The most awaited time of the year in the Indian economy and the financial sector is the time of union budget declaration. During this time every private and corporate sector in Indian rule is allotted some monetary figures for its betterment, development and growth. Designed in such a way that the education sector is also swayed by the budgeting norms. Indian Union Budget is accountable for Budgeting for College Students.
The student budget is an essential part of the budget structure. Highlighting the major points of Union Budget 2020 by Honorable Finance Minister Nirmala Sitharaman:
- For Education and Skill Development – INR 99,300 crore has been allotted to the education sector and INR 3000 crore is granted for skill development for the duration 2020-2021.
- The budget says that the New Education Policy is to be announced soon.
- Union Budget 2020 proposed National Police University and National Forensic Science University for including Policing Science, Forensic Science and Cyber Forensics.
- The budget holds the proposition for introducing Degree Level Full-fledged online education program by Top – 100 Institutions in the National Institutional Ranking Framework.
- Urban Local Bodies will now be providing upto 1 year internship period to fresh engineers.
- The budget recommends connecting a medical college to an existing district hospital in PPP mode.
- Ministries of Health and Skill Development will add special bridge courses for:
- Fulfilling the demand for teachers, nurses, para-medical staff and caregivers abroad.
- Bringing in equivalence in the skill sets of the workforce and employers’ standards.
- A total of 150 higher educational institutions is to start delivering apprenticeship embedded degree/diploma courses by March 2021.
- Enablement of external commercial borrowings and FDI in the education sector.
- Ind-SAT proposed for introducing Asian and African countries to be a part of the Study in India program.
This goes the announcement made for the education sector. Now, the question is what are the benefits involved in the budget for the Indian students? Apparently, the announcement made to grant fresh engineering students with one year internship period is well enough stated point to make them employable. And by bringing in 150 higher educational institutions in the vicinity to start apprenticeship embedded degree/diploma courses by next year March, the government has ensured Indian higher education will expand its horizon and reach the unreached.
Another measure – the introduction of Degree level fully-fledged online education program which will be offered by Institutes residing in the top 100 in National Institutional Ranking Framework guarantees aspiring higher education students will have a platform to complete degree-level education even if they are not able to attend classroom learning.
Under the Ministry of Culture, an Indian Institute of Heritage and Conservation with the status of a deemed university is to be set up. This opens the door to students having knack over Indian Heritage and Conservation to make a career in their desired field. The union budget also states the launching of 2 new National Science schemes.
