Tuesday, November 24, 2020

Higher Education and New Education Policy 2020

 


Education is the key for growth and development of any country and the developing nation like India is no exception to it. India would have the highest population of youth in the next decade and so the Government of India be held congruously responsible in providing high quality educational opportunities to the youth. This would also determine the position of India in the field of education globally. 
With the advancements in science and technology, the unskilled jobs world wide will be taken over by the machines. The need for skilled workforce particularly involving mathematics, computer science and data science along with multidisciplinary abilities across sciences, social sciences and humanities will be unsparingly demanded. 

1.    Unemployment in India

As per the survey done by the National Sample Survey Office (NSSO), between 2004-2017, the unemployment in India is at a 45 year high and total employment grew by 4.5 crore for 13 years. The major findings are listed below.
  •  Though, the total employment grew by 4.5 crore, it is found that increase of 4.2 crores happened in urban areas while employment contracted or was stagnant. 
  • Employment for men grew by 6 crore but it fell by 1.5 crore for women.
  • Employment for youth between the ages of 15 and 24 has gone down from 8.14 crore (in 2004) to 5.34 crore in 2017.
  • Employment based on the level of education has reduced to 14.2 in 2017 from 20.08 crore in 2004.
  • The rate of growth of employment in unorganized sector has been slower (from 37.1 per cent in 2004 to 47.7 per cent in 2017). Nevertheless, the employment has risen from 8.9% in 2004 to 14% in 2017.
Thus, it is evident from the NSSO study and the data from census 2011, that unemployment is more common with literates and those who are qualified, which is well supported by the following chart. 


Hence, this calls for 360 Degree change in our education system. Education should emphasis less on content and more on critical thinking, problem solving , creativity, multi disciplinary , innovation and adaptability to change. It should empower learners to become ethical, rational , compassionate and caring in the course of preparing them for employment. The mission and vision of educational institutions must revolve around whole person education. The curriculum framed and the pedagogy used must make education experiential, holistic, integrated, inquiry-driven, discovery-oriented, learner-centered, discussion-based, flexible, and enjoyable. The gap that exists between the current learning outcomes with the actual requirements should abridged through major reforms to bring high quality and equity in the Indian education system.

With this regard, the New Education Policy 2020 was proposed to revise and revamp the education structure, its governance and regulation in alignment with the goals of 21st century education. It is based on the principle that any education must allow the students to thrive in the competitive world with higher order cognitive capacities i.e, critical thinking, problem solving; social, emotional and ethical capacities.

2.    Vision of New Education Policy 2020
  • to transform Bharat (India) into an equitable and vibrant society of knowledge
  • to provide high- quality education to all
  • to inculcate a deep sense of respect to the Fundamental Duties and Constitutional values
  • to accredit a conscious awareness of one's roles and responsibilities
  • to instill in the learners, a deep rooted pride in being Indian, in thought, spirit, intellect and deeds
  • to develop knowledge, skills, values and inherent character that support responsible commitment to human rights, sustainable development and living and global wellbeing.

3.    Higher Education and NEP 2020

Higher education contributes to livelihood and economic development of the country. Hence, it must enable learners to have a deep study of one or more areas of interest along with development of character, ethics, values, intellectual curiosity, scientific temper, creativity and spirit of service. It must prepare students for more meaningful and satisfying lives and work roles and enable economic independence. India's higher education system is the third largest in the world, next to the USA which is governed by the University Grants Commission. Hence, the NEP 2020 paves the way to solve the problems currently faced by the higher education system in India.

The key changes to the current system would be :
  • Availability and accessibility of large, multidisciplinary universities and colleges.
  • More higher educational institutions offering programmes in regional Indian languages.
  • More multidisciplinary undergraduate education.
  • Faculty and institution autonomy.
  • Revamping of curriculum, pedagogy and assessment for enhanced learning experiences.
  • Filling leadership positions through merit appointments and career progression based on teaching, research and service.
  • Establishment of National Research Foundation to fund outstanding peer reviewed research and to actively seed research in universities and colleges.
  • Governance of HEIs by highly qualified independent boards.
  • Single regulator for higher education.
  • Scholarships for underprivileged and disadvantaged students; online education and open distance learning ; availability of  learning materials and accessibility of infrastructure for  learners with disabilities.
The above changes and initiatives would also attract international students to study in India, providing greater mobility to students who study in India and who wish to visit, study at, transfer credits to or carry research at Institutions in India or abroad. India will become a global study destination providing premium education at affordable cost. Each HEI hosting foreign students will set up an International Students Office to coordinate. Research/teaching collaborations and faculty/ student exchanges will be facilitated with foreign universities through mutually beneficial MOUs. High performing Indian universities will be encouraged to set up campuses in other countries and 100 top universities in the world will be allowed to operate in India. Credits acquired in foreign universities shall be considered for the award of degree in the Indian HEIs.

