Union Budget 2016 on Education
Taking a cue from the Union budget 2016-17, companies are likely to spend their corporate social responsibility (CSR) funds on higher education, skill development and job creation in the next financial year.
Finance minister Arun Jaitley, in his budget speech, mentioned nine focus areas of development, including education, skills and job creation.
To promote higher education, Jaitley said the government will set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs.1,000 crore.
HEFA will be a not-for-profit organization that will leverage funds from the market and supplement them with donations and CSR funds, Jaitley said.
“These funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals,” he said.
For skill training, the budget earmarked Rs.1,700 crore, which will be used to set up 1,500 multi-skill training institutes across the country.
Jaitley also proposed to further scale up the Pradhan Mantri Kaushal Vikas Yojna to impart skill training to 10 million young people over the next three years, from the current 2.4 million.