Education Budget 2024 Updates: Paid internships, schemes to benefit women; other takeaways

“The Union Budget 2024-25’s allocation of Rs 1.48 lakh crore for education, employment, and skilling is a game-changer. It’s exciting to see such a strong commitment to enhancing educational infrastructure and creating new job opportunities. This substantial investment is not just about traditional education; it also opens doors for innovative edtech solutions that can transform how we learn and teach. By integrating cutting-edge technology into our education system, we can better prepare our youth for the future and drive meaningful change. It is an inspiring step forward for our country, and I am eager to see how these funds will foster growth and bring new possibilities in the realm of education and skills development.”

Vinay Singh, Executive Director and CEO of Thomson Digital and Q&I

"It has been good to see that skilling and employment were at the forefront of this budget as one of the key priorities – with a greater emphasis on a multi-dimensional approach to hone the youth with industry-ready skills. That said, it remains imperative to recognise the significance of collaborative efforts between stakeholders – including the governments, the private sector, and non-government organisations to collectively work towards closing the skill gap and ensuring the robust implementation of these schemes to fruition.  With the private sector’s expertise and resources amalgamated with the government’s initiatives, our country can realise its true potential as a global hub of skilled workforce, which currently sits below 5% - as compared to the US' 52% and Japan's 80%.”

Sapna Moudgil, CEO, NIIT Foundation

"This is skilling and employment focused budget, which was expected given the current need and government priority for the sector. For skilling and employment, the government has taken a multi-pronged approach that includes support and encouragement for entrepreneurship, jobs and training. One remarkable characteristic of the budget on skilling and employment is its outcome focus. While there is support for upgradation of ITIs, education and skill loans, employment portals, the emphasis is on supporting internships and jobs. 
Another key feature of the budget for skilling and employment is the engagement with the private sector. Across several initiatives like internships, working women hostels or creche and provident fund support, the corporate sector has been made a partner to the government. 
There is a balance in the budget between efforts on encouraging jobs and encouraging entrepreneurship. The latter has been supported through several proposals related to angel tax, income tax and GST and BCD interventions."

Kamlesh Vyas, Partner, Deloitte India

“The Union Budget for FY 24-25 presented by Finance Minister Ms. Nirmala Sitharaman highlights a significant focus on youth, employment, and skilling. The comprehensive package of schemes aimed at facilitating employment and skilling initiatives is a step in the right direction.

With a significant allocation of Rs. 2 lakh crores, targeting 4.1 crore youth, the Union government has signaled its policy priority of revamping the skilling landscape in the country. However, while the announced measures, such as the DBT support and the upgradation of ITIs, are promising, there is still more that could be done to address the challenges faced by our youth in the rapidly evolving job market.

We welcome the Centre’s decision to launch a new Centrally Sponsored Scheme for providing paid internship opportunities in the top 500 companies, but we believe that it is imperative to complement practical training with critical soft skills, such as English proficiency, which are key markers of employability. We believe that standardized tests play a crucial role in supporting equitable access to higher education by providing a fair and objective measure of student abilities, regardless of their socio-economic backgrounds. We encourage the government to consider integrating internationally accepted, robust assessment frameworks to complement these initiatives, ensuring that every student has the opportunity to demonstrate their potential and succeed in a competitive academic and employability landscape. We look forward to seeing how these initiatives unfold and contribute to building a robust, future-ready workforce in India.”

- Sachin Jain, Country Manager, ETS India, and South Asia

In a deep commitment to prioritize higher education, an allocation of Rs 47619 crores is made to Higher Education, MoE, representing a significant increase of 8% over last year's budget.

UGC, being one of the leading implementation agencies of the NEP 2020, remains committed to its core mandate of supporting quality higher education.

The budget for UGC comprises three pivotal components - UGC, Central Universities, and Deemed Universities. Starting from the financial year 2024-25, funding for specific colleges affiliated with Central Universities is realigned from the UGC Budget line to the  Central Universities Budget line. This realignment comes with enhanced funding under the Central Universities Budget line, which will increase from Rs 11612 crores in the previous budget to Rs 15928 crores and reduction under the UGC Budget line ( -2860 Crs). Furthermore, the budget for Deemed Universities promoted by the Central Government sees a noteworthy increase from Rs. 500 Crores to Rs. 596 Crores. Looking holistically, compared to the previous fiscal year, the UGC budget has been augmented from Rs 17473 crores to Rs 19024 crores, which represents a significant increase of 9 %. Realigning financing within the higher education ecosystem is taking place, with resources strategically distributed across various schemes based on specific needs and goals.  

