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Budget 2024-25 Lauded by Dharmendra Pradhan in Drive for India’s 2047 Goals

By
Kapil Suri
-

Union Minister for Education Dharmendra Pradhan has praised the 2024-25 Budget, calling it a monumental step towards realising India’s vision of becoming a developed nation by 2047. The budget announcement, which prioritises education, skilling, employment, research, and innovation, was made public by Delhi’s Press Information Bureau (PIB) last evening.

Pradhan expressed deep appreciation for the concerted efforts of Prime Minister Narendra Modi and Finance Minister Smt. Nirmala Sitharaman focused on enhancing the quality of life and economic opportunities for India’s “Garib, Mahila, Yuva, and Annadata.” According to the Education Minister, this budget is “truly a people-oriented, growth-inducing, inclusive, and progressive” step forward.

Emphasising the strategic allocation of funds, Pradhan highlighted the significant ₹1.48 lakh crore earmarked for education, employment, and skilling. This includes a comprehensive Prime Minister’s Package to revolutionise the skilling and apprenticeship ecosystem, provide skill development and internship opportunities to 1 crore youth, and offer employment-linked incentives across various sectors.

Additionally, the budget has allocated funds to facilitate the provision of Model Skill Loans and education loans, which are expected to empower over 25,000 students annually with more accessible financial support for higher education.

Regarding specific allocations, the Department of School Education & Literacy has received its highest budget of ₹73,498 crore for FY 2024-25, marking a 19.56% increase from the previous fiscal year. This includes enhanced allocations for flagship schemes like Samagra Shiksha, PM-POSHAN, and PM-SHRI.

The Department of Higher Education also sees a substantial increase, with a total allocation of ₹47,619.77 crore. This includes increases across major educational bodies and schemes, such as the Indian Institutes of Technology (IITs), National Institutes of Technology (NITs), and Indian Institutes of Science Education and Research (IISERs), alongside the newly announced Centres of Excellence in Artificial Intelligence.

Pradhan asserted that these “comprehensive and concrete measures” are set to fulfil the aspirations of the Indian youth by significantly enhancing the education landscape, thus ensuring India’s position as a global hub for talent, skills, and innovative solutions.

With this budget, the government aims to bolster socio-economic conditions, fuel green growth, strengthen social justice, improve the business climate, and accelerate economic growth, propelling India towards its goal of being a developed nation by its centenary year of independence.

Investing in the Future with Rs 1.48 Lakh Crore for Education and Skill Development

By
Kapil Suri
-

The government’s move to launch a scheme to provide internship opportunities in 500 top companies to 1 crore youngsters in the next five years will go a long way in creating new jobs in the country. This will also enable the youngsters to upskill themselves and move up the value chain. Acquiring the requisite skills needed for the industry is most important, and this move to provide internships will accelerate that process.

The finance minister has also said that the government will allocate Rs.1.48 lakh crore for the education sector, jobs and skill development. This is a tremendously encouraging move.
The FM has also announced financial support for loans up to Rs.10 lakh for higher education in domestic institutions. This measure will encourage students to continue their education in India, creating a situation where their technical skills can be utilised.

Views expressed by: Raj Mruthyunjayappa, Chairman and CEO, Talisma Corporation

EdTech’s Crucial Role in India’s Skilling and Employment Drive

By
Kapil Suri
-

The Finance Ministry’s focus on youth development, job creation and the skilling of millions of young learners will establish a robust foundation for India’s economic strength and position it as a global hub for skills. The comprehensive package of schemes, with an estimated cost of Rs. 2 lakh crores, aims to facilitate employment and skilling initiatives, significantly contributing to job creation and skill enhancement across various candidate categories in the country. The direct benefit transfer of one month’s salary to new entrants in the workforce will help expand the base of formal employment, benefiting 2.1 lakh young people in India.

