Making jobs in India
There were huge expectations from the Finance Minister on the budget mainly for education and academic industry. To achieve a Gross Domestic Product...
There were huge expectations from the Finance Minister on the budget mainly for education and academic industry. To achieve a Gross Domestic Product (GDP) growth of eight percent, India needs skilled, trained and educated workforce. Here are some positive insights on the budget of 2015 pertaining to the education and job industry:
- The government is mainly focusing on sectors like manufacturing, infrastructure and energy and make workforce industry-ready across 31 sectors. Encouraging entrepreneurs and start-ups by allocating
- `1,000 crore towards entrepreneurship seems to be a good move. This will make India bring more job creators, especially from the youngsters.
- Micro-finance through self employment and talent utilisation (SETU) with an allocation of `1,000 crore is a plus point for young companies.
- Budget allocation to start-ups will encourage entrepreneurs in tier-2 and tier-3 cities and create new job opportunities there.
- But the budget did not focus on 'Digital India' whose goal is to enhance digital infrastructure, deploying e-governance and e-services.
- As less than 5 per cent of our potential work force is trained in formal skills to be employable, the government is focusing on a national skill mission to consolidate skill initiatives spread across several ministries.
- With the launch of Deen Dayal Upadhyay Gramin Kaushal Yojana (with `1,000 crore budget), the employability of the rural youth will be enhanced. It seeks to train around10 lakh rural youth, above the age of 15 years by 2017.
- A student Financial Aid Authority has been set up in order to administer and monitor the front-end scholarships as well as educational loan schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.
- There is a scope for increase of opportunities as the National Optical Fibre Network Program (NOFNP) will further speed up the process by allowing willing states to execute reimbursement of cost basis. Andhra Pradesh is the first state to have opted for this implementation.
- By setting up a full IT based Student Financial Aid Authority, the government can administer and monitor scholarships as well as educational loan schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. So that students do not miss out on higher education for lack of funds.
- Due to greater internet access on smartphones, the consumer spending will boost the number of jobs in the Business2Consumer sector.
- Not only fresh aspirants, even youngsters with 4-8 years of work experience can expect fresh job opportunities.
- 2015 will be a better year than 2014 as IT, service and manufacturing sectors will create more jobs.
- As there is special emphasis on Make in India, it will definitely make India a manufacturing hub by creating millions of jobs in the coming years.
- In order to enable the shift from qualification based to skill based opportunities, institutions must focus on imparting skills that lead to employability, rather than doling out certificates and degrees.