UGC will continue to work in synergy with all stakeholders to ensure the efficient use of allocated funds, furthering its mission of advancing higher education standards nationwide.

M. Jagadesh Kumar, Chairman, UGC

The government's allocation of Rs 1.48 lakh crore for education, employment, and skilling, including training 20 lakh youth and upgrading 1000 institutes, is a significant step forward. For those pursuing vocational routes, this is a major win. It will help people develop practical skills and excel in their fields, bringing more youth into the formal economy. Additionally, with manufacturing bases in or near districts, there's less need to migrate to cities, reducing mobility. Such initiatives are crucial for hyper-local job creation and boosting the manufacturing sector, driving India towards becoming a $10 trillion economy in the next 7-10 years.

- Kunal Vasudeva, Co - Founder and Managing Director, Indian School of Hospitality 

The centrally sponsored skilling programmes with the upgradation of 1,000 industrial training institutes is one noteworthy announcement. The focus on updating and introducing new courses for emerging industries is particularly exciting. This will not only help bridge the current skill gap but also prepare our youth for the future job market.

These measures reflect a strong and positive outlook for Indian youth, providing them with ample opportunities for growth and development. The structured support and initiatives outlined in this budget will empower our youth to gain valuable skills and experiences, making them more competitive in the job market. This, in turn, will contribute significantly to our pursuit of a “Viksit Bharat”.

I am optimistic that these initiatives will pave the way for a brighter future, where the Indian youth are well-equipped to meet the challenges of the global economy and drive our nation's growth.

- Sarvesh Agrawal, Founder and CEO of Internshala

Though there has been no change in the GST imposed on online education, we welcome the center’s scheme for collaboration between state governments and industries to skill the labour force. It will create a powerful synergy to solve targeted problems and enable a level-playing field for the underprivileged youth of Bharat, especially women.

- Tarun Saini, Co-founder and CEO of Vidyakul

By integrating financial support for education, robust internship opportunities, and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society—from aspiring students to new startups—can contribute to and benefit from India's evolving economic landscape.

- Professor Ram Kumar Kakani, Director of IIM Raipur

The Union Budget did not offer big surprises, but a positive way of looking at it is that a few good initiatives that we expected came through.  The removal of the Angel Tax was anticipated but welcome move for startups. A focus on job growth by providing incentives to the private sector, for example, paying the first month's salary, was also welcome. The focus on skilling is also essential for India. So the language of the Union Budget is consistent with that, but this ultimately matters if it is executed well. Here the details of how this will be achieved will evolve over time. This is not a simple nut to crack, but is absolutely essential.

- Professor Bhagwan Chowdhry, Indian School of Business (ISB)

Maharashtra Chief Minister Eknath Shinde on Tuesday lauded the Union Budget presented by Finance Minister Nirmala Sitharaman, saying it centred around the common man. Talking to reporters, Shinde said the Budget focussed on the youth, workers, farmers and women, and a push has also been given to the infrastructure sector. "The Budget centres around the common man. It is a start to achieve the goal of making India a $5 trillion economy," he said.

"In the education sector, the announcement of government-funded loans up to Rs 10 lakh for higher education is promising, but clarity on the sanctioning criteria is crucial," Anthony Fernandes, Founder of Shaalaa.com said. 

“It is good to see that the budget address centers on employment, skills, and education. The foundation of economic growth must be jobs. Having employment, skills, and education at the center of the Budget address is a positive thing. The only way to guarantee the accomplishment of this goal is to put new initiatives and allocation into practice in a way that is demand-driven rather than supply-driven. The budget for FY 25 shows stability and a foundation for the future that will support India's economic trajectory. This budget not only tackles urgent issues but also builds the groundwork for a knowledge-based growth economy by placing a high priority on employment and skill development, inclusion and social justice, infrastructure, innovation, and next-generation reforms. Another important issue that needs attention is promoting ladies' higher education and skill development.”

