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Budget 2016: FM Arun Jaitley must hike spend on education, skills development, says BSE’s Ambarish Dutta

Thu February 25 2016, 9:05 am
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    Economic Survey 2016: The meeting generated a lot of curiosity with some commentators saying Arun Jaitley might be meeting economists to get a grip on some quick-fix measures to package a bitter pill for the economy. Later in the day, the spokesperson said the meeting with economists and financial experts has been called off due to pressing engagements of the Finance Minister. Besides Jaitley, Minister of State for Finance Jayant Sinha and other senior officials of the finance ministry were scheduled to attend the meeting with economists. (Express photo)

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    Economic Survey 2016The survey stated that to leverage the benefit “demographic dividend” it is important to increase investment in human capital to improve productivity of the population. The Gender Parity Index (2013-14 provisional) however, shows an improvement in girls’ education, with parity having been achieved between girls and boys at almost all levels of education. “On the education front, the declining educational outcomes reflected in lower reading levels in both public and private sector schools are areas of concern,” the survey said. The survey said India being in the midway through its demographic dividend is providing an economic growth in terms of the working age share of the population. (Reuters)

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    Budget 2016 expectations: 2. Education Loans: Given the increasing dropout rates in the last few years, one of the reasons of these is exorbitant fee structures especially in higher education, the upcoming budget should serve this major issue by increasing spending by giving out easy and accessible loans. (Reuters)

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    Budget 2016 expectations: 3. Faculty Development: There’s an evident and severe shortage of trained faculty especially in rural spaces where the average education level of teachers is 10th grade, in order to address this issue the government should create a fund through which it targets training of an average teacher’s percentage per year. Also encourage train the teachers thru private participation and bring it under the skill development ministry. (Representative photo: Reuters)

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    Budget 2016 expectations: 4. Increasing FDI in education: The Government in the previous budget set an ambitious target of doubling Gross Enrolment Ratios (GER) by 2020, for this to turn into reality there’s a need for foreign investment to flow in the sector which will help transform education institutions and create a higher standard for education in India. (Reuters)

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    Budget 2016 expectations: 5. Create a skill fund for easy educations loans to study vocational courses from any affiliated training center under NSDC. (Reuters)

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    Budget 2016 expectations: 6. Tie-ups with Industry and corporates with Academic Institutions for Joint research programs: Only 5.6% of the total post graduate students actually end up doing their doctorate degree which means there is severe lack in both opportunity and availability of scholarships grants/financial aid to encourage students to do research which is sure an alarming concern for a developing country, thus the budget should have a segment for encouraging joint research programmes. Allow tax incentives and CSR spends for this. (Reuters)

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    Budget 2016 expectations: 7. Infrastructure Development: There’s an evident lack in school infrastructure especially in rural areas, short term projects on development of schools can have a good impact on education in India. Give additional budgetary provisions. (Express Photo)

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    Budget 2016 expectations: 8. Review education cess collection and spends. Split 3% cess to 1% cess for skill and 2% for mid day meal and primary education. Publish plan for unspent education cess amount so far collected. By Ambarish Datta MD & CEO of BSE Institute Ltd and Founder Director of BFSI sector skill council NSDC (National Skill Development Corporation). (Reuters)

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