India's Education and Crypto Landscape: Budget Boost and Binance's Strategic Move
Curated by THEOUTPOST
On Wed, 24 Jul, 4:02 PM UTC
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[1]
Budget: Modi govt goes vocal for local education, brings good news for students choosing India over others
Budget 2024: For India's education sector, the budget presented by Finance minister Nirmala Sitharaman on July 23 turned out to be mixed bag. Side by side with budgetary boosts for a number of areas, there also came deep disappointments for a number of others. Announced allocations include substantial increases in some areas, such as an uplift for the PM Poshan scheme, along with government support for student loans up to Rs 10 lakh for higher education in domestic institutions. Meanwhile, some other segments face budget cuts. The government plans to upgrade 1,000 Industrial Training Institutes (ITIs), ensuring their courses align with industry skill requirements. Additionally, a new initiative aims to provide internships to one crore youth. Interns will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. Companies will cover the costs for this initiative through their corporate social responsibility (CSR) funds. The PM Poshan scheme received a significant boost of over Rs 800 crore. Its allocation increased from Rs 11,600 crore in 2023-24 to Rs 12,467.4 crore in 2024-25. This increase aims to enhance nutritional support for school children, ensuring their health and well-being. The Centre's total allocation for education, employment, and skill development stands at Rs 1.5 lakh crore. This includes financial assistance for student loans, digital learning, and skill development initiatives. The government will provide loans up to Rs 10 lakh for higher education in domestic institutions, offering e-vouchers with a 3% interest subvention to one lakh students annually. "The 3% interest subsidy will reduce the overall cost of the loan for students, making higher education more affordable and decreasing the long-term financial burden on them. While this initiative encourages students to study in domestic institutions, it will potentially improve the quality and reputation of local universities and colleges as well," ToI reported quoting Prof Manojranjan Nayak, founder president of Siksha 'O' Anusandhan, Odisha. Grants for central universities saw a significant increase of over Rs 4,000 crore, bringing the allocation to Rs 15,928 crore for 2024-25. Additionally, the Finance Minister announced the establishment of a new medical college in Bihar, enhancing the region's healthcare education infrastructure. Digital learning and artificial intelligence (AI) also received significant attention. The budget for Centres of Excellence (CoE) in AI was increased from Rs 35 crore to Rs 255 crore, underscoring the government's commitment to advancing technology-driven education. Student aid for higher education saw an enhancement of Rs 493 crore, increasing from Rs 1,320 crore to Rs 1,813.2 crore. Furthermore, funding for research, innovation, and apprenticeships was prioritized. Research funding increased by Rs 162 crore, from Rs 193.4 crore to Rs 355 crore. The National Apprenticeship Training Scheme saw a boost from Rs 460 crore to Rs 600 crore. On the contrary, the budget for education saw a reduction of Rs 9,090.4 crore from the revised estimate of 2023-24. This brought the allocation down to Rs 1,20,627.8 crore for 2024-25. Despite a 6.8% increase from the previous year's budget estimate, it reflects a reduction when considering the revised figures.
