Budget 2018: Education and Employment

By Shivam Saklani

As the government gears up for the growth of around 8% in this fiscal year, we discuss what budget 18 had in the store for us, especially regarding education and employment area.

The estimated budgetary expenditure on health, education and social protection for 2018-19 is Rs. 1.38 lakh crore, observing a rise of 16 thousand crore from previous budget. Mr. Jaitely announced setting up of Eklava Model Residential School; on par with Navodaya Vidyalayas to provide the best quality education to the tribal children in their own environment by 2022 in every block with more than 50% ST population and at least 20000 tribal persons with special facilities for preserving local art and culture.

The government again didn’t address any substantial scheme for higher education in the conventional Scirence and Arts subjects, but giving impetus to technical education, FM announced Prime Minister’s Research Fellows (PMRF). Under this scheme 1000 best B.Tech students will be identified Each year from primier institutions and provide them facilities to do PHD in IITs and IISCs with a handsome fellowship.

Budget 2018 has given a big thrust to MSME to boost employment and economic growth. A sum of Rs. 3794 crore has been provided for giving credit support. In Mudra Yojna, government has set a target of Rs. 3 Lakh Crore for lending in 2018-19.

While presenting the budget, the FM cited an independent study stating that 70 lakh formal jobs will be created this year. Mr. Jaitely also announced that the government will contribute 12% of the wages of the new employees in the EPF for all the sectors for next three years. He proposed to make amendments in the Employees Provident Fund and Miscellaneous Provisions Act, 1952to reduce Women employees’ contribution to 8% for first three years of their employment against existing rate of 12% or 10% with no change in Employer’s contribution.

The government has yet to show substantial work on the employment sector. With the last budget of the government out, the only option left for the government to fare well in the elections would be to show results in the promises made.