Union Budget 2017-18 and its implication on Educational Sector:
- Measuring Learning Outcomes in School: Finance Minister has proposed to introduce a system of measuring Learning outcomes in school. Emphasis will be given to science stream and innovative content according to locality and region will be promoted
- Innovative Fund for Secondary Education: Fund will be created to encourage local innovation for universal access, gender parity and quality improvement. Focus will be on 3479 educationally backward blocks.
- Reforms in UGC and College Accreditation: In higher education, finance minster proposed to provide greater autonomy and administrative freedom to good quality institution. This will be done through accreditation and ranking of college.
- Launching of SWAYAM Platform: Government proposed to provide 350 online courses through SWAYAM Platform. This course will be taught by one of the best faculty. Students and teachers can access high quality learning resources, participate in discussion forum, take test and earn academic grades.
- Establishment of National Testing Agency: Government proposed to establish national autonomous body for conducting all entrance test for higher educational institutions. So, in future CBSE and AICTE will not be conducting tests.
- Increase in Pradhan Mantri Kaushal Kendra: Government is planning to increase Pradhan Mantri Kaushal Kendra from 60 districts to 60o districts. 100 International Skill centers will also be established. This centers will provide advanced training and foreign language courses.
- Establishment of SANKALP & STRIVE : SANKALP an acronym for Skill Acquisition and Knowledge Awareness for Livelihood Promotion Program will be established at the cost of Rs 4000 crore for providing market relevant training to 35 Lacs youth in a year. STRIVE an acronym for Skill Strengthening for Industrial Value Enhancement will be launched at the cost of Rs 2200 crore. This will provide market relevance and vocational training course in Industry cluster through ITI (Industrial Training Institute)
- Establishment of 2 new AIIMS: All India Institute of Medical Science (AIIMS) will be established in Gujarat and Jharkhand.
All above measures, if implemented will create new Job opportunities for teachers in educational sectors in organized sectors or in freelancing field. Like measuring Learning outcomes, or SWAYAM platform will require teachers to implement. Similarly National Testing Agency, or skill Development program through like SANKALP, STRIVE is going to create employment opportunities for teachers.
- Income Tax reduced from 10% to 5% for Incomes between Rs 2.5 Lacs to Rs 5 Lacs
- Surcharge of 10% on Income from Rs 50 Lacs to Rs 1 Crore and Surcharge of 15% in Income above Rs 1 Crore
- Long Term Capital Gain reduced from 3 Years to 2 Years