The Finance Minister of India, Nirmala Sitharaman presented the Union budget 2019-20 before the parliament on July 5. Know the key highlights of the budget 2019 for the education sector below.
In the Union budget 2019 presented today, the Finance Minister proposed a number of changes in the education sector starting from introducing New National Education Policy and National Research Foundation (NRF) to providing Rs 400 crore for World-Class Institutions. Check out the major highlights of the budget 2019 for education sector below:
New National Education Policy
With an aim to transform India’s higher education system to one of the global best education systems, the government will introduce a New National Education Policy. The policy proposes significant changes at both secondary and higher education levels and lays greater focus on research and innovation.
National Research Foundation (NRF)
The government has proposed to set up NRF that will help in the funding, coordination and promotion of research in the country. The foundation will also assimilate independent research grants given by different Ministries.
World-Class Institutions
For the financial year, 2019-20, Rs 400 crore have been allocated to establish world-class institutions in the country. The allocation amount is more than three times the revised estimates for the last year. As per Sitharaman, “There was not a single Indian institution in the top 200 in the world university rankings five years back. Due to concerted efforts by our institutions to boost their standards and also project their credentials better, we have three institutions now – two IITs and IISc Bangalore – in the top 200 bracket.”
Study in India Scheme
With an aim to make India a hub of higher education, the government has proposed Study in India scheme. The scheme will help in getting foreign students to study in Indian higher educational institutions.
Higher Education Commission of India (HECI)
A draft legislation to establish HECI will be presented in 2019 to reform the regulatory systems of higher education comprehensively, promote greater autonomy and focus on better academic results.
Khelo India Scheme
The Khelo India scheme, launched in October 2017, will be expanded with all needed financial support. A National Sports Education Board will also be established under the scheme to popularize sports at all levels.
Value Added Skills
In order to prepare the youth of India for overseas jobs, increased focus will be laid on enhancing globally valued skill-sets such as Big Data, 3D Printing, Virtual Reality, Artificial intelligence & Robotics, and language training.
Reactions on the Union Budget 2019-20:
This budget has some promising ideas to prepare our people for the future. The idea to develop skills in foreign languages and artificial intelligence is a welcome move to develop talent for the global market. The idea to set up the National Research Foundation to encourage research, the setting up of 80 Livelihood and 20 Technology incubators in agro-rural sector, Development of women entrepreneurs, starting a TV program for start- ups will develop an eco- system for risk taking, innovation and economic development resulting in job creation- a critical need. If the new education policy builds pride, the longing to learn, experiment and innovate, it can give wings to all other initiatives such as Made In India, Digital India, Start Up India amongst other. The budget is a good statement of intent. What is required now is to test our ability to execute and hold ours accountable to ensure the right outcomes. -Anil Sachdev, Founder & CEO – SOIL (School of Inspired Leadership)
This budget is guided by the mission to strengthen the Education Sector especially the establishment of the ‘National Research Foundation’-which will definitely help in creating the right ecosystem for R&D in the country. And it was great to see the government finally taking notice of industry-relevant skills like AI, IoT, Big Data and reforms in the higher education sector. A humble yet notable announcement was the ‘Study in India’ Programme, which holds the potential to put India on the world map. However, we still need a series of fundamental structural reforms - which I hope will be addressed in the near future. -Amol Arora, MD - Shemrock & Shemford Group of Schools
The labour and employment laws of the country are expected to undergo a significant overhaul over the next few years, and we saw reaffirmation of the same in the budget. There has been an expectation for some time now that 40+ central labour laws will be consolidated into 4 codes, with at least two of those codes, on wages and industrial relations, likely to become a reality in the coming few months. We are hopeful that the archaic provisions of employment laws will get weeded out and there will be a meaningful harmonization of labour laws. It was confirmed in the budget that consolidation of labour laws is expected to standardize and streamline the process of obtaining registrations and filing returns, while also reducing the number of disputes by virtue of the various definitions under the numerous labour laws getting standardized. These takeaways from the budget are quite encouraging, and there is reason to be hopeful that there will be significant improvement in the ease of doing business in India. - Rashmi Pradeep, Partner, Cyril Amarchand Mangaldas
It is heartening to see the Government of India emphasize on skill-training through Skill Certification Schemes. The Pradhan Mantri Kaushal Vikas Yojna(PMKVY) will ensure our graduates are Industry-ready. Special initiatives like 'Study in India' will attract foreign students, thus increasing awareness of the rich and diverse Indian culture. In turn, such a diversity within an average classroom will ensure Indian students become globally-minded. Increasing the number of Indian Institutions within the Top 200 Global institutions will not only substantiate the presence of top foreign talent graduating from India but also give a shot-in-arm to the research activities within indian educational institutions. Through GIAN initiative, the government is also working to bring the best of international talent pool to work with Indian Institutions. -Nilesh Gaikwad, Country Manager, EDHEC Business School
We welcome the budget and look forward to the continued focus on ensuring that we reap the demographic dividend. The FM has rightly focused on the youth of the country and education is the tool for development. The commitment to bringing in the new education policy and make sweeping changes in how education is imparted with the focus on learning outcomes will play a big role in bettering the education level. The focus on research and innovation and the setting up of a National Research Foundation with access to research funds from all Government schemes will help fund and promote research in the country. Bringing in legislation for finally setting up the Higher Education Commission of India is a step in the right direction. With all the sweeping changes in the education system, I will not be surprised to see the roaring success of the proposed Study in India programme. - Dr. Yajulu Medury, Director, Mahindra Ecole Centrale, Hyderabad
The Union Budget 2019 has been an education-friendly one with great emphasis laid on the reforming education policies and unlocking India’s potential to become an important educational hub in the world. The details of the new education policy announced by FM Nirmala Sitharaman will be one of the most awaited reforms from the budget announced today. With emphasis on the growth of the research and innovation in India, the government has announced an allocation of INR 400 crores towards strengthening the higher education system in India. This kind of support the government towards the education sector is truly heartening to see and is in line with India’s goal towards the 5 trillion economy. Additionally, focus has been laid on new age skills such as AI, IoT, Big Data and Robotics which are key demands in both national and international job markets. While the stepping stones to the importance of skill development in such fields have been laid, we are still awaiting further clarification on how this advanced skill development is to be achieved. - Siddarth Bharwani, VP - Brand & Marketing, Jetking
We are pleased to hear that the government is keen to make India an international hub for education. We have been running a ‘Study in India’ campaign for the last two years in partnership with some of India’s leading business schools to help them with their recruitment efforts in getting international candidates in the classroom who bring with them diversity and a rich perspective of what is happening in other economies. - Gaurav Srivastava, Regional Director, South Asia, GMAC
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