While announcing the Union Budget 2020 in the Lok Sabha, Union Finance Minister Nirmala Sitharaman spoke about government internship opportunities for engineers and also proposed external borrowing and FDI for higher quality education.
The Union Finance Minister also proposed for an FDI for higher quality education under the 'Education and Skills' category for 'Aspirational India' theme. Calling for the requirement of greater inflow of finance for the education system, the Finance Minister said, "Education system needs a greater inflow of Finance to attract talented teachers, and innovate. Steps will be taken to enable sourcing external commercial borrowing and FDI to deliver higher quality education."
Proposing for internship opportunities for fresh engineering pass-outs, the Finance Minister said, "Government proposes to start a program where the urban local bodies across the country will provide internship opportunities to fresh engineers for up to 1 year."
In her address, Finance Minister Nirmala Sitharaman also proposed for Rs 3,000 crores for skill development and Rs 99,300 crores for the education sector for the year 2020-21.
This year's Budget assumes tremendous significance as the Indian economy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress, and a dip in GDP growth. The government has taken inputs from multiple stakeholders. Finance Minister Nirmala Sitharaman has also announced a series of reform measures in the last few months to give a boost to the economy.
In the Economic Survey 2019-20 tabled on the floor of the Parliament on Friday, the GDP growth for the next fiscal year has been pegged at 6-6.5 per cent. This is much more than the IMF estimate. The Union Finance Minister will present the Union Budget at 11 am on Saturday.