Cabinet has decided to set up Indian Institutes of Science Education & Research (IISERs) at Tirupati,Andhra Pradesh and Berhampur, Odisha. This will incur a total cost of Rs. 3,074.12 crore, comprising Rs. 2,366.48 crore non-recurring and Rs 707.64 crore recurring expenditure.

Additionally, the Cabinet has approved the merger of the existing institutions in the skills space – National Council for Vocational Training (NCVT) and the National Skill Development Agency (NSDA) to create a common body namely, National Council for Vocational Education and Training (NCVET).

The primary functions of NCVET will include, regulation of awarding bodies, assessment bodies and skill related information providers; approval of qualifications developed by awarding bodies and Sector Skill Councils (SSCs); indirect regulation of vocational training institutes through awarding bodies and assessment agencies; research and information dissemination and grievance redressal.

The Council will be headed by a Chairperson and also have Executive and Non-Executive Members.

This institutional reform will lead to improvement in quality and market relevance of skill development programs. Being a regulator of India's skill ecosystem, NCVET will have a positive impact on every individual, who is a part of vocational education and training in the country.

It will encourage students to apply for skill-based educational courses and also, facilitate the ease of doing business by providing a steady supply of skilled workforce to the industry and services.