Higher education has a crucial role in executing these next-generation initiatives. EdTech platforms, particularly, have proven to be key differentiators in democratising education through innovative and cutting-edge technology. They are significantly upskilling Indian youth to enhance employability and contribute to executive learning, thereby creating a substantial upskilled workforce to power the economy. We look forward to Edtech’s continued participation in India’s growth narrative.

Views expressed by: Anish Srikrishna, CEO, TimesPro

Education Budget 2024 Highlights: Major Push for Education, Employment, and Skilling

By
Kapil Suri
-

Finance Minister Nirmala Sitharaman presented the Budget 2024 today, July 23, 2024, marking the first budget of the BJP-led NDA after Prime Minister Narendra Modi began his third term. This year, all eyes were on the Central Government’s plan to meet the rising education sector demands. The budget emphasises skill-based learning, technological advancements, substantial reforms, and increased investments in school education.

From addressing infrastructural needs to enhancing capabilities, the budget promises to shape a more inclusive and robust educational system. Experts and educators are optimistic that the government will prioritise education spending and implement policies fostering innovation, accessibility, and quality in schools.

Employment Linked Incentive Schemes

The Finance Minister announced three schemes under the Prime Minister’s package to boost employment and skilling through ‘Employment Linked Incentives’. These schemes focus on recognising first-time employees and providing support to both employees and employers:

Scheme 1: ‘First Timers’

  • Provides one month’s wage to all new formal sector employees.
  • Direct benefit transfer of one month’s salary, in three instalments, up to ₹15,000.
  • Eligibility for employees earning up to ₹1 lakh per month.

Scheme 2: ‘Job Creation in Manufacturing’

  • Incentivises additional employment in manufacturing linked to first-time employees.
  • Provides incentives for EPFO contributions in the first four years of employment.

Scheme 3: ‘Support to Employers’

  • Covers additional employment in all sectors.
  • The government reimburses employers up to ₹3,000 per month for two years for each additional employee earning up to ₹1 lakh per month.

Key Highlights of the Education Budget 2024

Total Allocation: ₹1.48 Lakh Crore

The budget allocation for education, employment, and skilling has increased by 30% to ₹1.48 lakh crore. This significant investment aims to meet the growing demands of the sector.

Education Loans and E-Vouchers

  • Financial support for loans up to ₹10 lakh for higher education in domestic institutions.
  • E-vouchers are issued to 1 lakh students annually with a 3% interest subvention.

Skilling and Training Initiatives

  • Upgrading 1,000 Industrial Training Institutes (ITIs) using a hub-and-spoke model, aligning course content with industry needs.
  • We revised the Model Skill Loan Scheme to offer loans up to ₹7.5 lakh with a government-backed guarantee for 25,000 students annually.
  • Skilling 20 lakh youths over the next five years.

Internship Opportunities

A new internship scheme will provide opportunities for one crore youths in over 500 top firms, offering 12-month exposure to real-life business environments.

Additional Announcements

Support for Working Women

Plans to set up working women’s hostels to promote higher participation of women in the workforce through supportive facilities like hostels and crèches.

National Cooperation Policy

The announcement of a National Cooperation Policy aimed at overall development.

 

Union Budget 2024 Live: Nirmala Sitharaman Takes the Floor for Her Record-Breaking Seventh Budget Address in Lok Sabha

By
digitalLEARNING Network
-
Nirmala Sitharaman

Finance Minister Nirmala Sitharaman commenced the presentation of her seventh consecutive Union Budget 2024-25 today, marking a historic milestone as the first finance minister to achieve this feat. Surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets from 1959-64, Sitharaman’s Budget also marks the first comprehensive financial plan under the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government’s third consecutive term.

The Union Budget, an annual financial statement from the central government, details proposed expenditures and revenues for the upcoming fiscal year (FY25) spanning April 1, 2024, to March 31, 2025. It highlights the government’s achievements from the past year and sets forth objectives and allocations for the year ahead, addressing policy needs and financial planning.

The Budget Session of Parliament commenced on July 22, with Sitharaman presenting the 2024 Economic Survey a day earlier. Scheduled for 16 sittings over 22 days, the session is anticipated to conclude on August 12.

