General Budget 2016 Industry Reactions

Create: 03/02/2016 - 00:52

To improve the quality of education the government in Budget has decided to transform 10 private and public institutions to world class levels. The education industry more or less is happy with the Budget as it being seen as pro-skill and employment budget with keen focus on the rural segment.

The Budget proposes to skill 1 crore youth in next three years under the PM Kaushal Vikas Yojna.

National Skill Development Mission has imparted training to 76 lakh youth and 1500 Multi-skill training institutes to be set up.

“Would like to congratulate the Finance Minister on a Budget that sustains investments in the higher education and skill development sectors. India requires a phenomenal scale up in its Skill Development efforts and I am glad to see a significant allocation of Rs. 1700 Crore being made in this direction,” Vijay Iyer, Chief Business Officer, HCL TalentCare.

Sanjeev Duggal, CEO and MD, Centum Learning said, “Considering the fact that Indian economy has held its head high in times of global economic turmoil, our Finance Minister has presented a mixed budget quite favourable for aspiring entrepreneurs. 100% deduction of profits for Start-ups for three out of first 5 years is great but MAT applicability on Start-ups will create hurdles in growth as it will impact the initial cash outflow of startups.”

The Government has also decided to use technology to reach the masses.

As per the Budget Entrepreneurship, Education and training will be provided in 2200 colleges, 300 schools, 500 government ITIs and 50 Vocational Training Centres through Massive Open Online Courses (MOOCs). Aspiring entrepreneurs, particularly those from remote parts of the country, will be connected to mentors and credit markets.  

Vijay K Thadani, Vice Chairman & Managing Director, NIIT Ltd. said, “We welcome the focus on education, skills, job creation and entrepreneurship in this budget. Digital repository for validation of qualification will provide a great boost to high employment industries, such as the IT sector. Also, upgradation of National Career Services will produce more effective connection of jobs with skills. The maturity of digital technology and its role in the society is visible from the fact that MOOCs will be used for mentoring new entrepreneurs.”

Terming the budget as a landmark in education outlays, Shantanu Prakash, CMD Educomp Solutions Ltd. said that an intention to put education on the frontline has to a large extent been translated into actionable numbers.

Praising the attention the budget has provided the sector; Prakash said that the interdisciplinary approach to impacting various pressure points of the education framework was praiseworthy and indicates that the government has taken a 360 degree view of the needs of India’s education sector.  Agreeing with the thrust on training and skill development Prakash said, “The pointed emphasis on skill development is crucial for employability while the deeper issues of education quality and reach are addressed”.

He lauded the attention to quality benchmarking by enhancing 10 private and public institutions to world class levels and said that this would be transformative in shaking up the industry and making it more competitive, efficient and global in outlook.

The Union Government has kept Education among the nine pillars that will transform India.

Monica Malhotra Khandari, Senior Director-MBD Group said, “We welcome the budget’s liberal fund allocation towards education, skill development and job creation in the country and the government has rightfully described ‘education, skills and job creation’ as one of the 'nine pillars' that will transform the country. The budget proposal to establish 1500 multi-skill development centres with an allocation of Rs. 1,700 crore and develop entrepreneurial skills in one crore youth in the next three years is a major step. This will make the youth of our country skilled and job ready.

She added, “We believe that a host of other initiatives like Digital Literacy Mission Scheme for rural India, Entrepreneurship Education and Training through Massive Open Online Courses, and regulatory architecture for 10 public and 10 private institutions for world class teaching will also go a long way in imparting quality education and bringing standardization in education and improving literacy percentage of the country. With skills developing initiative, the youth will get employed/self-employed and living standards will improve. Especially the government initiatives are mostly employment linked which makes this whole exercise more effective."

Ratnesh Kumar Jha, MD, Cambridge University Press - South Asia, “The budget has laid out a good roadmap for improving education systems at school and higher education levels with a focus towards job creation and skilling. The emphasis on higher education and setting up of a higher education Financing Agency with a fund of Rs 1,000 crore is a step forward towards enhancing the quality of education and talent of work-force in the country. FM’s proposal to spread digital literacy in rural India and digitization at various levels in school and high quality world class education  finds resonance with Cambridge University Press’s objective to make learner’s future ready and globally compatible. With Education and Job creation as one of the key pillars to transform India and the continued focus on ‘Make in India’, the budget augurs well for the sector.”

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