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Business News/ Education / Budget 2024: From investments in skill development to infrastructure, what education sector expects ahead of elections
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Budget 2024: From investments in skill development to infrastructure, what education sector expects ahead of elections

Union Finance Minister Nirmala Sitharaman will present present the Interim Budget 2024-25 on February 1. Here's how India can make it to $5 trillion economy through investments in education sector.

Experts suggest that the interim budget should focus on skill development, vocational training, and infrastructure spending to boost economic growth and create employment opportunities. (PTI)Premium
Experts suggest that the interim budget should focus on skill development, vocational training, and infrastructure spending to boost economic growth and create employment opportunities. (PTI)

Union Finance Minister Nirmala Sitharaman will present present the Interim Budget 2024-25 on February 1. The full Budget for FY25 will be presented after the formation of the new government following the general elections.

This Budget will contain details about the estimated receipts and the expenditure of the government until the formation of new government. 

In the financial year 2023-24, education sector received it’s highest-ever allocation of 1.12 lakh crore against FY 2022-23 budget allocation of 1.04 lakh crore. FY 2023-24 budget included 68,804 crore allocation for school education, 44,094.62 crore allocation for higher education and 37,453 crore allocation for the Samagra Shiksha Abhiyan (SSA). Here are some suggestions from experts, from investments in skill development to infrastructure ahead of elections.

Also read: Budget 2024: How the Union Budget is prepared? A quick guide

Economics Professor and Chairperson at Birla Institute of Management Technology (BIMTECH), Dr. Pooja Misra said, “Manufacturing-led growth is imperative to build a $ 5 trillion economy. With the Government working towards bringing down logistics costs and heavily investing in building key infrastructure, be it transportation network, railways etc. and thereby hoping to capitalise on the crowding-in effect (with private industry capex increasing)." 

Also read: Budget 2024-25: Three key expectations for the real estate sector

In order to address the challenges facing the education sector such as skill mismatch, Pooja Misra suggested that government should continue to focus on skill development and education of the youth in this interim budget. This could be achieved through increased vocational training institutes, building of technical and IT skills, analytical skills and more. This investment would lead to increased employment, higher productivity, lower disparity in income levels and facilitate economic growth.

Also read: Budget 2024: Green energy sector pitches for GST cut, easier FDI norms. Here is the wishlist

Assistant Professor of Economics at IIM Kashipur, Jagadish Prasad Sahu said, “The 2024 Union Budget of India is expected to continue its policy thrust on boosting the social and physical infrastructure of the country." He suggested that government spending on infrastructure is essential for job creation and to maintain the growth momentum of the economy. 

Also read: Budget 2024: Pharma industry seeks conducive policies

Ahead of Lok Sabha elections, Jagadish Prasad Sahu said that the social sector spending of the government is anticipated to witness significant growth that will help achieve the objective that the benefits of economic growth and progress deliver to all sections of the society. He said, “Given the vision of the Modi government ‘Sabka Sath, Sabka Vikas and Sabka Vishwas’, economic growth must be supported by social welfare." 

 

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Published: 16 Jan 2024, 10:26 AM IST
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