FM Sitharaman on nine important priorities

The finance minister announced that the government has identified nine priority areas for focused development. These nine priorities are:

  • Agriculture
  • Employment
  • Social justice
  • Manufacturing
  • Urban development,
  • Energy
  • Infrastructure
  • Research and development
  • Next-generation reforms

23 Jul 2024, 11:24 AM IST

During the Budget 2024 presentation, Finance Minister Nirmala Sitharaman announced, “The government will provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions.”

23 Jul 2024, 11:26 AM IST

Total Budget Allocation: Finance Minister Nirmala Sitharaman announced an allocation of ₹1.48 lakh crore specifically for initiatives targeting education, employment, and skills as part of the Union Budget for 2024-25.

23 Jul 2024, 11:29 AM IST

The Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme to support 25,000 students annually. E-vouchers for loans up to ₹10 lakhs for higher education in domestic institutions will be provided directly to 1 lakh students each year, offering an annual interest subvention of 3% on the loan amount.

23 Jul 2024, 11:31 AM IST
A new centrally sponsored scheme aims to skill 20 lakh youth over the next five years. Approximately 1,000 ITIs will be upgraded using a hub-and-spoke arrangement, with course content tailored to meet the needs of the industry, particularly in emerging sectors.

23 Jul 2024, 11:36 AM IST
Finance Minister Nirmala Sitharaman announced that the government will focus on increasing women’s participation in the workforce by setting up hostels and forming partnerships to organise women-specific skilling programs.

23 July 2024 12:10 PM IST
₹2 lakh crore allocated to employ 4.1 crore youth over the next 5 years 
Union Finance Minister Nirmala Sitharaman proposed creating employment for about 4.1 crore youth over the next five years, with an allocation of ₹2 lakh crore. Additionally, ₹1.48 lakh crore will be allocated for skilling citizens to generate job opportunities, with plans to skill 20 lakh youth over the same period. The budget also includes upgrading 1,000 industrial training institutes.

A one-time wage incentive for first-time employees across all sectors will be provided through Direct Benefit Transfer (DBT). The government will also launch internship opportunities for one crore youth in 500 companies over the next five years. Interns will receive a monthly allowance of ₹5,000 and exposure to real-life work environments, with companies covering training costs and 10% of the training expenses through CSR funds. This Budget focuses on employment, skilling, MSMEs, and the middle class.

23 July 2024 12:13 PM IST
Focus on Skilling Programs:

  • The government’s strategic plan to skill 20 lakh youth over the next five years.
  • Major upgrade of 1,000 Industrial Training Institutes (ITIs) to provide industry-relevant skills.
  • Introduction of new courses aimed at meeting emerging skill needs in various sectors.

Public-Private Synergy: How Budget 2024 Could Transform Education

By
Kapil Suri
-

Anticipations for the Union Budget 2024 in the education sector are centred around significant enhancements, notably through an increase in allocations for digital infrastructure. This would support a more robust integration of technology in education. Additionally, there is a strong call for the expansion of teacher training and upskilling programs, aimed at equipping educators with the necessary tools and skills to meet modern educational demands.

A pivotal aspect of the expected reforms includes fortifying public-private partnerships, which would leverage the strengths of both sectors to improve educational outcomes. Moreover, providing tax incentives for edtech startups is seen as essential to foster innovation and growth within this burgeoning sector.

Furthermore, a greater emphasis on vocational training and the development of employability skills is anticipated. Such initiatives are crucial for narrowing the skills gap in the workforce. By focusing on these areas, the budget aims to make education more accessible, equitable, and aligned with the needs of a future-driven economy, preparing students for the evolving job market.

Views expressed by: Naveen Kumar, CMO, Scontinent Technologies 

Investing in Knowledge: What to Expect from India’s Education Budget

By
Kapil Suri
-

Ritesh Chopra, AVP at Magic EdTech, provides expert predictions on the upcoming budget for India’s education sector. Drawing from his extensive experience, he forecasts key shifts in funding and initiatives that could shape the future of educational delivery in India, offering valuable insights for stakeholders.

