Focus on Education and Skill Building: Much Needed Attention in Budget

Focus on Education and Skill Building: Much Needed Attention in Budget

                                  (Dr. Neelam Rani, Faculty- Finance & Accounting, IIM Shillong)

This budget has laid a long awaited focus on reinvigorating educational sector. These initiatives will improve the skill set needed in technology, medical, law etc.  The focus is not only on making India as the preferred destination for higher education also on filling the gaps in the skill set. This will prepare the “Youth for work”.

Education and Skills have been recognized as a third leg for the aspirational India. Rs 99,300 crore for the education sector and above Rs 3,000 crore for skill development have been allocated for the next fiscal Budget for 2020-21.

Steps to attract external commercial borrowing and FDI in the education sector to raise resources for education sector for world-class labs will facilitate innovation.

The Centre will soon announce a new education policy. The new education policy has taken into consideration over 2 lakh suggestions government received on it.

To leverage on demographic dividend, these policies were long sought after.

Some of the measures which shall strengthen the fabric and stature on India on Global Education Forum

  • Apprentice embedded program by 150 higher education institute by March 2021.
  • One year programme for urban local bodies to provide opportunities for internship to young engineers. This will provide young and fresh engineers practical experience and opportunity to serve.
  • INSAT exam for study in India. The focus is on Asia and Africa at present. This will provide good collaboration opportunities and is an excellent initiative to transform India as a preferred destination for higher education.
  • The proposal for National Police University and National Forensic University is also need based initiative.
  • Plans to allow degree level full-fledged online education programme by institutions ranked in top 100.
  • The proposal to attach medical colleges with district hospitals on PPP model to deal with shortage of doctors.
  • To update and improve the skill sets, Special bridge courses will be designed for teachers, nurses, para medical staff, caregivers.
  • Special training package to facilitate the skill sets required at present.
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Prof. (Dr.) Neelam Rani is an Associate Professor in the area of Finance. She is recipient of Fulbright Doctoral and Professional Fellowship at Rutgers Business School, The State University of New Jersey, Newark USA. She holds PhD from the Department of Management Studies, Indian Institute of Technology (DMS IIT) Delhi, India in the area of Mergers & Acquisitions and Corporate Governance She has also been an Exchange Scholar at Thammasat University, Thailand.


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