Finance Minister Nirmala Sitharaman unveiled the Interim Budget and addressed the expectations of various sectors, including education and startups. Notably, the Education Ministry received its highest-ever allocation in the fiscal year 2023-24, amounting to Rs 1,12,898.97 crore. Edtech stakeholders expressed their anticipation for initiatives supporting skill development and youth empowerment. On the startup front, the budget garnered positive responses, particularly for measures promoting sustainability, tax benefits, and financial support. The allocation of INR 1 lakh crore funds for startups, focus on digital infrastructure, and encouragement for innovation signal a forward-thinking approach, setting a foundation for robust growth in the Indian startup ecosystem. The government’s commitment to fostering entrepreneurship, coupled with strategic allocations and support for key sectors, reflects a comprehensive vision for a dynamic and thriving future.
Skilling and Education
Akshay Munjal, Founder & CEO, Hero Vired
“The interim budget marks a pivotal stride towards fostering inclusive and robust academic growth. The establishment of new institutes underscores our commitment – that is, to elevate both the scale and quality of education. Women constitute 43% of enrolments in STEM courses, their participation increasing by 28% in the last decade reflects a substantial leap towards expanding opportunities in traditionally male-dominated fields. Additionally, through the Skill India Mission, the training of 114 million youth, along with upskilling/reskilling of 5.4 million youth, are strong steps that will benefit the industry at large by addressing the crucial need to bridge the demand-supply gap for skilled workers.
Given that innovation is the cornerstone of Viksit Bharat, the budget lays the foundation for citizens to become empowered, enabled, and equipped. This strategic approach aligns with our vision for a progressive and skilled workforce, thereby contributing to the overall growth and development of the nation.”
Mr. Ujjwal Singh, Founding CEO, Infinity Learn by Sri Chaitanya
“We believe the Centre’s focus on GDP (Governance, Development, and Performance), is poised to benefit our economy and nation as a whole. The shift towards empowering citizens to address poverty, rather than focusing on entitlements, is another positive step. Additionally, the increasing representation of girls in STEM courses is a notable achievement. With the establishment of additional IITs, IIITs, IIMs, AIIMS, and 390 universities, our nation is on track to become a genuine talent pool for skilled resources. The transformative performance of PM Schools for Rising India and the implementation of the National Education Policy 2020 further underscore our commitment to delivering quality education, so as to strengthen the foundation in core subjects, and thereby nurturing holistic, well-rounded individuals. Furthermore, initiatives aimed at assisting start-ups and promoting youth entrepreneurship will undoubtedly accelerate our journey towards becoming a developed economy by 2047.”
Dr. Dhruv Galgotia, CEO, Galgotias University
“We commend the government’s unwavering dedication to youth empowerment and education reform, exemplified by the National Education Policy 2020. The strides made through initiatives like the Skill India Mission, which has trained an impressive 1.4 crore youth, and the PM Mudra Yojana, sanctioning 43 crore loans totalling 22.5 lakh crore for entrepreneurial ventures, are pivotal in nurturing a skilled workforce and fostering entrepreneurial spirit among our youth.
The remarkable 28% increase in female enrolment in higher education over the past decade, alongside the impressive participation of women, constituting 43% of enrolment in STEM courses, deeply resonates with our ethos. These statistics not only signify progress but also highlight the importance of creating an inclusive and diverse educational landscape.
We are committed to leveraging these opportunities to further equip and empower the next generation of leaders. As we collectively strive towards making India a ‘Viksit Bharat’ by 2047, we recognize the critical role of enhancing people’s capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all.”
Gaurav Aggarwal, CEO & Founder of CarLelo, A Capri Loans Venture
“Carlelo commends the government’s commitment to bolstering the EV ecosystem and investing in crucial infrastructure for sustainable mobility. Ms. Sitharaman’s announcement of a new scheme for bio-manufacturing further emphasizes the government’s commitment to sustainability by promoting the use of biodegradable materials in manufacturing processes. We eagerly anticipate the positive impact of these initiatives on the automotive industry and the environment. This shift towards green-oriented consumption aligns with Carlelo’s values and contributes to a more environmentally conscious manufacturing landscape.”
Nirmit Parikh, Founder & CEO, apna.co
“The Interim Budget 2024 deserves a nod of appreciation for its commitment to fostering a vibrant entrepreneurial ecosystem. The extension of tax benefits to startups, along with a seamless continuity in taxation, reflects a tangible dedication to long-term sustainability. Kudos to key initiatives like Start-up India and the Start-up Credit Guarantee schemes, which genuinely showcase a hands-on effort to empower the start-up sector. The support for technology and innovation within start-ups isn’t just policy; it’s a true progress accelerator. These measures are concrete steps that strengthen the ‘rozgardata’ and lay a foundation for inclusive, balanced, and robust growth within the start-up landscape. Overall, the Budget presents a realistic and impactful vision for a dynamic and thriving entrepreneurial future.”
Akshay Munjal, Founder & CEO, Hero Vired
“The interim budget strategically boosts the startup ecosystem with the allocation of INR 1 lakh crore funds at minimal interest rates, specifically for sunrise sectors. These moves are pivotal, as they not only ease financial burdens but also stimulate innovation and scalability. The government’s focus on macroeconomic stability and reinforcing the financial sector further stabilizes the investment climate. Encouraging private and public investments, especially in post-harvest operations, opens new avenues. Additionally, reducing central government borrowings to free up more credit for the private sector marks a significant shift, enabling startups to access vital resources for sustained growth and innovation. These comprehensive measures signal a forward-thinking approach, setting a foundation for robust startup growth in India.”
Mr. Gaurav Jalan, Founder & CEO, mPokket
“The emphasis on continued growth of digital public infrastructure is most welcome. The government’s consistent push to capitalize on India’s momentum as an attractive investment destination bodes well for potential FDI inflows. The intention to create a conducive regulatory environment for MSMEs through appropriate financing, technologies and training will also provide a robust fillip to small enterprises and start-ups.
Besides farmers, women and the poor, the focus on youth via the training of 114 million youth and upskilling and reskilling of 5.4 million youngsters, as well as the establishment of 3,000 new ITIs, will help in transforming India into a catchment area for young talent. With 430 million loans worth Rs22.5 lakh crore sanctioned by the PM Mudra Yojana to support the entrepreneurial aspirations of the youth, it will boost both entrepreneurial and employment opportunities. Additional schemes such as the Fund of Funds and Start-up Credit Guarantee will also assist the youth and start-ups throughout India.”