Predictions for the Indian Education Sector Budget:

1. Increased Funding for Digital Education: With the ongoing emphasis on digital learning, there might be an increase in funding for digital infrastructure, online learning platforms, and digital literacy programs to bridge the digital divide.
2. Expansion of NEP 2020 Initiatives: Continued implementation and expansion of the National Education Policy (NEP) 2020 initiatives, including skill development, vocational training, and the introduction of new curriculums.
3. Focus on Teacher Training: Allocation for extensive teacher training programs to enhance the quality of education and ensure teachers are well-equipped with modern teaching methodologies.
4. Infrastructure Development: Increased investment in building and upgrading school infrastructure, especially in rural areas, to ensure all children have access to quality education facilities.
5. Support for Research and Higher Education: More funds for research and innovation in higher education institutions, promoting interdisciplinary studies, and enhancing the global competitiveness of Indian universities.
6. Scholarships and Financial Aid: Expansion of scholarship programs and financial aid to ensure that education is accessible to students from all socioeconomic backgrounds.
Value Adds Required for the Educational Sector
1. Focus on Early Childhood Education: Prioritize and fund early childhood education programs to ensure foundational learning for children from a young age.
2. Public-Private Partnerships: Encourage public-private partnerships to leverage resources, expertise, and innovative solutions for improving educational outcomes.
3. Inclusive Education: Develop and implement policies to support inclusive education for children with disabilities, ensuring they have equal opportunities and access to education. Internationally, we have WCAG guidelines – it’s time to start pondering over its implementation.
4. Mental Health and Well-being: Integrate mental health programs and counselling services in schools to support the overall well-being of students.
5. Emphasis on STEM Education: Promote STEM (Science, Technology, Engineering, and Mathematics) education, including coding and robotics, to prepare students for future job markets.
6. Global Competitiveness: Initiate programs to enhance the global competitiveness of Indian students, such as international exchange programs, collaborations with foreign universities, and exposure to global education standards.
These predictions and recommendations aim to address the immediate and long-term needs of the Indian education sector, fostering an environment that supports holistic development and prepares students for the future.

Union Budget Expectations: Ranjita Raman on Advancing Ed-Tech in India

By
Kapil Suri
-

Ahead of the Union Budget, Ranjita Raman, CEO, Jaro Education, shared her insights on anticipated educational reforms. With her expertise in ed-tech, she highlighted the need for enhanced technological integration and skill development to align India’s education sector with global standards.

“Interested to see the upcoming Union Budget’s approach to the sector. A focus on technology-driven learning holds tremendous promise. Increased investments in online higher education and upskilling space could be a game-changer.
Unlocking the potential of new-age technology like Al, GenAl, AR and VR to make education not just accessible nationwide, but truly engaging for students. This can foster a dynamic environment where industries and academia collaborate. We can create innovative solutions that address the ever-evolving skillsets required by our workforce. A well-crafted budget has the power to position India as a global leader in online education, empowering learners not just to learn, but to thrive in the digital age. This is an exciting time for the education sector.”

UGC’s Strategy to Expand Academic Bank of Credits in HEIs

By
Kapil Suri
-

The University Grants Commission (UGC) has issued a notification encouraging higher education institutions (HEIs) and students to support and achieve the objectives of the Academic Bank of Credits (ABC) initiative. Launched under the National Education Policy (NEP) 2020 in 2021, the ABC initiative aims to facilitate the accumulation and transfer of academic credits.

In its notification, the UGC requests institutions to implement specific measures to expand the reach of the ABC portal. Students are required to register for the ABC and upload their academic data, including credits earned from the academic year 2021-22 onwards, along with their ABC ID.

The official notification states, “UGC and Digi-locker are putting a lot of effort and hand-holding of institutions to make their experience on the ABC portal smooth and easy. Institutions are requested to take the following steps and enhance the outreach of the ABC portal at this time of the year when the academic session is about to start.”