Students Participation

    Students will get plenty of opportunities for participation in sports, culture/ arts clubs, eco clubs, activity clubs, community service projects etc. Institutions to have counselling systems to help students to handle stress and emotional adjustments. It should also ensure quality medical facilities to its students and increase hostel facilities to support students from rural backgrounds. Financial assistance to be provided on merit basis to SC, ST, OBC and other SEDGs (socially and economically disadvantaged groups). National Scholarship Portal to be expanded to support and track the progress of students receiving scholarships. Private HEIs to be encouraged to provide free ships and scholarships to deserving students.

Role of faculty

    The success of HEIs depends on the quality and engagement of its faculty. Despite the various initiatives taken towards the professional development of faculty, their motivation in teaching, research and service in HEIs is lower than the desired level. Thus, the NEP 2020, recommends the following initiatives to make the teachers best, motivated and capable where they work.
  • Provision of well equipped infrastructure and facilities, in all HEIs, including access to latest educational technology for enhanced learning experiences.
  • Reduction in the enormous work load and teacher- student ratios , so that teaching becomes enjoyable and satisfying , resulting in contribution of adequate time for interaction with students and conducting research.
  • Freedom to frame own curriculum including own textbooks, reading materials etc and design pedagogical approaches, within the approved framework.
  • Empower teachers to adopt innovative teaching, research and service, to make them more creative and be outstanding in their performances.
  • Excellence to be incentivized by rewards, promotions, recognitions and movement into institutional leadership. Also, faculty who do not deliver on the basic norms shall be held accountable for the same.
  • Clearly defined, independent and transparent processes of recruitment in HEIs. A fast track promotion system shall be put in place for recognizing high impact research.
  • A multiple parameter system for assessing performance that includes confirmed employment after probation, increase in pay, recognitions, peer and student reviews, innovations in teaching and pedagogy, quality and impact of research, professional development activities and service to institution and community, shall be developed and stated in the Institutional Development Plan(IDP).
  • Identification and early training of faculty with high academic, service credentials and had demonstrated leadership and management skills , for future leadership positions.
  • Conduct of online training programmes on platforms like SWAYAM/ DIKSHA.
  • Establishment of National Mission for Mentoring with a pool of senior/ retired faculty who are willing to provide long and short term mentoring and professional support to university/ college teachers, in Indian languages.

National Research Foundation (NRF)

In order to encourage quality research, NRF shall provide merit based and equitable peer-reviewed funding to State Universities and public corporations, across all disciplines, where research is currently limited. Successful research will be recognized and close linkages with government agencies, industry, philanthropic and private organizations be established. It shall be governed, independently of the Government, by rotating Board of Governors consisting of researchers and innovators across the fields.

Transformation of Regulatory Mechanism

The National Education Commission of India shall be established to address the issues  like heavy concentrations of power within few bodies, conflict of interests among these bodies and lack of accountability, that exists in the regulatory system of higher education. The National Higher Education Regulatory Council (NHERC) for regulation, National Accreditation Council(NAC) for accreditation, Higher Education Grants Council(HEGC) for funds, General Education Council(GEC) for academic standard setting are the four independent institutional structures that will work under the National Education Commission of India. The HECI, an autonomous body shall be based on transparent public disclosure and extensively use of technology to reduce human interface and ensure efficiency.

Regulation of fees

All educational institutions (public and private) shall be held under similar standards of audit and disclosure as a non profit entity, surplus if any to be reinvested in the education sector. Transparent mechanism for fee fixing with upper limit, depending on the accreditation will be developed so that individual institutions shall not be affected. This mechanism will ensure recovery of costs incurred by the HEIs while discharging social obligations. There shall no arbitrary increase in the fees during the students' period of enrolment in a particular programme.

