Budget 2019: New National Education Policy, focus on research and innovation to boost number of startups

By: |
Updated: July 11, 2019 6:58:09 PM

Budget 2019 India: The government has proposed “major changes” in school and higher education apart from having improved governance systems and focus on research and innovation.

Budget 2019, Union Budget 2019 India, Budget 2019 India, Budget 2019-20Union Budget 2019 India: The government has also allocated Rs 400 crore under the head ‘World Class Institutions’ for FY20.

Budget 2019-20: The announcement of bringing a new National Education Policy to “transform India’s higher education system to one of the global best education systems,” according to the finance minister Nirmala Sitharaman, has been cherished by the players in India’s education sector. The government has proposed “major changes” in school and higher education apart from having improved governance systems and focus on research and innovation.

Considering the National Education Policy which will focus on higher education is a brilliant step towards the betterment of the education sector. Also, the Government focusing on research and innovation will lead to progress in the country and rise to various startups, said Anil Nagar, Founder and CEO, Adda247.

As part of the changes, Nirmala Sitharaman had proposed setting up a National Research Foundation (NRF) “to fund, coordinate and promote research in the country” focusing on “identified thrust areas relevant to our national priorities and towards basic science without duplication of effort and expenditure,” she said.

Also read: Budget 2019: Small traders’ body calls budget ‘revolutionary’; hails pension benefit, investors’ summit

“We fervently hope that the National Education Policy would be finalised very soon so that the essential improvements in school and college level education are also taken up on an urgent basis. This would address the serious problem of lack of employability skills, which is a big concern of employers,” said Manek Daruvala, Founder and Director, T.I.M.E.

The government has also allocated Rs 400 crore under the head ‘World Class Institutions’ for FY20 apart from proposing Study in India programme to boost India’s potential to become a global higher education hub by attracting foreign students in India.

“The allocation of INR 400 crore to create a world-class higher education ecosystem in the country will definitely improve the quality of talent that joins the workforce,” said Pankaj Muthe, Program Manager, Academic Program, APAC, Qlik.

The government should also make stronger efforts to incorporate data literacy training at the grassroots level and incentivise organisations to launch data literacy training initiatives for their employees, he added.

Do you know What is Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey, State Finance Commission? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.