Budget 2020: Job creation on FM’s mind; now Study in India, degree level courses, more for employment

Budget 2020-21: Finance Minister Nirmala Sitharaman on Saturday said that a new education policy would be soon announced by the government.

Budget 2020 India: Finance Minister Nirmala Sitharaman on Saturday said that a new education policy would be soon announced by the government. Presenting the second budget of the new Narendra Modi government, Nirmala Sitharaman said that the government has already received 2 lakh suggestions on the same. Rs 99,300 crore will be allocated for the education sector for FY21, while Rs 3,000 crore in the skill development, Nirmala Sitharaman also said. Adding, she also said that 150 higher education institutions will provide apprentices embedded in the real-time course for in-hand training.

“Education focused budget should help fill the skillset gap and help eradicate unemployment in the long run”, said, Vishwas Panjiar, Partner, Nangia Andersen LLP, said. The urban local body internship opportunity will be provided to the engineers for a period up to 1 year so that they can contribute to the development, she added. The budget also proposed a degree level full-fledged online courses by top institutions for poor and deprived children. Under ‘Study in India’ program, the budget also proposed a national forensic university and cyber forensic university for foreigners.

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“There is a clear emphasis on public-private partnership and opening up the ECB and FDI routes by easing the norms for the sector will be a good enabler for the sector. The ‘Study in India’ program opens doors for students from Asia and Africa to India and the setting up of full-fledged online degree level institutions will help in democratisation of education across all levels of society, especially those from the lower economic classes. The setting up of 150 higher education institutions for apprenticeship diploma will be a good move to ensure employable talent from within the country”, Rustom Kerawalla, Chairman, Ampersand Group, said.

The Economic Survey on Friday projected revival of economic growth to 6-6.5 per cent next fiscal and suggested that the government should relax the budget deficit target to boost growth from a decade low of 5 per cent this year. Facing the worst economic slowdown since the global financial crisis of 2008-09 that worsened job prospects, the Survey said businessmen should be respected as they create wealth and jobs.

Meanwhile, market benchmarks Sensex and Nifty turned cautious in late-morning trade on Saturday as Finance Minster Nirmala Sitharaman began presenting the Union Budget 2020-21 in Parliament. After gyrating over 450 points in the morning session, the 30-share BSE Sensex was trading 30.84 points, or 0.08 per cent, higher at 40,754.33 at 1130 hours. Similarly, the 50-share NSE Nifty advanced 10.35 or 0.09 per cent, to 11,972.45.

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