Budget 2023 For Students: New Age Skills, Stipend Support, And More!

Budget 2023 is out and has unfolded a myriad of offerings for the education industry. The laudable steps have been warmly welcomed by academicians and the student community across the country. Stepping up the budget allocated for education, FM Nirmala Sitharaman has set aside INR 1,23,899 crore this year, which is around 8% more than last year. 

With capital outlay jacked up, let’s have a look at the silver lining in the education sector and the benefits that will trickle down to India’s young workforce. 

Skilling up to be future-ready

To empower the youth, National Education Policy will extensively focus on the new-age courses for industry 4.0 like coding, AI, robotics, mechatronics IoT, 3D printing drones, and other soft skills. These objectives shall be reinforced with PM Kaushal Vikaas Yoajna 4.0, industry partnership, and alignment of courses with what the industry needs. 

Fostering 5G services through engineering institutions' labs 

The government will set up 100 labs for developing applications using 5G services. This means more range of opportunities and ramped-up employment potential for students. The labs will cover applications such as smart classrooms, precision farming, intelligent transport systems, health care applications, and more!

Unearthing India’s indigenous potential!

The budget talks about a research grant to be given to one of the IITs for the indigenous production of lab-grown diamonds! As per the Finance Minister, "Lab-grown diamonds is an innovation and energy-driven sector with high employment potential.”

Amping up the Apprenticeship Promotion Scheme to benefit 47 lakh youth 

Under the National Apprenticeship Promotion Scheme which is also a part of PMKVY, the Government shall be providing stipend support to 47 lakh youth in the next three years. For this, Direct Benefit Transfer (DBT) mechanism will also be rolled out in the coming years.

Through the provisions highlighted in Budget 2023, India is indeed going leaps and bounds for illuminating the education sector and providing new-age skills to the budding workforce. This will surely escalate the pace of the economic development of the country. 

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