- Sarbojit Mallick, co-founder, Instahyre

Saying that the the Budget announcements are in the right direction in ensuring that human capital formation remains both means and ends of Viksit Bharat by 2047, Abhishek Gupta, CEO, Rau’s IAS Study Circle said: "The Economic Survey 2023-24, which was presented on July 22, highlighted that India needs to be prepared to usher in Industrial Revolution 4.0 through focus on higher Education and Skills. Keeping in line with the philosophy of creating 78.5 lakh jobs annually as enunciated in the Economic survey, the Budget has done commendable job."

Mahadeo Jaiswal, Director, IIM Sambalpur, said, “This year, the Education Ministry’s budget allocation has increased by 6.8 per cent, which signifies the government’s commitment to advancing the education sector. Through this budget, the Finance Minister has outlined a comprehensive and forward-looking plan that emphasizes the importance of education, employment, and skill development by allocating an impressive Rs 1.48 lakh crore for these crucial areas, which is indeed commendable. The provision of financial support for loans up to Rs 10 lakh through E-vouchers for students aiming for higher education in domestic institutions is a significant step towards making higher education more accessible for all."

"This initiative will undoubtedly empower many aspiring students to pursue their academic goals without the burden of financial constraints and increase job opportunities...The upgrade of 1,000 ITIs and the alignment of course content to industry requirements will further enhance the employability of our youth. Furthermore, the government’s internship scheme, providing internships to one crore youth with a stipend and assistance, will offer invaluable hands-on experience and financial support. This initiative, supported by CSR funds, will bridge the gap between education and employment, ensuring that our young talent is work-ready,” he added.

Commending the Government's Budget as "visionary", CA Ranjeet Kumar Agarwal, president of the Institute of Chartered Accountants of India said: "The Prime Minister's announcement of new schemes aimed at employment, skilling, and opportunities for youth, along with provisions for education and skilling, will empower our youth and drive economic growth. The focus on employment, skilling, and MSME development reflects strategic priorities that will create a more skilled workforce and enhance entrepreneurial opportunities."

"The government has announced five schemes to facilitate employment and skilling the youth over the next five years with a central outlay of Rs 2 lakh crore. This is a welcome step that will create a skilled workforce to address the existing deficit and generate employment opportunities. Additionally, financial support for loans up to ?10 lakh for higher education will help students pursue higher education and acquire skills," he added.

These initiatives, according to the ICAI president, are expected to benefit the accounting profession and Chartered Accountants by increasing demand for financial expertise in growing businesses. By equipping our youth with the necessary skills, we are laying the foundation for a robust and dynamic economy, he said.

The Union Budget 2024 has laid out an ambitious roadmap for achieving the Vision 2047 of a developed India. The announcement of a National Research Fund is a welcome step to boost innovation and research, with a special focus on private sector-driven R&D. The forward-looking vision of creating Growth Hubs for 14 cities, fostering industry collaborations through the internship scheme, and introducing a new centrally sponsored scheme on skilling will significantly empower the youth and lay a strong foundation for a resurgent India. The increased spending on the education sector was much needed, and the current budget has responded positively. The higher education sector will now be more inclusive with the introduction of e-voucher loans at low interest rates, marking a significant step forward in making higher education more affordable.

Professor Debashis Chatterjee, Director, IIM Kozhikode

According to Pankaj Priya, Deputy Director and Dean-Academics at BIMTECH: "Since 2014, the central government's focus on skilling has remained consistent, as highlighted in the present budget. The prime Minister's package for skilling envisages a collaboration with all state governments as well as industry."

This new centrally sponsored scheme for skilling will support our 20 lakh youth in upskilling over the next five years, he added, will translate in to more jobs for our youth in rural as well as urban areas.

"The above investment, along with newly announced scheme targeting 4.1 crore youth will propel India towards its goal of becoming a developed nation by 2047. The Finance Minister’s far-sighted vision to combine the power of youth and technology in the Viksit Bharat Budget is commendable,” the Deputy Director and Dean-Academics at BIMTECH said.

