our youth and enhancing our nation's growth prospects. We applaud the government's initiatives to boost education, employment, and skill development, with a landmark allocation of Rs. 1.48 lakh crores. The announcement of providing financial support for loans up to Rs. 10 lakhs for higher education in domestic institutions has the potential to make quality education accessible to more deserving students. The introduction of e-vouchers with an interest subvention of 3% could further ease the financial liability of students. Upgrading 1,000 ITIs in a hub and spoke model and revising the Model Skilling Loan scheme to facilitate loans up to Rs. 7.5 lakh may enhance vocational training and skill development.
The new centrally sponsored scheme aims to skill 20 lakh youth over 5 years, demonstrating the government's commitment to a skilled workforce. Additionally, providing internship opportunities to one crore youth in top companies, along with an internship allowance and one-time assistance might offer invaluable industry experience.
This Budget captured all the crucial parameters required to build on the vision of ‘Viksit Bharat’. Overall, it is a significant step towards creating a skilled and employable workforce.
- Mr. Amit Gainda, MD & CEO, Avanse Financial Services
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