Budget Reactions From Industry Leaders Of Oil, Energy And Education Sectors

 

BUDGET REACTION from Oil and Energy Sector:  

 Mr Baroruchi Mishra, Group CEO, NET Enterprise says overall a balanced budget aimed at job creation which in turn will lead to increased consumption and propel growth. It also has a good focus on energy transition.

1.Focus on Water Management including solid waste management for large cities is particularly heartening. Proper implementation of the solid waste management will key to success.

There is great scope for 3 way collaboration here - Centre,States and private sector. The agencies that need to implement this will need to get innovative with the technology choices - proven techs like chemical recycling of single use plastics, plasma gasification of solids wastes etc should be evaluated. This should not be mired into the bureaucratic red tape as this can lead to reduction in fossil fuel use if done correctly.

2. Aspiration to involve private sector in modular nuclear reactors for green energy is a positive step in energy transition.

3. Instead of promising free electricity @300 units for I Cr households under PM Surya Ghar Bijli Yojna, the government should have announced more enabling subsidises for solar panel installations and battery procurement. And let the population get addicted to using Solar as much as they can. The word “free” is toxic for the economy and kills enterprise. 

4. Emphasis on Climate Finance is good; Banks and lending Financial institutions should not stall the noble intent of the government.

I assume “ mitigation related investments” will cover carbon capture and storage (CCUS) as this is the only pathway to carbon reduction in the hard-to-abate sectors like cement and steel. Widespread use of DRI for making green steel will take at at least 10-15 years; we cannot wait that long as the EU’s Carbon Border Adjust Tax will hit steel exports by 2026. US and other countries may follow suit making our steel exports uncompetitive.

BUDGET REACTION FROM THE EDUCATION SECTOR

Usha iyer, Principal and managing director of The Green School Bangalore says that it is indeed commendable to see such a significant budget allocation today towards education, employment, and skilling in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman.

There has been an impressive Rs. 1.48 lakh crore earmarked specifically for education as compared to the previous year's allocation for the education sector in 2023 which stood at ?1,12,898.97 crore The budget places a pronounced emphasis on fostering education, employment, and skilling across the nation. For the last nine years we haven’t seen large impact on youth through the skill India movement, now we have to see how it brings a change with these policies Commencing her address, Minister Sitharaman introduced a Prime Ministerial Package worth Rs. 2 lakh crore, encompassing five transformative programs designed to invigorate employment and skilling sectors.

The emphasis placed on these crucial sectors is vital for the overall development and growth of the nation. Of this, employment, and skill development, surpassing the previous year’s allocation. However, it does raise the question as to why such a substantial allocation did not happen in previous budgets, considering that it is the same Prime Minister Narendra Modi who has been leading the country. One possible explanation could be that the government is now prioritizing these areas more than before, recognizing the importance of investing in education and skilling to boost employment opportunities and overall economic growth.

A notable highlight is the initiative offering internships at 500 top companies to 1 crore students over the next five years, each receiving a stipend of Rs. 5,000 and a one-time assistance payment of Rs. 6,000. Furthermore, the introduction of model skill loans up to Rs. 7 lakh aims to benefit 25,000 students annually, significantly boosting their career prospects and employability. In my opinion the introduction of initiatives such as the Prime Ministerial Package and internships at top companies for students, along with model skill loans, are steps in the right direction towards empowering the youth and preparing them for a competitive job market. It is crucial for the government to sustain and expand upon these efforts in the future budgets to ensure long-term benefits for the country workforce and economy.