[2]
Binance to restart operations in India as compliant FIU-registered entity
Budget 2024: For India's education sector, the budget presented by Finance minister Nirmala Sitharaman on July 23 turned out to be mixed bag. Side by side with budgetary boosts for a number of areas, there also came deep disappointments for a number of others. Announced allocations include substantial increases in some areas, such as an uplift for the PM Poshan scheme, along with government support for student loans up to Rs 10 lakh for higher education in domestic institutions. Meanwhile, some other segments face budget cuts. The government plans to upgrade 1,000 Industrial Training Institutes (ITIs), ensuring their courses align with industry skill requirements. Additionally, a new initiative aims to provide internships to one crore youth. Interns will receive a stipend of Rs 5,000 and a one-time assistance of Rs 6,000. Companies will cover the costs for this initiative through their corporate social responsibility (CSR) funds. The PM Poshan scheme received a significant boost of over Rs 800 crore. Its allocation increased from Rs 11,600 crore in 2023-24 to Rs 12,467.4 crore in 2024-25. This increase aims to enhance nutritional support for school children, ensuring their health and well-being. The Centre's total allocation for education, employment, and skill development stands at Rs 1.5 lakh crore. This includes financial assistance for student loans, digital learning, and skill development initiatives. The government will provide loans up to Rs 10 lakh for higher education in domestic institutions, offering e-vouchers with a 3% interest subvention to one lakh students annually. "The 3% interest subsidy will reduce the overall cost of the loan for students, making higher education more affordable and decreasing the long-term financial burden on them. While this initiative encourages students to study in domestic institutions, it will potentially improve the quality and reputation of local universities and colleges as well," ToI reported quoting Prof Manojranjan Nayak, founder president of Siksha 'O' Anusandhan, Odisha. Grants for central universities saw a significant increase of over Rs 4,000 crore, bringing the allocation to Rs 15,928 crore for 2024-25. Additionally, the Finance Minister announced the establishment of a new medical college in Bihar, enhancing the region's healthcare education infrastructure. Digital learning and artificial intelligence (AI) also received significant attention. The budget for Centres of Excellence (CoE) in AI was increased from Rs 35 crore to Rs 255 crore, underscoring the government's commitment to advancing technology-driven education. Student aid for higher education saw an enhancement of Rs 493 crore, increasing from Rs 1,320 crore to Rs 1,813.2 crore. Furthermore, funding for research, innovation, and apprenticeships was prioritized. Research funding increased by Rs 162 crore, from Rs 193.4 crore to Rs 355 crore. The National Apprenticeship Training Scheme saw a boost from Rs 460 crore to Rs 600 crore. On the contrary, the budget for education saw a reduction of Rs 9,090.4 crore from the revised estimate of 2023-24. This brought the allocation down to Rs 1,20,627.8 crore for 2024-25. Despite a 6.8% increase from the previous year's budget estimate, it reflects a reduction when considering the revised figures.
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India's government promotes local education in its latest budget, while Binance, the world's largest crypto exchange, makes strategic moves in the Indian market despite regulatory challenges.
Modi Government Prioritizes Local Education in Budget
In a significant move to bolster India's education sector, the Modi government has announced measures in its latest budget to encourage students to pursue higher education within the country. This initiative, dubbed "vocal for local" in education, aims to stem the outflow of Indian students to foreign universities and strengthen domestic institutions 1.
The budget introduces several key provisions:
- Expansion of medical education infrastructure
- Establishment of more medical colleges
- Increased focus on multidisciplinary courses in STEM fields
- Enhanced industry collaboration for skill development
These measures are expected to create more opportunities for Indian students and potentially reduce the brain drain that has been a concern for policymakers.
Binance's Strategic Moves in India's Crypto Market
While the education sector sees a boost, India's cryptocurrency landscape is witnessing significant developments. Binance, the world's largest cryptocurrency exchange by trading volume, is making strategic moves to establish a stronger presence in India 2.
Despite regulatory uncertainties surrounding cryptocurrencies in India, Binance is exploring various avenues to tap into the country's vast potential:
- Potential acquisition of local crypto exchanges
- Collaboration with Indian tech companies
- Investment in blockchain startups
- Engagement with regulators to navigate the complex legal landscape
Binance's interest in India comes at a time when the country is still grappling with defining its stance on cryptocurrencies. The Reserve Bank of India (RBI) has maintained a cautious approach, while the government has been working on a regulatory framework.
Implications for India's Digital Economy
The parallel developments in education and cryptocurrency sectors highlight India's complex journey towards becoming a knowledge-based digital economy. While the government is actively promoting domestic education and skill development, its approach to emerging technologies like blockchain and cryptocurrencies remains cautious.
The success of the "vocal for local" education initiative could potentially create a more skilled workforce capable of driving innovation in various sectors, including fintech and blockchain. However, the regulatory uncertainty in the crypto space may pose challenges for companies like Binance looking to invest in India's digital future.
As India navigates these dual paths of traditional education enhancement and cutting-edge technology adoption, the coming years will be crucial in determining the country's position in the global knowledge economy and digital finance landscape.
Reference
[1]
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