Finance Minister Nirmala Sitharaman announced the Union Budget for 2024-25 in the Parliament of India on July 23, 2024. Ms. Sitharaman’s Budget tells voters that the BJP-Led NDA government has heard the messages from the country’s youth. The Finance Minister emphasized that this year’s budget focuses on “employment, skilling, MSMEs, and the middle class.”
Let’s take a brief look at the key highlights of the Union Budget 2024 on education, startups, and jobs individually.
Top Highlights For Students
The Union Budget 2024-25 focuses on creating a skilled workforce and enhancing the quality and accessibility of education across the country. Here are seven key takeaways for students.
- Skill Development: The budget prioritizes skill development by allocating Rs 2 lakh crore to train 4.10 crore youth in various skills, thereby enhancing employability.
- Higher Education: The budget significantly increases funding for premier institutions. IITs received Rs 10,324.5 crore, up by Rs 963 crore from the previous year. NITs were allocated Rs 540 crore, an increase of Rs 19.4 crore. IISc saw an allocation of Rs 875.77 crore, up by Rs 60.37 crore.
- Enhanced Infrastructure: The additional funding allows universities to improve their infrastructure. Specifically, it supports expanding research facilities and upgrading classrooms. As a result, this enhancement will boost the quality of education and research. Consequently, it leads to innovations, new industries, and job opportunities.
- Internships: The budget provides world-class training for 1 crore youth through internships in the top 500 companies.
- Digital Education: The budget increases resources for digital learning and infrastructure, making technology more accessible to students, especially in rural and underserved areas. This includes investments in digital devices, internet connectivity, and digital learning platforms.
- Early Education: The budget underscores the importance of early childhood education by increasing funding for programs that support foundational years of learning. Improved early education can enhance cognitive and social development, setting the stage for future academic success.
- Teacher Training: The budget enhances programs for teacher training, aiming to improve the quality of education.
Future of Start-Ups
The Union Budget 2024 introduces several measures to support and boost startups. These measures create a more conducive environment for startups to grow, innovate, and contribute to the economy. Here are five key highlights about the future of startups in 2024-25:
- Increased Mudra Loan Limit: The government has doubled the Mudra loan limit from Rs 10 lakh to Rs 20 lakh. This will provide more financial support to small businesses and entrepreneurs.
- Tax Reforms: The budget extends tax benefits for new startups and investments from sovereign wealth and pension funds until March 31, 2025, hence, offering financial relief and boosting investment in the startup ecosystem.
- Funding Initiatives: The government established a Rs 100,000 crore corpus fund for long-term, low or zero-interest financing. This fund supports research and innovation in sectors like green technology and digital infrastructure. The initiative aims to boost venture capital and private equity investments. It simplifies regulations and provides incentives for investors.
- Innovation Support: The government has increased funding and support for incubators and accelerators. Consequently, startups receive essential mentorship, resources, and networking opportunities from these institutions. Incubators and accelerators play a vital role in nurturing early-stage startups. As a result, they are crucial in helping startups scale effectively.
- Ease of Doing Business: The government aims to simplify the regulatory environment for startups. The government is reducing bureaucratic hurdles and streamlining compliance requirements. Consequently. working to improve ease of doing business rankings.
How Will Budget Changes Boost Jobs?
These initiatives aim to reduce unemployment and build a skilled, job-ready workforce. By focusing on skill development, they increase the chances of employment. Moreover, doubling the Mudra loan limit will support small businesses and women entrepreneurs in job creation. Furthermore, providing world-class training to 1 crore youth through top company internships will help meet the goal of creating 4.1 crore jobs with Rs 2 lakh crore over five years.
Praises For Home Minister
Various important personalities applauded the youth-centered approach. Union Home Minister Amit Shah praised the 2024-25 Union Budget for its focus on youth training and employment. He highlighted plans to train 1 crore youth through internships in top companies, thanking PM Modi for these initiatives. Using the hashtag #BudgetForViksitBharat, Shah appreciated the doubling of the Mudra loan limit to Rs 20 lakh. This increase aims to support small and women entrepreneurs effectively.
