Union Budget 2020 India: What do B-Schools expect from this year’s Budget?
By Vibhava Srivastava
Budget 2020 India: In Union Budget 2019, finance minister Nirmala Sitharaman proposed the New Education Policy (NEP) that acknowledged the importance of promoting skill development through schools as well as higher education with an emphasis on technology, including machine learning, artificial intelligence, big data analytics. The draft NEP 2019 envisioned preparing students not only to seamlessly merge with the workforce of tomorrow, but also to be in sync with evolving needs of Industry 4.0.
However, the said draft has a number of missing dots. It neither addresses current challenges (structural unemployment, decreasing job security, rise of gig economy), nor it suggests any mechanism to overcome these challenges. The upcoming Union Budget is an opportunity for the government to right its past wrongs.
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B-Schools, and the education industry in general, expect Budget 2020 to offer robust remedial solutions that are aligned with the vision of creating a thriving education ecosystem. We hope the government will roll out incentives to provide impetus to the activities and subsequently to the growth of edtech as well as of skill-tech enterprises. Such incentives along with funding provisions will create space for collaboration amongst the eminent B-Schools and industry. This will provide a boost to the industry’s sluggish growth.
The author is assistant professor, Marketing, MDI Gurgaon