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Reaction to Union Budget 2016: Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions

Feb 29, 2016   15:16 IST 
Faridabad, Haryana, India

“It is heartening to note that ‘Education and Job Creation” comprise one of the nine pillars tabled by the Hon’ble Finance Minister in his budget today. Close to 50% of India's population is under the age of 25. It is only prudent that we think of the employability of the growing young demography, as they have a critical role to play in the future economic development of the country. Programmes such as 'Make in India' and ‘Skill India’ are designed to make the country a manufacturing hub, stand to gain from such measures.


As an educationist, I personally feel that Higher Education for skill development and employability is the need of the hour. India has set a national target to ‘skill’ 500 million people in India, across a variety of sectors, by 2022. Higher Education Institutions would thus play a very effective role in this direction as they have the complete physical infrastructure and skilled man power with very low capacity utilization. The government’s allocation for higher education indicates its shift of focus from school to high education. The Rs. 1000 crore set aside for higher education financing is an investment into the future.



The enhanced focus on entrepreneurship is a step in the right direction”


Budget Pointers from the perspective of the Education sector

Hon’ble Finance Minister Shri Arun Jaitley announced that the current budget agenda was based on nine pillars out of which Education skills and job creation was foremost apart from Agriculture and farmers welfare, Rural sector, Social sector including healthcare, Infrastructure and investment, Financial Sector reforms, Ease of doing business, Fiscal discipline and Tax reforms to reduce compliance burden.  ‘


-- Budget 2016: Rs. 1000 cr set aside for higher education financing'

-- To set up higher education financing agency with corpus of Rs 1,000 crore: FM

-- Entrepreneurship for Backward classes gets a boost

-- Government scheme for skill development for minorities

-- Government to open 62 Navodaya Vidyalayas by FY 2017. Corpus of Rs 1,000 crore for education

-- Higher education financing agency to be set up

-- Boost for startups! 100% tax deductions for new startups for first 3 years: FM. To allow start-ups to register in one day

-- Under the Pradhan Mantri Kaushal Vikas Yojana, Rs 1700 crore set aside for skill institutions. National Skill Development Mission     has imparted training  to 76 lakh youth. 1500 Multi-skill training institutes will be set up." "The idea is to capitalise the demographic    advantages. The objective is to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojana," Jaitley added. 

-- Digital Depository for school leaving certificates

Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions
Dr. Prashant Bhalla, President, Manav Rachna Educational Institutions
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