Finance Minister Nirmala Sitharaman presented Budget 2019 today in Parliament and made a big announcement in the education sector in her maiden Budget speech. She Sanctioning an amount of Rs 400 crores to build “World Class Institutions”, for FY 2019-20, ( which is more than three times the revised estimates for the previous year) also further demonstrates steps being taken to implement India’s resolve to be a global education hub, which is very important in the long run to cement the country’s position in the global high table and prevent brain drain, retention of talent is one of the key factors for sustainable growth.
Achin Bhattacharyya, Founder & CEO, Notebook told Zee Business Online that, “I would like to congratulate the honourable Finance Minister for addressing many important areas in the education sector in her maiden Budget speech. New National education policy looks promising as it focuses on important areas like Research and innovation ( As it proposes to establish a National Research Foundation (NRF) to fund, coordinate and promote research in the country on thrust areas in line with national priorities), The step of integrating funds available with all Ministries and further promise of adequately supplementing that with additional funds will provided the much needed impetus to Research and innovation. This will also facilitate India’s dream of “ Study In India” which seeks to attract Global Students into India’s shores.”
The steps taken up to promote digital literacy in rural India and speeding up the process of ensuring internet connectivity in every Panchayat in the country through Bharat-Net will receive a further boost with assistance from Universal Service Obligation Fund under a Public-Private Partnership arrangement.
“This will also boost the popularity and success of Massive online open courses through the SWAYAM initiative,” said Bhattacharyya.
The announcement of promoting greater autonomy and focus on better academic outcomes by setting up the Higher Education Commission of India (HECI) is also a welcome Initiative.
Talking on the importance of Education and Sports he said, ” The importance of sports can never be ignored, setting up of a National Sports Education Board for Development of Sportspersons under Khelo India Scheme is a welcome step.”
Steps being taken to create a more globally employable workforce with Industry relevant skill training under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and equip them in various skills including Language skills and new-age skills like Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics is a practical move if implemented successfully.
Talking on the same, Akhil Shahani, Managing Director, The Shahani Group said Zee Business online that, “This is a forward-thinking budget for the education sector. We would like to acknowledge the Government’s move in the direction and are happy to see the implementation of much-needed education reforms along with true globalisation of Indian education. The standard operating procedure for startups will also encourage education entrepreneurs to start and scale up their initiatives.”
“Encouraging foreign students to study in India will raise expectations of quality from local institutions and will benefit all students. The emphasis laid by the Government on the allocation of Rs. 400 crores for innovation and research will help the institutions to focus on these areas and build world-class education systems that could compete with foreign universities. Additionally, the significance given to skill enhancement will help the institutions to be tech-savvy and digital. ” Shahani added.