The Union Finance Minister of India, Nirmala Sitharaman is set to present Budget 2022 on 1st February. We are living in a unique time, and the corporate world has huge expectations with the budget.
Sumit Kumar, Vice President and Business Head- NETAP says, “Implementation of NEP (National Education Policy-2020), especially amending the Apprentices ACT and making way for degree apprenticeship should be one of the key agendas in the upcoming budget. Degree linked apprenticeship has the potential to directly impact the socio-economic growth. It addresses the employability and livelihood of the youth. It channelizes them towards formal employment. Extending the incentives under NAPS 2.0 in the form of tax SOPS or higher subsidy to SMEs and tax benefits for organizations on apprentice absorption in employment post completion of training are other crucial aspects that the budget should look at to scale apprenticeship adoption. Reintroducing Pradhan Mantri Rozrar Protsahan Yojana and linking it with apprentice absorption is also the need of the hour. It will encourage mobilization of youth into formal employment leading to better wages, improved living standards, higher purchasing power which in turn will drive consumption too. Making online guidelines flexible for higher education, formalizing the skills universities under separate regulations or making room for them in the current UGC ACT to give autonomy as they offer work integrated programs and the programs are aligned to the industry needs are some of the critical aspects that the budget should evaluate”
