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The allocation of Rs 500 crore for the National Skill Development Fund to promote vocational skill building is a welcome move.
“It ensures that new entrants are ‘gainfully' employed by making it easy for them to acquire vocational skills at affordable cost,” said Mr E. Balaji, MD and CEO, Ma Foi Randstad , a Netherlands-based HR company.
About 12 million people enter the labour market every year, out of which only 5 per cent possess a training certification, he said.
Similarly, if the Indian industries have to move the public expenditure into innovation and R&D should be increased.
In this context, it is heartening to note the Finance Minister announced the government's intention to set up innovation councils and linking 1500 institutes with National Knowledge Network by next year.
These measures should produce more research skill.
It is estimated that India currently has around 120 researchers per million of population compared with 1,564 in China, he said.
According to Mr P. Kishore, MD, Everonn Education , the Finance Minister's proposal to introduce a scholarship scheme for needy students belonging to the Scheduled Castes and Scheduled Tribes studying in Classes IX and X would benefit about 40 lakh students
“Education forms the backbone of economic development. The Government has been supporting the education sector with a missionary zeal,” he said.
The 24 per cent increase in allocation towards education sector reinforces the Prime Minister's commitment to Right to Education and is a clear indicator that the Government is ‘surefooted' on its commitments to scale up efforts in the education sector, said Mr Sanjeev Mansotra, Chairman and Managing Director, Core Projects and Technologies.
Government has balanced its allocation between skill development, sustainable employability generation in socially backward sections and strengthening primary education across the country. With the increase in the Sarva Shiksha Abhiyan budget of 40 per cent to Rs 21,000 crore, there will be a larger role for the private sector in K-12 and teacher training space built around the pubic-private-partnership model, he said.
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