Effective governance and leadership in HEIs

After an institution receives an appropriate graded accreditation a Board of Governors shall be established consisting of highly qualified, competent and dedicated individuals who have proven capabilities and strong sense of commitment towards the institution. It will be empowered to govern the institution without any external interference including the appointment of the head of institution and take decisions relating to governance.





References
https://www.mhrd.gov.in/sites/upload_files/mhrd/files/NEP_Final_English_0.pdf
https://www.jatinverma.org/employment-in-india
https://en.wikipedia.org/wiki/Higher_education_in_India



Thursday, July 23, 2020

Atma Nirbhar Bharat Abhiyan


 

“Atma Nirbhar Bharat Abhiyan”

 

Atma Nirbhar Bharat Abhiyan or Self- Reliant India Mission is the vision of the Prime Minister of India to make the country, a self-reliant nation. It was first mentioned on 12th May 2020, when the government had announced an economic package of Rs 20 lakh crore for the people during coronavirus pandemic. It primarily focuses on Economy, Infrastructure, System, Vibrant Demography and Demand. The Government aims to resume the economic activities with abundant caution in 5 phases namely Businessses including MSMEs ; Poor including migrant workers and farmers;  Agriculture; New Horizons of growth; Government reforms and enablers. 

Flow of Contents

  1. My vision about the initiative
  2. Objectives
  3. Highlights of the scheme
  4. Specifics of the scheme  
  5. Sector - Wise beneficiaries
  6. Challenges
  7.  Role of   Social, Culture, Education and Technology
  8.  Role of Entrepreneurship and Start-ups.       
  9. Contribution from the Student Community
  10. Conclusion
  11. Related Readings
  12. References             
    My vision about the initiative

A good initiative to encourage the people who are distressed by the effect of COVID- 19. The effectiveness of any scheme introduced by Government depends on the how well it is implemented. Hence, this scheme will be successful only if the people of the country benefit out of the scheme to the fullest.

 

Objectives 

  • to revive the slow or dead economic activities.
  • to create opportunities to ensure growth in sectors like agriculture, micro, small and medium enterprises (MSMEs), power, coal and mining, defence and aviation, etc.

    Highlights of the Scheme

a.  Interim measures like liquidity infusion and direct cash transfers for the poor and the needy whose livelihood is severely affected because of COVID -19.

b.  Long term reforms for the critically affected sectors to make enable them to be globally competitive and attractive.

    Specifics of the Schemes

The following are the policies under Atma Nirbhar Bharat Abhiyan relating to primary, secondary and tertiary sectors.

               a.  Primary Sector: The measures include reforms to amend ECA, APMC, Contract Framing etc and mitigate the issues in agricultural marketing. To name a few:

·  Announcement of Rs 1 lakh crore fund to finance agriculture infrastructure projects.

·   Rs 500 crore has been allocated to extended “Operation Greens” which includes Tomatoes, Onion and Potatoes (TOP) to ALL fruits and vegetables (TOTAL).

·   Allow farmers to sell their products to anyone, outside the APMC mandi yard and creating a legal framework for contract farming.

·  Infusion of Rs 40,000 crore through MNREGA to alleviate the distress of migrants when they return to their villages.

b.  Secondary Sector: Since MSME sector is the second largest employment generating sector in India, the following policies will sustain the labour-intensive industries and leverage India’s comparative advantage.

·   Rs 3 lakh crore collateral-free loan facility for MSMEs to help this finance-starved sector.

·   Limiting imports of weapons and increasing the limit of foreign direct investment in defence from 49% to 74% and reduce India’s huge defence import bill.

         c.   Tertiary Sector: Policies to enable schools and universities to stream courses             online and improve health institutions.

·   Launch of “ PM e-Vidya programme” for multi-mode access to digital online education which provide an uniform learning platform for the whole nation.

·  Increase of Public expenditure on health by investing in grass root health institutions and ramping up health and wellness centres in rural and urban areas.


