The Modi government’s 2024 Union Budget prioritizes corporate interests over public welfare. It claims to focus on shifting attention from fiscal deficit to debt-to-GDP ratio, but it facilitates a “free market” environment that benefits corporations at the expense of public spending. The budget includes significant cuts to the Education Ministry’s allocation, reducing it by ₹9,090 crore to ₹1,20,627 crore, which is just 2.5% of the total budget, far below the recommended 6%. Funding for higher education has also been slashed, including a 61% reduction in the University Grants Commission’s budget, forcing universities to rely on loans from the Higher Education Financing Agency (HEFA). This shift will lead to increased commercialization of education, making it inaccessible for many. The budget measures to address unemployment, such as an internship scheme offering stipends, are poorly-planned, especially given the lack of capacity in the corporate sector to absorb such large numbers of interns. Past initiatives like the Pradhan Mantri Kaushal Vikas Yojna (PMKVY) have also been criticized for their poor implementation and limited success, with only 22.2% of trained individuals finding employment. Moreover, the budget continues to reduce corporate tax rates, benefiting the wealthiest, while neglecting proposals for wealth and inheritance taxes that could fund universal education and welfare programs. The neoliberal trend of prioritizing corporate tax cuts and limited public investment, further economic inequality. Without substantial investment in education and employment, the government’s reliance on market-driven solutions will further the underlying issues of poverty, hunger, and unemployment, leading to greater social unrest.
