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Finance to Education!

By Nayonika Dhagat (Prudence School)

“An Investment in Education gives the best interest”
-Benjamin Franklin

It is true when one says development in Finance and Education together can help any global economy flourish. Many children and young adults are deprived of education all across the world, due to financial reasons. Thus, in order to empower the youth and promote learning, India has made multiple efforts towards better skill development.

The Skill Development Ministry, on its previously successful scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY 2.0) and Jan Shikshan Sansthan (JSS), provides short-term training to 94.17 lakh candidates with the skill training/orientation as on April 1st, 2020. However, in the fiscal year 2019-20, this scheme has shown a drop of 13%. The Government of India has spent Rs. 1648.25 crores for skill development, in comparison to Rs. 1909.19 spent in the fiscal year 2018-19 and Rs. 1721.18 in 2017-18. A long-term training to youth is being provided alongside Industrial Training Institutes (ITIs) to boost the Indian economy. Not only this, but the Skill Development Ministry has also provided imparting vocational training to students under the umbrella scheme ‘SamagraShiksha-an integrated scheme for school education’ for children from grade IX to grade XII. The scheme seeks to integrate vocational education with general academic education with an aim to prepare educated, employable and competitive human resource for various sectors of the economy and the global market. At present, the scheme covers 55 job roles in 19 sectors and has more than 10 lakh students enrolled.

India's honorable Prime Minister Narendra Modi, under his Skill India Mission, has been working relentlessly along with the Ministry of Skill Development and Entrepreneurship (MSDE) to strengthen the path towards digital learning platforms. In order to help the situation of COVID-19, in June of 2020, a free digital learning platform 'Skill Build Reignite' was introduced to make Digital India a reality. Ministry of Skill Development and Entrepreneurship is providing job seekers and budding entrepreneurs access to free online work-related courses and mentoring support designed to help them reinvent careers and businesses. As said by MSDE’s Union Minister, Dr. Mahendra Nath Pandey “Our mission is to empower next-gen with new-age skills and make them future-ready. Our collaboration with IBM will help us address the widening skill gap in the country and create a culture of up-skilling. IBM’s SkillsBuild Reignite platform provides the right set of tools, innovative approach and access to mentors for students to thrive in this competitive environment”. Now Job seekers, individual business owners, entrepreneurs and any individual with learning aspirations can tap into a host of industry-relevant content on topics including Artificial intelligence, Cloud, Data analytics and security to reskill and upskill themselves at absolutely no cost!

National Skill Development Corporation had also signed a Memorandum of Understanding with eight countries-Japan, UAE, Saudi Arabia, Sweden, Russia, Morocco, and Finland for development in the field of Vocational Education and Training.

India is on its way towards a better and more skilled task-force making learning fun and an innovative process. After all, where there is a will, there is a way!