The UGC emphasizes that it will regularly share the status of HEIs on the ABC portal with state governments to update them regarding the onboarding progress of the institutions. This initiative aims to motivate institutions to upload data and operationalize the ABC portal completely.

The ABC initiative is a significant step towards realizing the vision of NEP 2020 by promoting flexibility in higher education and enabling seamless credit transfers for students across institutions. The UGC’s proactive measures and the collaboration with Digi-locker are expected to streamline the process, ensuring a smooth experience for both institutions and students.

As the new academic session approaches, the UGC urges all HEIs to prioritize the implementation of the ABC initiative and encourages students to actively participate by registering and uploading their academic records. This collective effort is expected to enhance the outreach and effectiveness of the ABC portal, benefiting the entire academic community.

Centurion University Pioneering Skill-Based Education

By
Kapil Suri
-

Centurion University is a pioneer in ‘Skill-Integrated Higher Education’. Its unique model specifically emphasises creating sustainable livelihoods (aligned to SDGs) in challenging geographies through education that results in employability and ignites entrepreneurship. This model has been recognised by multiple Governments (central and State), International Organizations such as UNESCO and the World Bank, and Policy Think Tanks like the NITI Aayog.

We strive to excel as a best-in-class human resource development hub that builds employable, enterprising, and society-centric youth through industry-relevant education, skill development, new ventures, production, and technology development.
Living by the values of Inclusion, Integrity, Equity, Respect, and Sustainability, our founders, faculty, and staff are fully committed to our philosophy of shaping Lives and Empowering Communities.

Focusing on experience-based and practice-oriented learning to create transformative impact through community-centric innovation and action research, the university has built an ecosystem that includes and integrates communities, industries, entrepreneurs, and other education and research institutions.

The university encourages its students to participate in the WorldSkills Competition, and many students have won gold and silver medals at the national level.
The Centurion curriculum is aligned with the National Occupational Standards (NOS) as per the National Skills Qualifications Framework (NSQF). It is the only university accredited by the Government of India to contribute to the development of NSQF by creating new job roles and Qualification Packs (QP).

Interview Insights

Define the Core Model of Centurion University and how It’s making an Impact.
Centurion University believes in integrating skills into everything we do. Over 50 industry-based labs foster hands-on, practice-oriented, experience-based teaching and training, ensuring students are prepared for Industry 4.0. Further, product design and development focus has enabled several patents to be filed and some start-ups to be established. Employability and employment/ entrepreneurship are honed through the many manufacturing units (apparel, furniture, paper and chalk, transformer, e-vehicles) that have been nurtured on campus.

How do you think Centurion University is fulfilling the aspirations of NEP 2020?
Centurion University is completely aligned with the NEP 2020. The university has a well-established choice-based credit system, enabling students to enter multiple-entry/ multiple-exit, including creating a career path for school dropouts. Students can take domain specialisations from any discipline that focuses on multidisciplinarity. In addition, 20 Research Centers have been established to encourage multidisciplinary research to solve real-time problems. In pursuit of Internationalisation, the University conducted a Future Nexus Seminar Chaired by the Minister of State, MEA, attended by Ambassadors of all African Nations and Joint Secretaries of all four African Divisions, MEA. This has led to several international students choosing Centurion as a destination for advanced study and research. Further, beyond employability and employment, Centurion focuses on entrepreneurship, has established several outreach enterprises, and has supported student-led start-ups on campus.

What will Centurion’s approach be for the next ten years?
Centurion will focus on extending its teaching-learning model of action learning to encompass not just employability, employment, and enterprise but also research, product design and development, simulation, testing, prototyping, patent and publication, and commercialisation. Centurion will build on its MoUs for collaborative research and implementation of new knowledge and technologies in new geographies.
Views Expressed By Prof. Supriya Pattanayak, Vice Chancellor, Centurion University, Odisha

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