New IITs, IIMs and a boost to skill sector

FM also announced a spending of Rs 100 cr to start village entrepreneurship training schemes to encourage rural youth to start their own ventures

Keeping Narendra Modi’s word on changing the country from a ‘Scam India to a Skill India”, Finance Minister Arun Jaitley while presenting the budget for 2014-15 made several announcements to encourage skilling and vocational training in today’s ongoing budget session.

Recognizing the importance stepping up vocational trainings and bringing it in par with the higher education system, he announced the “Skill India” programme and allocated an amount of Rs 14, 389 crore  for job creation, a huge part of which will hopefully be spent in training the youth.  

FM Jaitely also proposed setting up of five new IITs (Indian Institutes of Technology) and Indian Instituets of Management (IIMs) across the country at the cost of Rs 500 crore.

"...I also intend to set up five more IITs in Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala," Jaitley said.

"Five more IIMs (Indian Institutes of Management) would be set up in the state of Himachal Pradesh, Bihar, Odisha, Punjab and Maharashtra," Jaitely said.

"The government is going to focus on boosting the manufacturing sector in India to create jobs and therefore, training the youth to ensure that they are job-ready is of utmost importance and vocational training & skill development are the two very crucial sectors which has been thankfully been addresses in FM’s announcements," said Sachin Adhikari, Chief Mentor, Achiever’s Zone.

FM also announced a spending of Rs 100 crore to start village entrepreneurship training schemes to encourage the rural youth to start their own ventures. Indians are entrepreneurs at heart, and by encouraging encourage this spirit we can  ensure development at the grass root level where the individuals and the community can benefit  and which eventually will impact at a macro level.”