HomeBudget 2024Interim Budget 2024 Reactions: Experts Laud Government's Focus on Skill Development and Training Initiatives

Interim Budget 2024 Reactions: Experts Laud Government’s Focus on Skill Development and Training Initiatives

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In response to Finance Minister Nirmala Sitharaman’s interim budget for 2024, representatives from various skill and training sectors have expressed optimism regarding the government’s initiatives aimed at bolstering skill development and job creation, particularly in the burgeoning technology sector.

Here’s a look at the perspectives shared by industry leaders:

Neeraj Kumar, CEO and Founder, Peakmind

While unveiling the Union Budget 2024, the Finance Minister expanded on the progress we have made as a nation in the field of education and how the National Education Policy 2020 is driving substantial reforms in this sector. The progress is quite laudable; however, no mention has been made of taking constructive measures to tackle the growing concern of youth’s mental health and suicide issues. The sooner this is brought into focus the better it would be for the leaders of tomorrow, in whose hands our future rests.

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While the Skill India Mission has successfully trained 1.4 crore young individuals, providing upskilling and re-skilling opportunities to 54 lakh youths, and establishing 3000 new Industrial Training Institutes (ITIs), very little has been done to address the growing academic distress that students need to deal with in their developmental years.

In terms of accomplishments, a noteworthy array of higher education establishments has been instituted, comprising 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities. The Pradhan Mantri Mudra Yojana has approved a commendable 43 crore loan amounting to Rs. 22.5 lakh crore, to foster the entrepreneurial aspirations of the youth. Initiatives like the Fund of Funds, Startup India, and the Startup Credit Guarantee Schemes are actively supporting the endeavors of the younger generation.

For the youth to benefit from these promising developments, they need to have robust mental health, which will enable them to successfully navigate the uncertain waters. Hence, I reiterate, that the Government needs to initiate schemes and programs to deal with the stigma attached to mental health and bring mental well-being to the forefront.

Sarvagya Mishra, Co-founder & Director, Superbot

It’s encouraging that the government recognizes the importance of addressing skill development to meet the demand for a high-quality workforce in the emerging technology sector, crucial for India’s ambitious goal of a $5 trillion economy.

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All the initiatives mentioned in the Interim budget speech like the establishment of more IITs, IIITs, STEM courses, etc., are cementing the foundation of the growing India, which is youth.

Commendably, the government’s embrace of deeptech in critical sectors like defense underscores our country’s progressive stance. Given that R&D is a capital-intensive step for businesses in deeptech, blockchain, machine learning, and Generative AI, increased allocation towards MUDRA schemes and the announcement of a 1-lakh crore corpus with 50-year interest-free support will undoubtedly fuel technological growth.

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Jaymin Bhuptani, Founder & CEO, Uplers

The government’s steadfast commitment to the Skill India initiative, encompassing the ambitious goal of training 1.4 crore youth, signifies a pivotal step towards individual empowerment and the cultivation of a promising future for job creation in India. Heightened investments in technologies like AI & ML will mean greater opportunities for job creation in such new-age technology skill areas.

The government’s strategic allocation towards bolstering digital infrastructure and innovation presents an unprecedented opportunity for India’s talent pool to thrive in an increasingly tech-driven landscape. By harnessing the power of AI and other cutting-edge technologies, we can unlock new realms of economic growth while simultaneously empowering our workforce with transformative skills.

As we continue to witness a surge in demand for tech talent, particularly in emerging domains such as Artificial Intelligence, Machine Learning, and Data Science, among others, we must invest in upskilling initiatives to equip our workforce with the requisite tech expertise.

By capitalizing on the opportunities presented by Union Budget 2024, we can catalyze a virtuous cycle of innovation, job creation, and economic prosperity, positioning India as a true global leader in tech and unlocking the boundless potential for our talented workforce.

Gaurav Khanna, Founder, Oter

The government’s continued focus on skill upgradation and development of capabilities of the youth has been well-reflected in the Hon’ble Finance Minister’s budget address. At Oter, we’re pleased that our product offerings – particularly the MicroBook concept align seamlessly with the government’s vision of empowering the Amrit Peedhi, the Yuva. Given the growing demand for self-improvement programs among the youth, we look forward to spearheading market expansion initiatives in the country soon, thereby reshaping the landscape of personal development and self-improvement.

I appreciate the budget’s strategic guidelines for the nation’s holistic development and its vision for achieving prosperity by 2047. The government’s targeted investments in the financial sector, encompassing size, capacity, skills, and regulatory framework, are laudable. This approach not only fosters economic growth but also lays the groundwork for essential infrastructure to manage this expansion effectively.

The emphasis on skill development and creating job-ready youth opens substantial opportunities, particularly in the financial education sector. Professional courses in CA, wealth management, and financial planning stand to witness significant growth.

We’re optimistic about the future, thanks to supportive economic policies fostering inclusive and sustainable development. We believe the upcoming generation of finance professionals will thrive in an efficient ecosystem, enhancing their capabilities and contributing significantly to the nation-building process while achieving their aspirations.

Sachin Jain, Country Manager & South Asia, ETS India

The Finance Minister’s recent budget presentation reveals a strong commitment to enhancing India’s educational landscape and skill development. Highlighting an impressive milestone, over 14 million students have benefited from the Skill India Mission. This move aligns with the government’s focus on fostering a skilled workforce ready for the challenges of the modern economy.

The budget prioritizes the upskilling of the youth and endorses the spirit of ‘Jai Anusandhaan,’ envisioning a future where Indian youth lead in innovation and research. This strategic investment in education and research is poised to empower the next generation, ensuring they are well-equipped to navigate a rapidly changing world. The government’s dedication to this cause is evident, and we look forward to the comprehensive budget details for the education sector.

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.
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