He said that by prioritising education, skilling, employment generation, research, and innovation like never before, the Budget for Viksit Bharat paves the way for strengthening India's credentials as a talent hub, skill centre, and solution provider for the world.
Mr Pradhan said that the budget, focused on education, skilling, employment, research, and innovation, aims to position India as a global talent hub and solution provider.
"The government is focused on empowering the youth and supporting their aspirations. The Budget for Viksit Bharat maintains this approach by placing youth goals at the centre of policy decisions," he added.
He also highlighted the Rs 1.48 lakh crore allocation for education, employment, and skilling.
"They are expected to benefit students, academia, and industry alike. These initiatives aim to meet the aspirations of youth, enhance livelihood opportunities, improve access to quality education and skills, and create over 4.1 crore new jobs within the next five years," he added.
He detailed the Prime Minister's Package, which includes:
- Strengthening the skilling and apprenticeship ecosystem
- Offering skill development and internship opportunities for 1 crore youth through leading companies
- Providing employment-linked incentives for first-time employees across various sectors
- Offering incentives for EPFO contributions for both employees and employers
- Providing Model Skill Loans up to Rs 7.5 lakh to 25,000 students annually and education loans up to Rs 10 lakh for 1 lakh students each year for domestic higher education, with a 3% annual interest subvention
- He noted that these measures are comprehensive and practical.
Budget 2024-25: Highlights
- The budget allocation for FY 2024-25 is Rs 73,498 crore. There has been an overall increase of Rs 12,024 crore (19.56%) in the budget allocation for the Department of School Education and Literacy in FY 2024-25 compared to FY 2023-24.
- The budget allocation for KVS and NVS, at Rs 9,302 crore and Rs 5,800 crore, respectively.
- Budget allocations in flagship schemes have increased, including Samagra Shiksha (by Rs 4,500 crore), PM-POSHAN (by Rs 2,467 crore), and PM-SHRI (by Rs 3,250 crore) compared to RE 2023-24.
Department of Higher Education
- The overall Budget Allocation for FY 2024-25 is Rs 47,619.77 crore.
- There has been an overall increase of Rs 3,525.15 crore (7.99%) in the budget allocation for the Department of Higher Education in FY 2024-25 compared to FY 2023-24.
- There has been an increase of Rs 1,139.99 crore in the budget allocation for schemes in FY 2024-25.
Allocation to major autonomous bodies
- A total of Rs 15,928 crore has been allocated for Central Universities.
- Deemed Universities have been allocated Rs 596 crore in FY 2024-25.
- IITs have been allocated Rs 10,202.5 crore.
- For NITs, Rs 5,040 crore has been allocated in FY 2024-25.
- Indian Institutes of Science for Education & Research (IISERs) have been allocated Rs 1,540 crore.
- Allocation to Major Schemes
- For Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA), the budget has been set at Rs 1,814.94 crore for FY 2024-25.
- An allocation of Rs 1,800 crore has been made for Institutions of Eminence (IOE).
- For the scheme 'Pradhan Mantri Uchhatar Shiksha Protsahan Yojna' (PM-USP), the budget allocation has been set at Rs 1,558 crore.
- In the scheme 'National Apprenticeship Training Scheme' (NATS), an allocation of Rs 600 crore has been made in FY 2024-25.
- In the scheme 'Multidisciplinary Education and Research Improvement in Technical Education-EAP (MERITE)', an allocation of Rs 200 crore has been made.