This year’s budget reflects a strong vision statement of priorities. Overall all things good as it did not give out populist sops. It is appreciable that there is an effort in reducing taxation on profits of Companies. Also, this year there are extra benefits on R&D investments. There is also reduced taxation on Royalty payment on transfer of technology. Make in India and skill development is of particular interest to me, and it is certainly good to see there are efforts to closely coordinate the two. The Government may also soon launch National Skills Mission through the Skill Development and Entrepreneurship Ministry to consolidate skill initiatives and standardize procedures across its 31 Sector Skill Councils. Regarding higher education, it is proposed the government sets up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship and Educational Loan Schemes, to ensure no student miss out on higher education for lack of funds. The Finance Minister has also proposed to set up an IIT in Karnataka, and upgrade Indian School of Mines, Dhanbad into a full-fledged IIT. IIMs will be setup in J&K and Andhra Pradesh. All this must contribute in making India a skilled country competitive with the rest of the world. I will be happy to see the budget and planning as per the allotted funds to be able to meet desired results.
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