    Sector-wise beneficiaries

            

Challenges

Though the scheme looks appealing it is open to criticisms for its shortcomings.

 a. Liquidity: The package of Rs 20 lakh crore are to be transmitted by RBI to Banks and Banks to Citizens. This transmission wouldn’t be as smooth and easy owing to inefficient transmission of monetary policy.

b.  Lack of Demand: The monetary package announced relies excessively on credit infusion to boost the economy but it has failed to recognise that investment will pick up only when people across income segments have money to spend. Since the lock-down has lowered aggregate demand, and a fiscal stimulus is needed and not just a credit infusion.

c.   Lack of Backward and Forward Linkages: There should be a revival of the entire domestic economy and not just the MSME sector. Else MSME may face a shortage of demand, and its production may soon sputter to a close.

d.  Escalating Fiscal Deficit: Government claims that the stimulus package is around 10% of India’s GDP. But government needs to find how it will contain the fiscal deficit that is going to arise with the package announced. Though the Government seeks to dis invest to finance the stimulus package, majority of Indian industries already are debt-laden and face difficulty in borrowing from foreign markets as the value of Rupee is all time low.

e.   Lack of confidence among corporates: The package focus more on indirect benefits, with a major emphasis on loan disbursal but they would have welcomed direct benefits like cash support and pause or reduction in the GST payments.

f.   Higher NPAs : With the announcements of unsecured and collateral free loans to MSMEs might lead to default by companies thereby increasing NPAs. 


    Role of Social, Culture, Education and Technology

Innovation, Collaboration & Education: To achieve self-reliance, the country will need to encourage innovation, research and development to keep India at the cutting edge of the industry. These can be achieved either through the setting up of global innovation centres in India or through partnerships between leading Indian research/ academic institutions and their global counterparts. While the seeds of such collaboration already exist in the form of the NASA-ISRO partnership and joint vaccine development efforts for Covid-19, these ties should be enhanced across institutions and fields. The success of “self-reliance” lies in the effectiveness of collaboration, India achieves through its bilateral relations, especially with American and European countries.

Governance: Governance and policy issues will also need attention as India seeks to carry on improving its ‘ease of doing business’ climate. Heavy investment on technology in government procedures and bureaucracy is a long overdue necessity that can’t be overlooked. Building world-class infrastructure is extremely critical, and this requires huge investments. A strong framework for collaboration (e.g. contracting) and financing such investments needs to be established. A cultural shift is required in the public sector and bureaucracy to avoid the constant distrust—whether it is towards private organisations or the public at large. While public-private partnerships are a step in the right direction, the success of such partnerships needs to be more widespread.

     Role of Entrepreneurship & Start-up

Start-ups can change the world and in coming years more and will grow with innovation and creativity. Entrepreneurship is the only way to enhance the economic growth of a nation. And a small idea can become a big innovative solution which can change the future and help in the economic growth of a nation in the following ways.

Creation of jobs - The start-ups have introduced latest technologies like Internet of Things, Artificial Intelligence, and Robotics etc. Most of the technology giant companies outsource their tasks to start-ups now days. It will also help to increase the cash flow of start-ups.

 Creation of wealth - Since entrepreneurs are attracting investors by investing their own resources, the people of the nation would get benefit when start-ups grow. Since the money is sharing with the society, wealth is creating within the nation.

Better standard of living - Start-ups can implement innovations and technologies to improve the living of people. There are many start-ups who is working in rural areas to develop the community.

 Increase in GDP - Gross Domestic Products plays a vital role in enhancing the economic growth of a country.  World Bank says that India will become the fastest growing country as economic growth in the world. By supporting and encouraging more start- ups, it is possible to generate more revenue domestically and consumer’s capital will also flow around the Indian economy.


    Contribution from the Student Community

         Students can contribute to the nation by becoming responsible buyers. They can support the domestic traders by buying their products instead of demanding for foreign products. They can explore possibilities for entrepreneurship that they can take up after graduation, thereby generating jobs for self and others.

    Conclusion

India is supporting and encouraging start-ups to stand up for developing our nation. There are many innovative products and services are implementing by young entrepreneurs of our nation which have induced Indian government to announce schemes for promoting start-ups. Start-up India Schemes are helping many budding entrepreneurs to make their dreams come true and also helping to create more jobs from start-ups. And we hope, India becomes self-reliant, slowly yet steadily and with the schemes announced by the Government of India. 

