Business
Union Budget 2022-2023 garners mixed response from country’s leading educationalists
The Union Budget gains applause for digitalization of education and making it accessible at the grassroots level. Still, many believe more could have been done to elevate the quality of education as well.
The leading names among the country’s higher education fraternity welcomed the Union Budget 2022, announced by Finance Minister Nirmala Sitharaman on February 1. The sector appreciated the budget being in line with promoting human capital through digital tools such as the ‘one class one TV channel’ programme proposed under the PM e-Vidya scheme.
It laid out a progressive vision the Government holds for capitalizing on India’s demographic advantages by suggesting a digital university, creating a conducive environment for inter-university collaborations, and introducing a number of skill development programmes. The Union budget 2022-2023 has allocated Rs 63,449.37 crore to the Department of School Education and Literacy, an increase of about 6.6 per cent (Rs 9,000 crore) over the current financial years. It sets a straight road for the Government to achieve its long-term mission of increasing the employability of the country’s youth by promoting upskilling, reskilling and several learning measures equipping them with new-age skills.
Dilip Puri, Founder & CEO, Indian School of Hospitality, appreciated the move stating, “We welcome the new initiatives introduced by the Government in the Union Budget 2022 to revive and boost our economy. The Government has identified areas that need financial assistance and support, and a clear focus is laid on the education sector. The setting up of digital universities is a progressive move by the Government – by reaching out to every student in the remote corners of our country, they will give them access to education by collaborating with world-class institutes and educators. We hope the execution comes through swiftly and accelerates the growth of edtech. We are also delighted that the Government showed specific interest to promote and facilitating upskilling and reskilling programmes. We hope through continuous skilling avenues we are able to direct our efforts towards skilling aspirants and increase employability in the hospitality sector.”
Shishir Jaipuria, Chairman FICCI Arise and Chairman Seth Anandram Jaipuria Group of Educational Institutions, also commended the government’s efforts in aligning the budget provisions with the progressive elements of National Education Policy 2020.
Shishir Jaipuria said, “The Union Budget 2022 takes forward the vision of universalizing quality education as enshrined in the National Education Policy 2020. The decision to expand the PM e-VIDYA scheme to 200 TV channels and to also develop high-quality e-content in all spoken languages will benefit the students of grades 1 to 12, who suffered learning loss due to the closure of schools during the Covid-19 pandemic.
“The formation of Digital University, as announced in the budget, will be a laudable initiative. The Digital University will help to make world-class education accessible in different Indian languages to all students, even in far-flung areas. The simultaneous proposal to train teachers to build their competency and empower them to develop quality e-content will ensure better learning outcomes. I welcome the move to set up 750 e-labs in science and mathematics and 75 skilling e-labs that will nurture scientific temperament and critical thinking skills important for 21st-century learners.
“Going beyond the e-learning initiatives, the government has rightly decided to designate five academic institutions as ‘centres of excellence to deliver courses in urban planning and design. The move will take forward the vision of India-specific urban development. The budget 2022 is aimed at providing a major push to e-learning, reduce learning gaps and make education inclusive.”
Niranjan Hiranandani, Provost – HSNC University appreciated the government’s construct of a well-rounded budget, promoting equal accessibility of education and growth mindset among students, irrespective of their backgrounds.
Hiranandani said, “Industry lauds & welcomes the thrust to the digital ecosystem while focussing on building and upgrading the digital infrastructure for quality education. Setting up of digital universities will enhance the availability of education to the rural students following the hub and spoke model. With easy access to education in regional language, every student will get an opportunity to empower and equip themselves.
“Moreover, measures for quality e-content appear promising to educate teachers effectively for better e-teaching outcomes. Besides, there is a surge in the scope of personalized learning, especially in the digital ecosystem. The budget also puts required emphasis on skilling, which makes an individual employable and sustainable. The skilling courses will not just encourage learners to apply critical thinking and creativity but also make them industry-ready, which is evidence of shaping the youth of India for a better future.”
Understanding the need for skill-based education, Bikram Agarwal, CFO, Seth Anandram Jaipuria Group of Educational Institutions, praised the budget offerings.
Agarwal said, “The most important takeaway of the Union Budget 2022 is the slew of decisions that have been taken to empower the digital learning ecosystem in the country. The formation of Digital University and the initiative to create quality e-content in all Indian languages will make learning inclusive for all. Besides these moves to nurture academic rigour, the decision to launch the DESH-Stack e-portal will help to skill and upskill learners.
