Interim Budget 2024: What does the education sector expect before the elections?

This budget will contain details of the estimated receipts and expenses of the government till the formation of the new government.

The education sector received the highest allocation ever in the financial year 2023-24. 1.12 lakh crore against the budget allocation for the financial year 2022-23. 1.04 crore. Budget for financial year 2023-24 included Allocation of Rs 68,804 crore for school education, Allocation of Rs 44,094.62 crore for higher education and Allocation of Rs 37,453 crore for Samagra Shiksha Abhiyan (SSA). From investing in skill development to infrastructure, here are some tips from experts ahead of the elections.

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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.

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To address challenges such as skill 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.

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“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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Ahead of the Lok Sabha elections, Jagdish Prasad Sahu said that the government is expected to see a significant increase in social sector spending which will help in achieving the objective that the benefits of economic growth and progress reach all sections of the society. “Given the Modi government’s vision of ‘Sabka Saath, Sabka Vikas and Sabka Vishwas’, economic growth must be supported by social welfare,” he said.

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Published: Jan 16, 2024, 10:26 am IST