"Overall, I see a lot of welcome initiatives in this budget. There is a significant amount of money requested, aiming to upgrade 1000 ITI's and create several internships, emphasising on up-skilling as per industry requirements, which is fantastic!
However, much of this seems vocational. The budget missed out on allocating more towards research and research partnerships. In this new age, I would have expected more funding for  research and academic collaborations in AI, Sustainability and other advanced fields."

- Suneet Singh Kochar, CEO of Fateh Education

“This budget for healthcare, agriculture, biotechnology and lifescience shows the government’s vision and intent to promote the R&D, prioritize education, and provide employment-specific skills and training. A primer minister package (Rs 2 lakh crore) comprising five programs for boosting education, employment, and skills is unveiled. The government aims to transform agricultural research and perform a thorough review to increase productivity and develop climate-resilient varieties. There is also a strong emphasis on private sector-driven research and innovation overseen by domain experts from the public and private sectors. Our gross expenditure on R&D still stands at >0.70% of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8%). This budget offers a timely boost in R&D and education to fuel inventions and innovation at public and private academic institutions and lead to uniformity in cutting-edge research, high-quality education, and training of a competent workforce across the nation.”

Prof Nishith Gupta, Head & Professor, Department of Biological Sciences, BITS Pilani

The Union Budget 2024-2025 special focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the provision of skilling loans are steps in the right direction.

I am particularly excited about the provision for 1 crore youth to gain industry experience through internships with 500 top companies – this will bridge the gap between theory and practice. The cross-sector collaboration can address the rapidly growing skills gap and social inequities, ensuring students transition smoothly into high-demand job roles. Businesses will also benefit from a diverse and skilled talent pool, reducing recruitment time and costs.

In today's digital era, where talent can emerge from anywhere, access to digital skills will be a game changer. We’re excited to support these initiatives and provide millions of Indians a gateway to more equal opportunities, all while unlocking our demographic dividend and accelerating our journey towards a $5 trillion economy."

-    By Raghav Gupta, Managing Director, APAC and India, Coursera. 

Prof. Ram Kumar Kakani, Director of IIM Raipur, said, "To support our youth who haven't been eligible for any benefits under government schemes and policies, Finance Minister Nirmala Sitharaman announced several initiatives. For example, loans of up to Rs 10 lakh for higher education in the domestic sector, e-vouchers directly to 1 lakh students, and over the next five years, 500 top companies will provide internship opportunities with a monthly allowance of Rs 5,000, giving our young people valuable work experience. By integrating financial support for education, robust internship opportunities, and a strong focus on skill development, these measures not only empower our youth but also lay a solid foundation for sustainable growth and innovation. This holistic approach ensures that every segment of our society— from aspiring students to new startups— can contribute to and benefit from India's evolving economic landscape.”

This budget for healthcare, agriculture, biotechnology and lifescience reflects the government’s vision and intent to promote the R&D, prioritize education, and provide employment-specific skills and training. A primer minister package (INR 2 lakh crore) comprising five programs for boosting education, employment, and skills is unveiled. The government aims to transform agricultural research and perform a thorough review to increase productivity and develop climate-resilient varieties. There is also a strong emphasis on private sector-driven research and innovation overseen by domain experts from the public and private sectors. Our gross expenditure on R&D still stands at >0.70% of GDP. We hope that the government will continue to increase the annual R&D budget to meet the global average (ca. 1.8%). This budget offers a timely boost in R&D and education to fuel inventions and innovation at public and private academic institutions and lead to uniformity in cutting-edge research, high-quality education, and training of a competent workforce across the nation.

- Nishith Gupta, Head and Professor, Department of Biological Sciences, BITS Pilani

"The Union Budget’s focus on upskilling Indian youth and higher education through financial packages and loans up to Rs 10 lakh will have long-term benefits. The Prime Minister's Package, which includes five schemes with a budget of Rs 2 lakh crore to boost employment and skills, will help India become a technology hub. This will not only benefit the EdTech industry, but also other sectors like IT by providing a steady flow of trained professionals. The center’s focus on promoting employment, upskilling, and supporting the middle class is a smart policy that will drive long-term success and position India as a leader in key sectors."

