News & Announcements

Educational sector gets fresh push in the Budget

                      Union Budget for the year 2013-14 has provided 29 percent additional allocation for plan spending compared to 2012-13. GDP rate will be expected to increase from five to 6.5 percent in the year 2013-14. Budget allocation for education sector has increased by 17 percent compared to previous year amounting Rs 65867 crores. Budget will focus more on sustainable development. Allocation for primary and higher education has been increased. Medical education and research, agricultural research, science, technology, atomic energy and space science have been identified as the focus areas of education and research. Budget envisages education for all by the end of 12th five year plan. Provision for scholarships for SC/ ST students and girls are included in the budget. Mid day meal scheme, ICDS and clean drinking water scheme and medical facilities in schools have been given high priority in the budget. In the areas of technology transfer nutri farms and strengthening of Agri markets are some of the new ventures announced in the new budget.

                 Budget has given more emphasis to innovation incubation and entrepreneurship. It will facilitate the educated youth to start self employment ventures or startup companies. Recognizing the importance of incubators in mentoring new businesses, the budget proposed that funds provided to technology incubators located within academic institutions will qualify as CSR expenditure. Focus on SMEs and start ups will help to boost entrepreneurship in the country. They can enjoy the privilege of tax exemption. Taking in to account the growing importance of skill development programmes Government announced National skill Development Corporation to train 10 lakh unemployed youths per annum. Since Micro, small and medium enterprises have large share of jobs, production and exports, the benefits or preferences enjoyed by them will be retained with them for up to three years after they grow out of the category in which they obtained the benefit. Announcement related to industrial corridor, electronic policy and infrastructure facilities will create more employment in the engineering sector. Move to start Women based banks and expansion of insurance facilities including provision for starting new LIC branches will create more employment in the banking and finance sectors. Benefits allotted to IT sector will create more employment in the IT sector in the country. Removal of restriction of SEBI on venture capital funds as separate categorization as class two, promotion of RIDF of NABARD and foreign institution investment will indirectly facilitate growth and career in higher education sector in the country. Allocation of nearly 90000 crores for women will create more employment opportunities for the educated women in the country. Provision to start nearly 264 private FM radio channels will create more employment in the areas of broadcast communication. Energy is an emerging area which can generate more employment opportunities, importance given to waste to energy project, clean, green and economic energy and non conventional energy will create more employment for students of environmental science, environmental engineering and ecological studies. Tax exemption for entrepreneurs in establishing vocational learning centers on Agriculture and cinematography will help to boost education and career in the respective areas.

Dr.T.P.Sethumadhavan