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Indian Economy

Budget 2021 Highlights: Inclusive Development for Aspirational India and Reinvigorating Human Capital

  • 03 Feb 2021
  • 5 min read

Why in News

Recently, the Finance Minister presented the Union Budget 2021-22. This was the first digital budget.

  • This section deals with the theme ‘Inclusive Development for Aspirational India and Reinvigorating Human Capital’.

Key Points

  • Inclusive Development for Aspirational India:
    • Agriculture:
    • Fisheries:
      • 5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs of economic activity.
      • Multipurpose Seaweed Park in Tamil Nadu to promote seaweed cultivation.
    • Migrant Workers and Labourers:
      • One Nation One Ration Card scheme for beneficiaries to claim rations anywhere in the country - migrant workers to benefit the most.
      • Portal to collect information on unorganized labour force, migrant workers especially, to help formulate schemes for them.
      • Implementation of 4 labour codes underway:
        • Social security benefits for gig and platform workers too.
        • Minimum wages and coverage under the Employees State Insurance Corporation applicable for all categories of workers.
        • Women workers allowed in all categories, including night-shifts with adequate protection.
        • Compliance burden on employers reduced with single registration and licensing, and online returns.
    • Financial Inclusion:
      • Under Stand Up India Scheme for Scheduled Castes (SC), Scheduled Tribes (ST) and women,
        • Margin money requirement reduced to 15%.
        • To also include loans for allied agricultural activities.
  • Reinvigorating Human Capital:
    • School Education:
      • 15,000 schools to be strengthened by implementing all National Education Policy (NEP) components. Shall act as exemplar schools in their regions for mentoring others.
      • 100 new Sainik Schools to be set up in partnership with NGOs/private schools/states.
    • Higher Education:
      • Legislation to be introduced to set up the Higher Education Commission of India as an umbrella body with 4 separate vehicles for standard-setting, accreditation, regulation, and funding.
      • Creation of formal umbrella structure to cover all Government colleges, universities, research institutions in a city for greater synergy.
      • Central University to come up in Leh for accessibility of higher education in Ladakh.
    • Scheduled Castes and Scheduled Tribes Welfare:
    • Skilling:
      • Proposed amendment to Apprenticeship Act to enhance opportunities for youth.
      • Rs. 3000 crore for realignment of existing National Apprenticeship Training Scheme (NATS) towards post-education apprenticeship, training of graduates and diploma holders in Engineering.
      • Initiatives for partnership with other countries in skilling to be taken forward, similar to partnership:
        • With UAE to benchmark skill qualifications, assessment, certification, and deployment of certified workforce.
        • With Japan for a collaborative Technical Intern Training Programme (TITP) to transfer skills, technique and knowledge.
    • Innovation and Research & Development:
      • National Language Translation Mission (NTLM) to make governance-and-policy related knowledge available in major Indian languages.
      • PSLV-CS51 to be launched by New Space India Limited (NSIL) carrying Brazil’s Amazonia Satellite and some Indian satellites.
      • As part of the Gaganyaan mission activities:
        • 4 Indian astronauts being trained on Generic Space Flight aspects, in Russia.
        • First unmanned launch is slated for December 2021.
      • Rs. 4,000 crore over five years for Deep Ocean Mission survey exploration and conservation of deep sea biodiversity.

Source:PIB

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