    Related Readings

       References

https://en.wikipedia.org/wiki/Atmanirbhar_Bharat

https://www.india.gov.in/spotlight/building-atmanirbhar-bharat-overcoming-covid-19

https://www.drishtiias.com/daily-updates/daily-news-editorials/atma-nirbhar-bharat-abhiyan-challenges

https://www.drishtiias.com/daily-updates/daily-news-editorials/agricultural-marketing-reforms

https://home.kpmg/in/en/blogs/home/posts/2020/06/atmanirbhar-bharat-success-depends-on-how-india-negotiate.html

https://digitaledenz.com/why-startups-are-important-for-economic-growth-of-a-nation/

Thursday, May 28, 2020

Safeguarding Savings in Pandemic Times


Speaker : Mr. CA. Pattabhi Ram

Platform: Youtube

The Stella Maris College, Chennai, had organised a webinar on "Safeguarding Savings in Pandemic Times" on 13th May 2020. This article is an effort to record  the summary of the subject matter of the online seminar attended during the COVID-19 lock-down and also include a portion of my research towards the subject.

          

 Flow of contents

  •   Financial personality
  •   List out GOALS
  •   Rules of Thumb
  •   Closure Points
            
               Financial Personality

To Manage and safeguard savings, one has to first identify what type of financial personality he/she belongs to. Financial personality is nothing but how the personality traits affect "how he/she manages finance", beliefs about money and how the financial goals are decided. It is good to know and understand the same, because it would help in managing finances better.  

  Play the following  Financial Personality Quiz to know your personality.

              List out GOALS

Financial goals are goals which one expect to achieve for the benefit of self or family. It can be for a short term or long term. Examples: Paying off existing debt, saving for retirement, building an emergency fund, purchasing/ renovation of a house, saving for a vacation/ new start-up/business etc. It can vary from person to person and may change over time. Every individual need to prioritize the goals listed , decide on the target date (before which the goal is to be achieved) along with the target amount of money needed for the same.

    Rules of Thumb

  1. How much to save monthly?

Senator Elizabeth Warren popularised the "50/20/30 budget model" in her book, "All your worth: The ultimate life-time money plan."  According to this model, the income after tax is to be spent as 50% on needs, 30% on wants and 20% on savings. But, not everyone can rigidly follow the above rule. According to financial experts, minimum 10% of the income needs to be saved and if one has planned for early retirement, then 20%. 

  1. How much to have in Emergency Fund?

Emergency fund is a reserve where a certain sum of money is set aside, in order to meet  unforeseen future contingencies/ emergencies like loss of job, illness or an unexpected expense. A general rule-of-thumb is that this fund should contain enough to cover 3 to 6 months living expenses. The difficulty in filling the emergency fund can be overcome by giving an auto debit from SB account or allocating part of additional income earned by way of income tax refund, cash gift etc.

  1.  How much of assets be in Equity/ Bond?

According to the rule of thumb "age in bonds" is considered to be ideal, that says age is subtracted from 100, where 100 is the expected longevity. For eg: If Mr. Peter is 40 years old, then his ideal investment in equity / bond should be 100- 40 =60%. 

  1. How much of debt is ideal?

The rule of debt is 28/36. According to this rule, one should spend 28% of his/her income on home related expenses and not more than a maximum of 36% on debts like housing loans, car loans etc.

  1. How to plan for retirement?

Retirement planning can be done by following 2 steps- save as much you can and invest as much you can. The earlier you save and better the investments, the investment corpus is big. EPF, PPF, pension funds, NPS, bonds, equity & debt funds, bank deposits, insurance policies are few schemes where you can save for retirement.

  1. How much insurance is necessary?

For any individual, life and health insurance is inevitable, the former to cover life and the latter to cover unforeseen expenses due to hospitalisation/ terminal illness. One basic thumb rule is that one should have death benefit of  7 - 10 times of the annual salary, from the policy. Changing life styles, rising medical costs, tax benefit U/S 80D, coverage of pre and post hospitalisation expenses are the few reasons why health/medical insurance is needed for everyone.


                
                Closure Points
  • Have a wealth accumulation plan.

  • Draft Income and expenses statement for the family /individual.

  • Re-assess your insurance if need be.

  • Prepare a will.

  • Save at least 20% of your income.

  • Plan and save for retirement well in advance.



REFERENCES

https://www.ndtv.com/business/5-benefits-why-health-insurance-is-important-1871621