Budget 2024: From skill development to investment in education infrastructure, the government will have to pay attention
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Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 on February 1, 2024, ahead of the upcoming general elections later in the year. The budget is expected to cover various financial indicators including inflation, fiscal deficit, capital expenditure, revenue receipts, bad loans and more. The full budget for FY 2025 will be presented after the formation of the new government after the general elections. This budget will contain details of the estimated receipts and expenses of the government till the formation of the new government. In FY 2023-24, the education sector received the highest-ever allocation of ₹1.12 lakh crore against the budget allocation of ₹1.04 crore for FY 2022-23.
The Budget for FY 2023-24 includes an allocation of ₹68,804 crore for school education, an allocation of ₹44,094.62 crore for higher education and an allocation of ₹37,453 crore for Samagra Shiksha Abhiyan (SSA). Dr. Pooja Mishra, Professor and Chairperson of Economics, Birla Institute of Management Technology (BIMTECH), said, “Manufacturing-led growth is necessary to create a $5 trillion economy. The government is working towards reducing logistics costs and investing heavily in building key infrastructure, be it transport networks, railways etc. and thus reducing congestion effects (private industry is increasing capital expenditure. With) is hoping to take advantage of.
To address challenges such as skills mismatch facing the education sector, Pooja Mishra suggested that the government should continue to focus on skill development and education of the youth in this interim budget. This can be achieved through increase in vocational training institutions, building technical and IT skills, analytical skills and much more. This investment will lead to increased employment, higher productivity, reduced inequality in income levels and economic growth.
“India’s 2024 Union Budget is expected to continue its policy thrust on boosting the country’s social and physical infrastructure,” said Jagdish Prasad Sahu, assistant professor of economics at IIM Kashipur. He suggested that government spending on infrastructure is essential for jobs. To maintain the pace of construction and economic growth.
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