Prof. M.S. Moodithaya praises Budget for focusing on Youth as Economic Growth Catalyst

Prof. M.S. Moodithaya praises Budget for focusing on Youth as Economic Growth Catalyst

Mangalore Today News Network

Mangaluru, July 24, 2024: Prof. (Dr.) M.S. Moodithaya, Vice Chancellor of Nitte Deemed to be University, has expressed his approval of the Union Budget 2024-25, highlighting its emphasis on India’s youth as a catalyst for economic growth. With a median age of approximately 28 years, India boasts one of the youngest populations globally, and the budget aims to leverage this demographic advantage by prioritizing skill development, education, entrepreneurship, innovation, and employment generation.

"The Union Budget 2024-25 has rightly recognized the focus on India’s youth as the route for economic growth," stated Dr. Moodithaya. "The Finance Minister’s allocation of Rs. 1.48 lakh crore for education, employment, and skill development is a significant step in the right direction."

The budget’s provisions include financial support for student loans up to Rs. 10 lakh, aimed at encouraging higher education within the country and curbing the trend of students seeking education abroad. Dr. Moodithaya praised this move, noting its potential to retain talent within India and strengthen the domestic educational landscape.

Another highlight of the budget is the scheme for skilling students through collaborations with state governments and the private sector, which Dr. Moodithaya believes will play a crucial role in making students industry-ready. "The collaboration between the government and private sector for skill development will equip our youth with the necessary tools to succeed in a competitive job market," he commented.

Additionally, the Finance Minister’s announcement of providing internships for one crore youth with a stipend of Rs. 5,000 and one-time assistance of Rs. 6,000 has been lauded by Dr. Moodithaya as an ambitious initiative. However, he emphasized the importance of ensuring industry participation: "It remains to be seen how the Finance Minister would ensure that the industry responds positively by allocating resources from their CSR funds."

In summary, Prof. Dr. M.S. Moodithaya commends the Union Budget 2024-25 for its forward-thinking approach toward empowering India’s youth. He believes these measures will significantly contribute to the nation’s economic growth and help shape a brighter future for the younger generation.