Education
An amount of Rs. 400 crore has been provided for FY 2019-20 to create “World Class Institutions” in the field of education which is more than three times the revised estimates for the previous year. This was stated by the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. The Finance Minister assured that the Government will also bring in a New National Education Policy to transform India’s higher education system to one of the global best education systems. The new Policy proposes major changes in both school and higher education among others, better Governance systems and brings greater focus on research and innovation.
To achieve the objectives of research and innovation, the Finance Minister also announced setting up of a National Research Foundation (NRF) to fund, coordinate and promote research in the country. NRF will ensure that the overall research eco-system in the country is strengthened with focus on identified thrust areas relevant to our national priorities and towards basic science without duplication of effort and expenditure, the Minister explained. The funds available with all Ministries will be integrated in NRF and would be adequately supplemented with additional funds.
Smt Nirmala Sitharaman also announced the programme ‘Study in India’, that will focus on bringing foreign students to study in our higher educational institutions. The Finance Minister disclosed that a draft legislation for setting up Higher Education Commission of India (HECI) would be presented in the year ahead. This will help to comprehensively reform the regulatory system of higher education to promote greater autonomy and focus on better academic outcomes.
Smt Nirmala Sitharaman said that the Khelo India Scheme will be expanded to provide all necessary financial support and a National Sports Education Board for Development of Sportspersons would be set up under Khelo India Scheme to popularize sports at all levels.
Highlighting the recent achievements, Smt Nirmala Sitharaman said that while there was not a single Indian institution in the top 200 in the world university rankings five years back, there are three institutions now – two IITs and IISc Bangalore – in the top 200 bracket. This has been achieved due to concerted efforts by the institutions to boost their standards and also project their credentials better.
Giving further details, the Finance Minister said that Massive online open courses through the SWAYAM initiative have helped bridge the digital divide for disadvantaged section of the student community. To up-grade the quality of teaching, the Global Initiative of Academic Networks (GIAN) programme in higher education was started, aimed at tapping the global pool of scientists and researchers, she explained. The IMPRINT or IMPacting Research Innovation and Technology scheme began as a Pan-IIT and IISc joint initiative to develop a roadmap for research to solve major engineering and technology challenges in selected domains needed by the country. It is because of this that Higher Educational Institutions are now becoming the centres of innovation, the Minister said.
Employment
The Union Budget has outlined various proposals for giving a boost to manufacturing of electric vehicles and developing India as a global hub for the same which will generate employment opportunities. In her maiden budget speech in Parliament today, the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman said that Under Phase-II of the FAME Scheme, only advanced battery and registered e-vehicles will be incentivized, with greater emphasis on providing affordable and environment friendly public transportation options for the common man. The main objective of the Scheme is to encourage faster adoption of electric vehicles through upfront incentive on purchase of such vehicles and also by establishing the necessary charging infrastructure for the same. Phase II of FAME has an outlay of Rs10,000 crore for a period of 3 years, and has commenced from 1st April, 2019.
Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms.
In the civil aviation sector, the Minister said that the Government will implement the essential elements of a regulatory roadmap for making India a hub for aircraft financing and leasing activities. This is critical to the development of a self-reliant aviation industry, creating aspirational jobs in aviation finance, besides leveraging the business opportunities available in India’s financial Special Economic Zones (SEZs), – International Financial Services Centre (IFSC).
Highlighting the achievements of the Government in the field of skill development, the Finance Minister said that through the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), the Government enables about 10 million youth to take up industry-relevant skill training. To prepare the youth for the future and also to take up jobs overseas, the Government will increase focus on skill sets needed abroad including language training, the Minister explained. She also added that focus shall be given to new-age skills like Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics, which are valued highly both within and outside the country, and offer much higher remuneration.
The Finance Minister, Smt. Nirmala Sitharaman said that under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the Government contribution to the Pension Scheme has been increased from 8% in 2016-17 to 12% for both Employees Provident Fund and Employee’s Pension Scheme for all sectors w.e.f. 01.04.2018. As a result of this measure, number of beneficiaries increased by almost 88 lakhs during FY 2018-19. As on 31.03.2019, total beneficiaries under the Scheme are 1,18,05,000 and the establishments benefitting are 1,45,512.
The Stand Up India Scheme has been extended upto the year 2025. This was stated by the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. “Stand-Up India Scheme has delivered enormous benefits. The country is witnessing emergence of thousands of entrepreneurs from women and also from the Scheduled Castes and Scheduled Tribes, most of them assisted to set up their businesses and industry with capital provided under the Stand-Up India Scheme”, she said. The Minister said that banks will provide financial assistance for demand based businesses under this scheme, including for acquisition of scavenging machines and robots.
Youth
- New National Education Policy to be brought which proposes
- Major changes in both school and higher education
- Better Governance systems
- Greater focus on research and innovation.
- National Research Foundation (NRF) proposed
- To fund, coordinate and promote research in the country.
- To assimilate independent research grants given by various Ministries.
- To strengthen overall research eco-system in the country
- This would be adequately supplemented with additional funds.
- Rs. 400 crore provided for “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year.
- ‘Study in India’ proposed to bring foreign students to study in Indian higher educational institutions.
- Regulatory systems of higher education to be reformed comprehensively:
- To promote greater autonomy.
- To focus on better academic outcomes.
- Draft legislation to set up Higher Education Commission of India (HECI), to be presented.
- Khelo India Scheme to be expanded with all necessary financial support.
- National Sports Education Board for development of sportspersons to be set up under Khelo India, to popularize sports at all levels
- To prepare youth for overseas jobs, focus to be increased on globally valued skill-sets including language training, AI, IoT, Big Data, 3D Printing, Virtual Reality and Robotics.
- Set of four labour codes proposed, to streamline multiple labour laws to standardize and streamline registration and filing of returns.
- A television program proposed exclusively for and by start-ups, within the DD bouquet of channels.
- Stand-Up India Scheme to be continued for the period of 2020-25. The Banks to provide financial assistance for demand based businesses.
