The Budget 2024 presents transformative reforms, particularly in the education sector. Here are five key takeaways for educators, students, and job seekers:
Expansion of Medical Colleges: The Finance Minister announced plans to establish more medical colleges, utilizing existing hospital infrastructure. This initiative aims to meet the growing demand for qualified doctors, enhancing healthcare services. This move aligns with India’s talent development objectives in the healthcare sector.
Research Ecosystem Boost: The budget introduces a new corpus of 100,000 crores with a 50-year interest-free period to develop the research ecosystem. This will encourage private sector participation, including educational institutions, fostering innovative research, especially in emerging domains.
PM Schools for Rising India (PM SHRI): The PM SHRI School, a centrally sponsored scheme, focuses on delivering quality education and nurturing well-rounded individuals. With a goal of establishing over 14,500 PM SHRI Schools, this initiative involves collaboration between the Central Government, State/UT Governments, local bodies, Kendriya Vidyalaya Sangathan (KVS), and Navodaya Vidyalaya Samiti (NVS).
Skill India Mission: The Skill India Mission has successfully trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth, and established 3,000 new Industrial Training Institutes (ITIs). Additionally, numerous institutions of higher learning, including IITs, IIITs, IIMs, AIIMS, and universities, have been set up to enhance skill development.
Empowering Women in Workforce: Female enrollment in higher education has risen by 28 percent in the last decade, with 43 percent representation in Science, Technology, Engineering, and Mathematics (STEM) courses. These efforts contribute to the increasing participation of women in the workforce.
Employment Opportunities via Solarization: The budget introduces a scheme enabling 1 crore households to receive up to 300 units of free electricity monthly through rooftop solarization. This initiative aligns with Prime Minister Narendra Modi’s vision and creates employment opportunities for youth with technical skills in manufacturing, installation, and maintenance.
Pradhan Mantri Matsya Sampada Yojana (PMMSY): The FM emphasized the doubling of seafood exports since 2013-14 and announced the acceleration of the PMMSY to enhance aquaculture productivity. The goal is to double exports to 1 lakh crore and generate 55 lakh employment opportunities, contributing to a “Blue Revolution” in the fisheries sector.