New Delhi : Finance Minister Nirmala Sitharaman on July 5 announced an increase in the budgetary allocation to the Ministry of Skill Development and Entrepreneurship. The budget reiterated the focus on skill development, education and facilitating an ecosystem of entrepreneurial growth in the country.
According to the data, the government has allocated Rs 2,989 crore to the department for 2019-20, compared to the revised estimate of Rs 2,820 crore in the last fiscal.
Major Highlights from the Budget:
The government is looking to formulate a National Policy for Reskilling and Upskilling for creating industry responsive workforce.
The government will focus on imparting new-age skills in areas like artificial intelligence, Internet of Things, big data, 3-D printing, virtual reality and robotics to equip youth to take up high-paying jobs overseas.
Presenting the Budget, India’s first full-time woman finance minister referred to the concept of ‘Kayakave Kailasa’ (work is worship) to highlight that the government enables about 10 million youths to take up industry relevant skill training through the Pradhan Mantri Kaushal Vikas Yojana, helping create a large pool of skilled manpower.
Pointing out that demographic trends world-wide show that major economies will face severe labour shortages in the future, Sitharaman said: “To prepare our youth to also take up jobs overseas, we will increase focus on skill-sets needed abroad including language training. We will also lay focus on new-age skills like artificial intelligence, Internet of Things, big data, 3-D printing, virtual reality and robotics.”
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