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Nirmala Sitharaman, the Union Finance Minister, increased the overall financial allocation for the education sector for 2022-23 to Rs 1.04 lakh crore from Rs 93,224 crore (Budget estimate) in 2021-22, putting a focus on digital modes of learning to reverse learning losses caused by the coronavirus pandemic. Students planning to study abroad in 2022 will be pleased to learn that the government has taken several initiatives, such as e-passports with embedded chips, to make overseas travel and border procedures easier. Let’s take a deeper look at the Education Budget 2022 and see what it has to offer!
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Study Abroad 2022 Education Budget Highlights
For, students wanting to study abroad in 2022 should be aware that the education budget for this year is quite forward-looking. Students will be ecstatic to learn that to make foreign travel easier and immigration procedures simple e-passports with embedded chips will be released. These chip-enabled e-Passports, according to the finance minister, offers increased security features and will provide residents with a better experience. The e-passports will safeguard biometric information while easing travel through immigration checkpoints throughout the world. Innovative initiatives such as e-passports will improve the convenience of international passengers by reducing long lines at immigration checkpoints. In a pandemic-affected environment, this will aid in a speedier recovery of international travel.
The budget also stated that the LTCG (Long-term Capital Gains Tax) has been reduced from 50% to about 15% if the government continues to work wonders and listens to feedback from across the border. This year will be a big success, and this decade will be remembered as India’s decade.
Union Budget 2022
The focus of Budget 2022 was on “digital and technology,” as well as infrastructure, health, education, and the provision of e-services to the general public. This Union Budget set the groundwork and laid out the economic roadmap for the next 25 years, from India’s 75th to India’s 100th birthday. The highlights of the union budget for 2022 are listed below.
- According to Sitharaman, the Budget, which focuses on four pillars of growth inclusive development, productivity enhancement, energy transition, and climate action provides a roadmap for India’s economy to expand from 75 to 100 percent.
- To bring parity between Central and state government employees, the Finance Ministry proposed to increase the threshold of employers’ contribution to the National Pension Scheme (NPS) Tier-I account from 10% to 14%.
- The central government’s effective capital spending is expected to reach Rs 10.68 lakh crore in 2022-23, or roughly 4.1 percent of GDP, according to the Budget.
- GST collections for the month of January 2022 were Rs 1,40,986 crore, according to the Finance Minister, the highest since the tax was established in 2017
In a big push for digital money, Sitharaman said that the RBI will issue digital rupees using blockchain technology beginning in 2022-23. She added that income from the transfer of any virtual digital asset shall be taxed at the rate of 30 percent.
Major Announcements in Education Sector
Digital continues to be the buzzword of education. The second paperless budget has placed a strong emphasis on digital initiatives in education, from the establishment of a digital university to the creation of the Digital DESH e-portal. Following are the major announcements for the education sector in the union budget for 2022:
- World-class colleges will be able to provide financial services and technology courses that are not subject to Indian restrictions.
- The AICTE will lead the way in upgrading urban planning education.
- Five academic institutions will be recognized as centers of excellence in the subject of urban planning. Each university would receive a Rs 250 crore endowment.
- A digital university will be built to give students from all across the country access to world-class universal education and a tailored learning experience right at their doorstep. This will be offered in a variety of Indian languages as well as ICT forms. The institution will be developed on a hub-and-spoke network approach.
- High-quality e-content will be produced for dissemination via the internet, mobile phones, television, radio, and digital teachers in all spoken languages. Through a competitive system for the provision of high-quality e-content, teachers will be empowered and equipped with digital teaching tools to achieve improved learning outcomes.
- Syllabi at agricultural institutions will be revised to match the demands of modern farming.
- Skilling programs will be refocused, and ITIs will begin offering skilling courses. For youth skilling, upskilling, and reskilling, the Digital DESH e-portal will be launched.
- PM eVIDYA’s plan of “one class, one TV channel” would be increased from 12 to 200 channels. As a result, all states will be able to provide extra education in regional languages to students in grades 1 through 12.
Education Budget 2022 Opinions
Replacing human teachers with digital teachers in Digital University is not appropriate says “AAD”
According to academics for action and development (aad), the notion of replacing human professors with digital teachers at a digital university is inappropriate for India, where there is a great deal of variety among pupils and diverse explanations are required for better understanding. Second, although a large number of eligible and net-qualified candidates are hunting for teaching posts, this would result in job cuts.”
Financial management courses, according to an edtech startup, are a game-changer in terms of fintech.
According to Pratham Barot, Co-Founder, and CEO of Zell Education, “The government’s decision to provide foreign education for courses in financial management and fin-tech is certainly a game-changer, given the increase of online education and the continual need to upskill. When it comes to skilled financial experts, India currently has a significant talent deficit. This declaration would allow Indian students to pursue abroad courses in a more centralized and effective manner, given the steady growth in demand for such specialists. This is a win-win situation for both employers and students since studying these courses would help students to have a better earning potential after graduation, allowing them to jumpstart their careers with the necessary education.”
Shiv Nadar School believes that digital learning is here to stay, therefore, we should welcome the education budget for 2022-23.
Shiv Nadar School’s Director of Education, Shashi Banerjee thinks that digital learning is here to stay, thus the education budget for 2022-23 is a welcome addition. Its focus on accessibility and digitization of education, despite the pandemic’s long-term impact on learning owing to school closures, provides a light of hope. The new e-learning content distribution platform uses the internet, television, and cellphones to help rural and semi-urban students overcome learning gaps between sections. It is noteworthy that the budget detailed deliberate efforts to increase student access to high-quality education across the country.”
For the education sector, the epidemic has been a mixed bag. School and college closures have had a significant influence on learning results. The economic downturn affected student enrolment as well. On the good side, the change to digital has accelerated the expansion of ed-tech businesses and contributed to a surge in the industry. Industry analysts looked for bold moves in the direction of education and a larger investment in the sector’s growth ahead of the budget.
What are your thoughts on the 2022 Education Budget? Please let us know what you think in the comments section below! If you have any questions about higher education or careers, reach out to the Leverage Edu experts! Follow us on LinkedIn, Youtube, Facebook, Quora, and Instagram for more instructive stuff!
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