Union Budget 2024 | 'Announcements in right direction ensuring human capital formation remains as means & ends of Viksit Bharat', says CEO of Rau’s IAS

Gupta said, 'The Economic Survey 2023-24, which was presented yesterday, highlighted that India needs to be prepared to usher in Industrial Revolution 4.0 through focus on higher Education and Skills.'

Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, her seventh straight presentation, surpassing the record of former prime minister Morarji Desai.

This is the first budget in Prime Minister Narendra Modi-led government's third term in office.

Abhishek Gupta, CEO, Rau’s IAS Study Circle said, "The Economic Survey 2023-24, which was presented yesterday, 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."

Gupta said, "Firstly, the budget allocation for Education, employment and skilling has been increased by 30 per cent to Rs 1.48 lakh crores. Secondly, the budget has introduced e-vouchers for Education loans to increase GER in Higher Education which presently stands at 28 per cent. Thirdly, only 4.4 per cent of youths in age group 15-29 years have received formal training. Accordingly, Budget has introduced Revised Model Skill loan scheme to improve skill sets of youths. Fourthly, Budget has proposed setting up working women's hostels to increase female LFPR which stands at around 37 per cent as compared to Male LFPR of 78 per cent."

"Lastly, according to study done by Takshashila Institution, Employment Elasticity in India has fallen below 0.1. Accordingly, Budget has introduced Employment linked incentive scheme on the lines of Production linked incentive scheme to boost Job creation."

"Overall, the Budget announcements are in the right direction in ensuring that Human Capital Formation remains both means as well as ends of Viksit Bharat by 2047," he added.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.