Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha shortly after the President’s address to both Houses of the Parliament on Monday. She will present the Union Budget 2022-23 on Tuesday at 11 am.
The Survey noted that the balance of payments remained in surplus despite the Covid-19 disruption during the year. This allowed the central bank, Reserve Bank of India (RBI), to keep accumulating foreign exchange during the year. As of December 2021, India’s foreign exchange reserves stood at a robust $634 billion, equivalent to 13.2 months of merchandise imports and higher than the country’s external debt.
The combination of high foreign exchange reserves, sustained foreign direct investment, and rising export earnings will provide an adequate buffer against possible global liquidity tapering in 2022-23, the Economic Survey 2021-22 noted.
The Survey sees India’s economy growing by 8-8.5% in Financial Year 2022-23 and by 9.2% in Financial Year 2021-22.
“The Indian economy, as seen in quarterly estimates of GDP, has been staging a sustained recovery since the second half of 2020-21. Although the second wave of the pandemic in April- June 2021 was more severe from a health perspective, the economic impact was muted compared to the national lockdown of the previous year. Advance estimates suggest that GDP will record an expansion of 9.2% in 2021-22,” the pre-Budget document stated.
The Economic Survey, which presents a detailed review of the economic performance of the current financial year and makes policy prescriptions for the upcoming financial year, is usually a two-volume document authored by the team of Chief Economic Advisor. However, Economic Survey 2021-22, a single-volume document, authored by Principal Economic Adviser Sandeep Sanyal, as the three-year term of former CEA Krishnamurthy Subramanian ended in December.
As much as it is important to advance the digital infrastructure in Education Sector, it is equally important to equip teachers and students with the necessary skill set for better and efficient utilisation of resources. In Budget 2022, experts are hoping for increased focus on National Education Mission.
Budget 2022 Expectations: NEM & Teachers’ training
While NEM has various parts to it, some experts and school Principals have pointed out that funds and initiatives that are centred on teachers’ training are especially important in Education Budget 2022. Reports suggest that in the previous Budget, the NEM was allocated relatively good funds, even though the overall sector budget was reduced.
Thus, even though the Budget was welcomed, experts and academicians also raised several questions as Teachers’ training was also paramount in this upcoming technologically driven Education Sector. Hence, focusing on these ideas and the implementation on NEP 2020, experts are suggesting that the gap in faculty training should be met through Budget 2022.
Budget 2022 Expectations of Education Sector also centred around the implementation and execution of National Digital Education Architecture, NDEAR. An initiative that is spread across 5 key personas, experts are of the opinion that Teachers are as important as other personas. Hence, more funds are needed for training of teachers and helping them learn new pedagogy.
Highlighting this, Raman, Principal RLBPS Ludhiana shares, “This Budget should prepare India to march ahead in Education Sector. To implement NEP effectively, more funds need to be allocated to skill development, especially those of teachers. Since a lot learning and teaching has now shifted online, funds are needed to advance in this and train teachers to equip them with necessary skills.”
Puneet K, President, The Narayana Group says, “There is an urgent need to raise the quality of our teachers, at the level of subject knowledge and in the use of technology and other tools for teaching. Furthermore, implementing the NEP requires a fundamental shift in the mindset of teachers towards engagement rather than instruction.”
