Jaipriya K S, Content Writer, siliconindia

Believing in the dreams of every citizen and boosting their confidence, the dream catcher of our country, Finance Minister Nirmala Sitharaman, has begun to visualize the bright future of our country. Further, to fuel the future, the trend-setters have received the green flag from the minister to emerge and evolve with innovation and advancements. The Union Budget is the ultimate constitution of the people and for the people by the Government. Post-Union Budget, the unknown future seems to be a predictable future driving to stay focused, optimistic, and confident.

In the first Union Budget of Prime Minister Narendra Modi’s third innings, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament. By presenting her seventh successive Budget as a Union Finance Minister, Nirmala Sitharaman surpassed the record created by Prime Minister Morarji Desai who made five consecutive yearly budgets. This Union Budget will surely pave the roadmap for the upcoming five years and serve as a keystone for sculpting the vision of a well-built and nurtured India by 2047.

The post-budget scenario has become a vital moment for startups and entrepreneurs offering an array of initiatives and measures aiming to nurture the innovation in India Startup system.

The key highlights of Union Budget focused on Startups & Post-budget reactions from various industry veterans in the country- Volvo Group in India’s President & Managing Director, Kamal Bali states, “It is one of the most thoughtful, pragmatic and inclusive budgets, that addresses most sections of our society and economy. A growth-oriented budget which continues to be large on infrastructure capex, and on schemes for skilling & employment generation, yet fiscally responsible with a good glide path, for controlled inflation & macroeconomic stability”.

Signifying the Skilling: Finance Minister launched ‘Employment-linked incentive’ through various range of schemes under the Prime Minister package. These schemes will be implemented according to the enrolment in the EPFO, aiming to identify and support first-time employees as they will get monthly wages towards the workers in all formal industries. As per the announcement about DBT-Direct benefit transfer of monthly salary, it is expected to provide in three installments up to Rs.15, 000 for 2.1 lakh youths in the country, and the eligibility limit is that beneficiary person should have a salary of less than Rs.1 lakh per month.

Fr George S.J., Director of XLRI Jamshedpur shares, “Education and skill development are the primary components of India's growth path, and the Union Budget 2024 exemplifies a transformative vision for our future. By introducing e-vouchers for education loans at a remarkable 3% interest rate, the government is set to empower 1 lakh students, reducing financial burdens and making higher education more accessible. The commitment to provide financial support for loans up to Rs.10 lakh will further enable aspiring scholars to chase their dreams without the weight of crippling debt.

Furthermore, the emphasis on employment-linked skilling, particularly for first-time employees, is a progressive step that promises to benefit 2.1 lakh youths. Additionally, the targeted initiatives to increase women's participation in the workforce through dedicated skilling programs and hostel facilities will create a more inclusive environment, allowing women to thrive across sectors.

With 1,000 industrial training institutes being upgraded and incentives for job creation in the manufacturing sector, we are laying a strong foundation for a skilled workforce. The focus on digital learning infrastructure and research funding will not only enhance employability but also position India as a global leader in innovation.

This Union budget is not just about numbers; it's about creating a skilled, educated, and inclusive society. By investing in our youth and particularly in women, we are contributing to a brighter, more equitable future for all. Together, we can promote India’s growth and innovation on the global stage”.

Responding to this significant step, Ankur Goel, Founder & CEO, Skillable affirms, “The recent budget announcement by Finance Minister Nirmala Sitharaman has set a strong precedent for the future of education and skill development in India. Skillible commends the introduction of E-vouchers for 1 lakh students, facilitating a 3% interest subvention on loans, and the ambitious plan to upgrade 1,000 industrial training institutes. The revised Model Skilling Loan Scheme, projected to benefit 25,000 students annually, and the new centrally sponsored scheme under the PM package for skilling, aiming to skill 20 lakh youth over five years, are transformative steps”.

Further he adds, “The three newly announced ‘Employment Linked Incentive’ schemes—First Timers, Job Creation in Manufacturing, and Support to Employers—will undoubtedly drive employment and boost the manufacturing sector. Providing skilling loans of up to ₹7.5 lakh will further ease financial barriers for students, ensuring they have access to quality training and employment opportunities. These initiatives reflect a significant commitment to building a skilled workforce, and Skillible is excited to support and align with these goals, empowering India’s youth for a brighter future.”

Similarly, Ankit Aggarwal, Founder & CEO, Unstop says, “I am glad to see Budget 2024's focus on youth employment and skilling. The Rs.2 lakh crore allocation for employment schemes is the beginning to a brighter future. The incentives for job creation and the plan to skill 20 lakh youth over five years is what we needed. The support for higher education loans and the push for women in the workforce is also a big plus. It feels good to see the government recognizing the need to focus on key areas that can make our journey towards a skill based economy smoother”.