The Indian Union Budget 2023 presented by Finance Minister Nirmala Sitharaman had a significant focus on the education and pharma sectors. In the education sector, the government announced a new national education policy aimed at transforming the country’s education system and making it more student-centric.
This policy is expected to improve the quality of education in the country and provide students with the skills they need to succeed in a rapidly changing world.
“The Union Budget 2023 is a step in the right direction for the education sector in India. The focus on bridging the learning loss gap and providing access to quality books through a national digital library is commendable. This budget demonstrates the government’s commitment to investing in education and nurturing the growth of a skilled and competent workforce.”said Dr.MeenaChintamaneni, Pro Vice Chancellor, SVKM’s NMIMS Deemed-to-be University.
In the pharma sector, the budget had a major emphasis on promoting domestic production. The government announced a new policy aimed at boosting the production of medical devices and APIs within the country, reducing the country’s dependence on imports, and promoting the growth of the domestic pharmaceutical industry.
This is expected to create job opportunities and reduce the cost of healthcare for the country’s citizens.
In India, as of today, most of the medical devices are imported. FM’s announcement to support multidisciplinary courses in existing institutions for medical devices will encourage academic institutions to create skilled manpower to develop research, medical technologies, and manufacturing capabilities in the country, said Dr.BalaPrabhakar, Dean ShobhabenPratapbhai Patel School of Pharmacy & Technology Management (SPPSPTM), NMIMS Mumbai.
The announcement that the strength of the Indian Council for Medical Research (ICMR) Labs will be made available for the public, R&D teams, and college faculty give a bright hope and motivation for collaborative research and innovation.
Additionally, the budget also allocated funds towards improving the healthcare infrastructure in the country. The government plans to set up new medical colleges and hospitals, and also announced a scheme aimed at providing free diagnostic services to the poor.
The agriculture sector received a significant boost, with the allocation of Rs. 2.23 lakh crore for various schemes aimed at improving irrigation systems, supporting the development of the fishery and aquaculture sector, and promoting the use of micro-irrigation.
The budget proposes schemes under 7 areas, including PMKISAN, horticulture, animal husbandry, dairy, and fisheries, with a focus on warehousing, cold storage, transport projects, and digital infrastructure. However, some schemes like PM KISAN Drones, PM PRAMAN, and GOBARDHAM face challenges that need to be addressed for successful implementation, said Dr.Suseelendra Desai, Dean, School of Agricultural Sciences and Technology, NMIMS Shirpur.
The budget focuses on 7 themes and aims to drive inclusive growth. Highlights include 2 lakh crore for PM GaribKalyanYojana, the computerization of 63k primary agri credit societies, tax rebates, higher standard deductions, and reduced surcharge rates for personal income tax. The budget is aimed towards integrating technology for better governance and promoting balanced growth, said Dr.NiranjanShastri – Associate Professor SBM, NMIMS Indore.
In conclusion, the Indian Union Budget 2023 had a significant focus on the education and pharma sectors, with measures aimed at improving the quality of education and promoting domestic production in the pharma industry. These measures are expected to create job opportunities and improve the quality of life for the country’s citizens.