- Arun Prakash, CEO and Founder of GUVI

India launched its own National Research Foundation called ‘Anusandhan’ operationalised by the Department of Science and Technology (under the Anusandhan National Research Foundation Act, 2023 Act). This foundation seeks to act as an apex body to strengthen and promote the R&D ecosystem. The government will operationalise Anusandhan National Research Fund, the FM said while presenting the Union Budget today.

In the interim budget of FY25, the Government also announced a corpus of Rs 1 lakh crore for research and innovation in the country, adopting the slogan “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan”. 

“I am thrilled to see the Union Budget 2024 prioritising education and skills along with internship opportunities for students. The implementation of financial aid for higher education and the e-voucher system will substantially assist our students by making quality education more accessible and cheap. It will also inspire students to pursue a job of their choosing. This project is an important step forward in empowering youngsters and assuring a trained workforce for the future. The direct benefit transfers for first-time employees will also incentivize formal employment and provide much-needed support during their transition into the workforce."

Akash Sharma, Director of Admissions and Outreach at Noida International University (NIU)

Presenting her seventh straight Budget for 2024-25, Sitharaman said: "The government will operationalise Anusandhan National Research Fund."

The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country.

The government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions, Union Finance Minister Nirmala Sitharaman announced on Tuesday.

Presenting the budget for 2024-25, she said e-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount.

Upgrading 1,000 Industrial Training Institutes (ITIs) in hub and spoke model, aligning course content with skill needs of industry and revision of model skill loan scheme, are among the measures announced by the Finance Minister for Skill Development sector.

"For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount," Sitharaman said.

She said, "1,000 ITIs will be upgraded in hub and spoke model, course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. I am happy to announce a new centrally sponsored scheme for skill development in which 20 lakh youth will be skilled over period of 5 years".

"The model skill loan scheme will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from government promoted fund..this measure is expected to help 25,000 students every year," she added

About scheme A, the Finance Minister said it will provide one month's wage to those entering the workforce in all sectors.
The scheme B, she said, will incentivise additional employment into the manufacturing sector linked to the employment of first-time employees.
"An incentive will be provided at specified scale directly to the employee and employer with respect to the EPFO contribution in the first four years of employment. This scheme is expected to benefit 30 lakh youth... and their employers," the minister said.
Sitharaman said the scheme C will cover additional employment in all sectors.
"All additional employment within a salary of Rs 1 lakh per month will be counted," she said, adding that the government will reimburse to employers up to Rs 3,000 per month for two years towards the EFPO contribution to each additional employee.
The scheme is expected to incentivise additional employment of 50 lakh people.
The minister also announced that working women hostels will be set up in the country to promote women's participation in the workforce.

For promoting women-led development, Finance Minister Nirmala Sitharaman on Tuesday said the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls. Presenting the Union Budget for 2024-25 in the Lok Sabha, Sitharaman said this signals the government's commitment to enhancing women's role in economic development. "For promoting women-led development, the Budget carries an allocation of more than Rs 3 lakh crore for schemes benefitting women and girls," she said.

Sitharaman said the government will set up working women hostels to promote their participation in the workforce.

Congress general secretary in-charge communications Jairam Ramesh said, "The Finance Minister has taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Program that was called Pehli Naukri Pakki." "However, in their trademark style, the scheme has been designed to grab headlines, with arbitrary targets (1 crore internships) rather than a programmatic guarantee for all diploma holders and graduates, like the Indian National Congress had envisioned," Ramesh said.

"It's far too late, and as it turns out, far too little - the Budget speech is more focused on posturing than action," he added.

The Finance Minister’s emphasis on education in the Union Budget is a commendable initiative. Allocating Rs 2 lakh crore for skilling, among other measures, will significantly enhance the country’s educational infrastructure. This investment will provide educators with ample opportunities to upskill in trending areas. The focus on employment generation and the strategic package for upskilling the Indian youth will bolster the aspirations of numerous job seekers, particularly within the teaching profession, and promote professional growth.
 
- Rishabh Khanna, CEO and co-founder of Suraasa

The government will set up working women hostels to promote the participation of women in the workforce, Finance Minister Nirmala Sitharaman said while presenting the Union Budget in the Lok Sabha. As mentioned in the interim budget, there is need to focus on poor, women, youth and farmers, she said, adding that: "We will facilitate higher participation of women in workforce by setting up of working women hostels in collaboration with industries and establishment of creches in addition the partnership will seek to organise women specific skilling programmes and promotion of market access for women SHG enterprises."

