This Budget doesn’t mention the distress in education and skilling space. Hopefully the fine print of Union Budget 2021-22 will give clarity on the outlay in higher education and skilling space.
The FM has allocated over INR 3000 crore funds with a forward looking training plan towards the success of Atmanirbhar Bharat. However, the funds announced are similar the Union Budget 2020-21 for skill development, which was also insufficient. Though the government made a positive move by increasing the number of universities, amendments in the apprenticeship training scheme and training scheme, this may not be enough for the World’s largest young population with 600 million people under the age of 25 years.”
“Many congratulations to the nation, government and citizens for such a forward-looking budget 2021-22. This budget as the FM aptly puts is a digital budget, which endeavors to respond to the contraction in our economy due to the Pandemic, and also, to the year of 8th Census of the Independent India having population with highest demographic dividend across the globe.
Talking specifically about edtech and skill providing sectors, the budget outlay doesn’t give much clarity. The same INR 3000 crore for skilling sector this year too, like last year, will certainly help in the making of Atmanirbhar Bharat, yet an increased fund was required to bridge the gaps.
The steps including, establishment of more Sainik Schools and Eklvya schools, set-up of Higher Education Commission in India, this FY, for accreditation, regulation and funding for higher education institution and a Central University in Leh, are commendable, and will lead to reinvigorating human capital.
Besides, to benchmark skill qualifications and assessment, the country’s collaboration with other countries are expected to advise the country’s institutions/organisations/industries on the global best practices.
Part A of the Budget, a vision for Atmanirbhar Bharat, reflects inclusion of development for all, education for all and opportunities for youth, along with a large focus on developing India as a champion in the manufacturing field in the World.
This can be responded effectively with a central and unified framework to enhance and connect skills of candidates to potential employers with a dual objective – elevate employability and increase the ROI for companies via the hiring of right resources.
The FM requested that the corporate must support the economy to reset the country’s sustainable growth, which in a way, also talks about the talent pool it receives as per the 21st century skill needs apart from the investment it puts in supporting small ventures and entrepreneurs. And for the talented-cum-industry-skill-fit youth, the government’s focus on a unified framework of learning, upskilling and hiring till retiring, will ease the struggles of students, trainers, recruiters as well as corporate, at large, with an assured economic growth.”
Vikram Kumar, CEO, Lrnable Group.
Lrnable Group platforms (Mytat Recruitment and Mytat Classes), allow an individual/ institution/company to assess the skill gap, build the skills as in demand and get connected to organisations/corporates across various industries, while mapping an individual’s career growth.