“At the same time, the Government aims to improve learning at Agriculture University by revising and revamping the syllabus to address the practical needs of modern agriculture. I also appreciate the decision to involve academia in defence research and development for better designing and development of military platforms and equipment. The scope of this budget is quite wide. It touches upon several aspects of the education sector and is to be lauded.”
While many applauded these moves, some believed that the government could have done more. The budget critics felt that this year saw lesser investments and initiatives relative to the last year’s budget for promoting quality education across all strata of society.
Reacting to the budget, Professor Tarun Jain, Associate Professor of Economics, IIM Ahmedabad, said, “The Finance Minister has mentioned supplementary teaching through additional TV channels (PM eVidya) to make up for the education loss of the last two years. This is minuscule given the tremendous learning loss that our children have experienced. Significant investments in improving school quality are critical for ensuring that our demographic dividends are actually realized. This has to run against the reality that barely 8 per cent of rural students and 23 per cent of urban students have access to the Internet.
Even when students have Internet access, the quality of online education remains poor. We have to benchmark the budget commitments against the aspirations of the Indian people. High-quality education is both a critical component of what young people hope for, and also have some of the highest returns on investment in the economy. Thus, the Government should consider boosting investments in public education considerably.”
Overall the Union Government received a favourable response for its budgetary recommendations to promote skill-based learning powered by digitalization. From short-term skilling programmes to upskilling, reskilling, apprenticeships and lifelong learning, a wide range of training opportunities have been put across by setting up thousands of skill centres and special training centres. The budget ensured that the Government’s focus on skill training would continue to make youth employable, further contributing to the country’s growth and economic health.
Business
Global crude prices rise 0.73 pc as US-Iran talks stall

New Delhi, Crude oil prices rose on Friday as efforts to resolve the Iran crisis reached a stalemate, with Tehran continuing to block the Strait of Hormuz and Washington restricting Iranian crude exports.
Brent futures for July on Intercontinental Exchange gained $0.81, or 0.73 per cent, to $111.21 a barrel, while West Texas Intermediate rose 31 cents, or 0.30 per cent, to $105.37. Both benchmarks have posted gains for four consecutive months, analysts noted.
Brent crude oil had crossed $120 per barrel for the first time in 4 years, heightening inflation concerns and putting pressure on global markets.
Market participants flagged new supply concerns after Brent’s June contract, which expired on Thursday, hit $126.41 a barrel, its highest level since March 2022.
British and European central banks cautioned about rising inflation, while the United States is working towards a coalition of allied countries and shipping companies to ensure secure transit through Hormuz.
A ceasefire though in effect since April 8 felt shaky, as on Thursday evening, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said it was unrealistic to expect quick outcomes from negotiations with the US, according to multiple reports.
Fed Chair Jerome Powell has warned that rising oil prices due to the Middle East conflict are boosting inflation and complicating policy. Asia faces greater economic risks from the energy shock, he added.
The price of a 19-kg commercial LPG cylinder has been increased by Rs 993, starting Friday, and after the revision, a 19-kg cylinder will now cost Rs 3,071.5 in Delhi.
However, there has been no change in the price of domestic LPG cylinders for 33 crore users, the Indian Oil Corporation (IOC) said in a statement.
This is the third time that the price of a 19-kg commercial LPG cylinder has been increased since February 28, when the US-Israel and Iran war began.
Business
Sensex, Nifty fall nearly 1 pc as oil surge weighs on sentiment

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Mumbai, Indian equity benchmarks started Thursday’s session — the final trading day of the week — on a weaker note, with both indices declining nearly 1 per cent in early deals, as a sharp jump in crude oil prices dented sentiment and outweighed support from stock-specific earnings gains.
Sensex fell as much as 0.95 per cent or over 700 points to 76,759.37 in early trade, hitting an intraday low, while Nifty declined 0.96 per cent or more than 200 points to 23,943.45.
Selling pressure was broad-based, with auto, banking, realty, metal, consumer durables and FMCG stocks, falling up to 1 per cent. Eternal, Shriram Finance, IndiGo, M&M, Jio Financial Services, Tata Motors PV, Axis Bank, Grasim Industries, Asian Paints, ICICI Bank and HDFC Bank were among the top laggards.
While Nifty 100, Nifty Midcap, Nifty 200 and Nifty 500 indices declined by up to around 1 per cent. Meanwhile, the India VIX rose 2.7 per cent to 17.91, indicating heightened market volatility.