The three schemes proposed by the government for encouraging employment for new candidates shall propel the employment scenario in the country, Shantanu Rooj, Founder and CEO, TeamLease Edtech said.

The wage subsidy for the employees and the support to the employers shall encourage employers to hire fresh candidates for their organisations, he said adding that the linkage to EPFO registration shall help the cause of formalisation of jobs in the country.

The education loans, he added, being proposed shall solve multiple purposes - help the needy students get the financial support with the interest subvention scheme; at the same time, it will help domestic institutions with healthy growth as the loan is available only if the student admits himself/herself in a domestic institution.

Education loans are one lending segment growing slower than other segments in recent quarters. It's good to see the government come out in support of education and skill financing with interest subvention which will help lakhs of students deal with higher interest rates during an inflationary time.

Adil Shetty, CEO, BankBazaar.com

The Finance Minister said that model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh with a guarantee from government-promoted fund. The model skill loan scheme will benefit 25,000 students per year, she added.

Scheme A: First timers

Scheme B: Job creation in manufacturing

Scheme C: Support to employers

Govt to launch a scheme to provide internship opportunities in 500 top companies to one crore youth in five years. Internship allowance of Rs 5000 per month along with one-time assistance of Rs 6000 to be provided, the FM said adding that the companies will be expected to earn the training cost and 10 per cent of the internship cost from their CSR funds.

The Finance Minister in her seventh budget said that as many as 1,000 ITIs will be upgraded in hub and spoke model.

Government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions, the Finance Minister announced.

The Union Finance Minister while announcing the first budget of the BJP-led NDA government in its third term in office said: "Government to provide e-vouchers directly to 1 lakh students every year with interest subvention of 3 per cent of loan amount."

The Union government will provide incentive to 30 lakh youth entering the job market by providing one month PF contribution, the Finance Minister said.

The government will set up working women hostels in order to promote women participation in the workforce, Nirmala Sitharaman said.

New medical colleges in Bihar will be established, the Union Finance Minister said while presenting the budget.

Financial support will be given to help the youth who have not been eligible for any benefit under government schemes and policies for higher education.

A new centrally sponsored scheme will be introduced under the prime minister's package for Skilling and collaboration with state governments and industry. Students will be skilled over a five year period. 

One month wage to all persons in all formal sectors, direct benefit transfer of one month salary and three installments to first time employees as registered in the EPA form will be up to 15,000 rupees.

While presenting the Union Budget for 2024-25, Nirmala Sitharaman said: "Have made an allocation of Rs 1.48 lakh crore for education, employment and skilling."

This budget, according to the Union Finance Minister, envisages sustained efforts on the following nine priorities for generating opportunities for all.

1. Productivity and resilience in agriculture.

2. Employment and scaling.

3. Human resource development and social justice

4. Manufacturing and services.

5. Urban development

6. Energy security

7. Infrastructure

8. Innovation, research and development

9. Next generation reforms

"Hon’ble Speaker, I present the Budget for the year 2024-25," says Union Finance Minister Nirmala Sitharaman and begins the Budget speech.

The Union Cabinet headed by Prime Minister Narendra Modi approved the full budget for 2024-25. Following this, Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha. Sitharaman has presented five full budgets since July 2019 and an interim budget on February 1, 2024. This is the first budget of the BJP-led NDA government in its third term in office. 

"As we look forward to the upcoming budget presentation, we anticipate greater funding for research supporting sustainable and green technologies, to develop innovative solutions for healthcare, urban infrastructure and smart-cities, and research in manufacturing. Additionally, enhanced R&D funding will accelerate breakthroughs and drive advancements in critical areas, ensuring our place in global innovation."

- Prof. Devendra Jalihal, Director, IIT Guwahati

Prime Minister Narendra Modi-led government's first budget of the third term in office is widely expected to reinforce post-pandemic fiscal consolidation efforts while pursuing the long-term objectives of Vikshit Bharat.
Setting the tone for the third term of the Modi government, its focus areas may be boosting consumption by giving tax benefits to the middle class. Other priority areas may include agriculture, capex and infra spending and manufacturing push..
With India emerging as the biggest sweet spot in global growth, the budget is expected to address three major trends: global offshoring, digitalization, and energy transition.

Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight budget on Tuesday for 2024-25, surpassing the record of former prime minister Morarji Desai.

FIRST BUDGET: The first-ever Union Budget of independent India was presented on November 26, 1947, by the nation's first finance minister RK Shanmukham Chetty.
MOST NUMBER OF BUDGETS: Former Prime Minister Morarji Desai holds the record for presenting the most budgets. He has presented a total of 10 budgets during his tenure as finance minister under Prime Minister Jawaharlal Nehru and later under Prime Minister Lal Bahadur Shastri.
He presented his first budget on February 28, 1959, and presented full budgets in the following two years before presenting an interim one in 1962. This was followed by two full budgets. After four years, he presented another interim budget in 1967, followed by three full budgets in 1967, 1968, and 1969, presenting a total of 10 budgets.
SECOND HIGHEST NUMBER OF BUDGETS: Former finance minister P Chidambaram presented the budget on nine occasions. He first presented the Budget on March 19, 1996, during the United Front government led by Prime Minister HD Deve Gowda. He presented another budget under the same government next year and returned to the hot seat when the Congress-led UPA came to power in 2014.
He presented five budgets between 2004 and 2008. After a stint as Union Home Minister, he was back in the finance ministry and presented budgets in 2013 and 2014.
THIRD HIGHEST NUMBER OF BUDGETS: Pranab Mukherjee presented eight budgets during his tenure as finance minister. He presented budgets in 1982, 1983 and 1984 and five straight ones between February 2009 and March 2012 in the Congress-led UPA government.
MANMOHAN SINGH: Former Prime Minister Manmohan Singh presented five straight budgets between 1991 and 1995 when he was finance minister in the P V Narasimha Rao government.
LONGEST BUDGET SPEECH: Sitharaman holds the record for the longest budget speech when her presentation on February 1, 2020, lasted two hours and 40 minutes. At the time, she cut short her speech with two pages still remaining.
SHORTEST BUDGET SPEECH: Hirubhai Mulljibhai Patel's interim Budget speech in 1977 is so far the shortest at just 800 words.
TIMING: The Budget was traditionally presented on the last day of February at 5 pm. The timing followed a colonial era practice when the announcements could be made in London and India at the same time. India is 4 hours and 30 minutes ahead of the British Summer Time, and so presenting the budget at 5 pm in India ensured that it was happening in the daytime in the United Kingdom.
The timing was changed in 1999 when the then finance minister Yashwant Singh in the Atal Bihari Vajpayee government presented the budget at 11 am. Since then budgets are presented at 11 am.
DATE: The Budget presentation date was in 2017 changed to the 1st of February to allow the government to complete the Parliamentary approval process by March-end and allow implementation of the Budget from the start of the fiscal on April 1.
Presenting the Budget on February 29 meant that the implementation could not start before May/June after accounting for 2-3 months of the parliamentary approval process.

- PTI

Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation.

The economy is projected to expand by 6.5 per cent to 7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. 

Finance Minister Nirmala Sitharaman called on President Droupadi Murmu before presenting the full Budget for 2024-25. As per the established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.

President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025).

As India prepares for the Union Budget 2024, the childcare and education sector anticipates substantial reforms to enhance infrastructure and accessibility. We look forward to continued government emphasis on early childhood education, recognizing its critical role in shaping the future of our nation. Additionally, the focus on technology integration, vocational training, and teacher upskilling will align with the National Education Policy 2020, preparing our youth for the demands of Industry 4.0. 

Childcare, being a vital cog for women's participation in the workforce, requires multiple benefits from a tax perspective, such as lowering GST on childcare to 5% and allowing childcare expenses to be tax deductible. We hope for policies that support affordable childcare, improved educational facilities, and initiatives that close the skill gap, ensuring a robust foundation for India's economic growth. These measures will not only foster greater employment opportunities but also contribute to the holistic development of our young population, essential for achieving a USD 5 trillion economy.

-- Raj Singhal, CEO, Footprints Childcare