siliconindia | | May 20208IN MY VIEWWith a whopping Rs. 99,300 crore allocated to the education sec-tor, Budget 2020 promises a good scope reformation within the system and for employment opportunities in India and abroad. Financial limit for the budget for education sector has been expanded with an increment of five percent, as compared to previous year, to Rs. 99,311.52 crore in FY21. Out of this total budget, the division of higher and advanced education has been distributed Rs. 39,466.52 crore while the school training and literacy division has been given Rs. 59,845 crore, as compared to Rs. 38317.01 and Rs. 56536.63 allocated in the budget estimate of FY20.During her announcement discourse, the Finance Min-ister Nirmala Sitharaman rightly said that by 2030, India is set to have the biggest working-age populace on the planet, and in addition to the fact that they need education, they need both employment and fundamental life skills.So, the department of skill improvement and related projects is proposed to be given Rs. 3,002.21 crore for FY21 in comparison to Rs. 2,531.04 crore in FY20. The Finance Minister also said that a discussion had been done with state authorities, MPs and other partners about the new education and training strategy, and the final policy would be reported soon. With regards to financing, 100 percent of the funds have been allocated to FDI (Foreign Direct Investment) as a part of opening overseas opportunities and improving the deliverance of quality education; however, the budget 2020 has proposed steps to empower sourcing ECBs (Ex-ternal Commercial Borrowings) alongside, in order to have the option to deliver better education quality and more ex-cellent training. By Dr. Ketan Kotecha, Director, Symbiosis Institute of Technology (SIT)Dr. Ketan has been associated with SIT for over two years now, prior to which he has held key positions across GH Patel College of Engineering & Technology, Nirma University, and Parul University.IMPACT OF BUDGET 2020 ON THE EDUCATION SECTOR
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