According to a market expert, two key headwinds could impact markets in the near term.
“Brent crude at around $120 threatens India’s macroeconomic stability. If prices remain elevated, it could pose downside risks to growth and push inflation higher,” the expert said.
“Secondly, stronger-than-expected results from AI majors in the US and South Korea may extend the ongoing AI trade, potentially leading to further portfolio outflows from India,” he added.
The Fed’s decision to hold rates was on expected lines and is unlikely to have a significant impact. However, the rise in US 10-year bond yields to 4.4 per cent could further incentivise capital outflows from India,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Exit polls indicating consolidation of the ruling party’s position may offer some sentiment support but do not materially alter market fundamentals.
“Investors can focus on companies reporting better-than-expected Q4 results and strong outlooks, where opportunities remain,” he said.
Oil prices rallied after US President Donald Trump reportedly held talks with oil companies on steps to reduce the impact of a potential prolonged blockade of Iran’s ports, raising concerns over possible disruptions to global crude supplies.
Separately, the US Federal Reserve left interest rates unchanged, broadly in line with expectations, while cautioning about inflation risks stemming from the Iran conflict. Market participants have also pared back expectations of rate cuts in 2026.
Crude oil prices are approaching their 52-week highs of $114.81. Brent crude was trading at $113.18 per barrel, up 2.48 per cent from the previous close, while US West Texas Intermediate (WTI) stood at $109.64 per barrel, also higher on the day.
However, Brent crude hovered close to $120 per barrel after surging over 6 per cent on Wednesday to its highest level since June 2022.
In Asian markets, indices were mixed. Japan’s Nikkei and Hong Kong’s Hang Seng were down over 1 per cent, South Korea’s KOSPI declined 0.40 per cent, while Singapore’s Straits Times gained 0.65 per cent.
On Wall Street, US markets ended on a flat note, with the S&P 500 settling at 7,135.95, down 0.04 per cent, and the Nasdaq finishing at 24,673.24, up 0.04 per cent.
Notably, domestic equity markets will remain shut for trading on Friday, May 1, in observance of Maharashtra Day.
Business
Gold, silver see muted trade amid Iran-US de-escalation hopes

Mumbai, Gold and silver prices traded on a flat note on Monday amid a rise in crude oil prices and reports of a fresh proposal by Iran to end the conflict with the US, raising hopes of de-escalation in the Middle East.
On the Multi Commodity Exchange (MCX), gold futures (June 5 contract) were trading at Rs 1,52,410 per 10 grams, down 0.19 per cent or Rs 290 from the previous close of Rs 1,52,699.
By 11:00 A.M., the yellow metal touched an intraday high of Rs 1,53,008, up 0.20 per cent or Rs 309.
Meanwhile, silver futures (May 5 contract) were trading at Rs 2,43,200, down Rs 1,436 or 0.6 per cent.
The white metal touched an intraday high of Rs 2,45,473, up 0.34 per cent or Rs 837 from the previous close, and a low of Rs 2,43,009, down 0.66 per cent or Rs 1,627.
According to a commodity market expert, precious metals are trading with a cautious bias, with prices largely driven by key technical levels amid ongoing geopolitical uncertainty.
On COMEX, gold is holding above the $4,700–$4,680 support zone, with further downside possible below $4,650, while a sustained move above $4,750–$4,800 could revive momentum towards $4,900, the expert said.
On MCX, gold is hovering near Rs 1,52,500, with resistance seen around Rs 1,54,000 and support at Rs 1,50,000, the expert added.
The analyst also said that silver is also showing a cautious undertone, noting that volatility remains elevated due to geopolitical tensions, keeping the overall outlook range-bound in the near term.
In the international market, both metals were largely flat. On COMEX, gold was trading marginally higher by 0.02 per cent at $4,742 per ounce, while silver was down 0.05 per cent at $76 per ounce.
However, tensions in the Middle East remain elevated, although Iran has reportedly proposed a fresh peace initiative to the US aimed at reopening the Strait of Hormuz and ending the conflict.
Amid global uncertainty, gold and silver have delivered strong returns to investors over the past year. Gold has gained over 40 per cent in dollar terms over the past year and more than 18 per cent in six months.
Meanwhile, silver has more than doubled investors’ money over the past year and gained over 60 per cent in the last six months.
Additionally, Brent crude jumped over 2 per cent to $107.77, while US West Texas Intermediate (WTI) advanced to $96.68, an increase of 2.41 per cent.
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