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
Govt revises raw sugar import norms, allows 2 months for processing and sale

New Delhi, Aug 25: The government has revised the timeline for processing and selling duty-free imported raw sugar and allowed importers up to two months from the date of filing the bill of entry to convert the sugar into white or refined sugar and sell it in the domestic market.
The Directorate General of Foreign Trade (DGFT) amended the modalities notified — earlier in August — for the import of 10 lakh tonnes of raw sugar under the tariff-rate quota (TRQ) scheme.
Under the earlier provision, raw sugar imported under the TRQ was required to be processed into white or refined sugar and sold in the domestic market by October 31.
The revised provision removes that fixed deadline and stipulates that importers must process and sell the imported raw sugar within a period not exceeding two months from the date of filing the Bill of Entry.
In addition, the government had on August 20 allowed duty-free imports of 1 million tonnes of raw sugar under the TRQ scheme until October 31 amid a sharp rise in domestic sugar prices ahead of the festive season.
However, the latest amendment does not change other terms and conditions of the August 20 notification.
The government had also permitted a one-time conversion of existing Advance Authorisations issued under SION E-52 into the TRQ scheme for raw sugar actually imported under those authorisations up to August 20.
The conversion covers refined sugar already produced as well as sugar to be produced from the imported raw sugar which is subject to payment of GST exempted at the time of import and other prescribed conditions.
The government’s decision comes as it steps up efforts to improve domestic sugar availability and contain price pressures ahead of the August-November festive period when demand typically rises.
Additionally, industry leaders and experts said that India has sufficient sugar stocks to meet domestic demand and prices are likely to moderate over the next few weeks as supplies improve.
The sharp increase in sugar prices over the past 15-20 days was driven largely by market sentiment, speculative buying and concerns over short-term supply, rather than any structural shortage, says ISMA Director General Deepak Ballani.
According to Ballani, sufficient sugar would remain available until the end of the current season on September 30 and the market situation is expected to improve shortly.
ISMA President Neeraj Shirgaokar also assured consumers that the country has adequate stocks and there would be no difficulty in meeting demand, including during the upcoming festive season.
Business
Indian IT firms emerge as key partners for global AI labs: Report

New Delhi, Aug 25: Indian IT services companies are emerging as indispensable partners for leading global artificial intelligence labs as enterprises shift focus from model capability to deployment, integration and change management, a new report has said.
The Indian IT industry has traditionally owned these areas which help move pilots into production and such skills are in the spotlight of firms such as OpenAI and Anthropic, the report from brokerage UBS said.
OpenAI has flagged that demand for enterprise deployment of its coding assistant Codex outpaced its own capacity to help clients adopt it, prompting partnerships with global systems integrators (GSIs) including Accenture, Capgemini, Cognizant, Infosys and Tata Consultancy Services.
Anthropic also acknowledged that a successful pilot is different from a running system a business can actually depend upon, adding that companies that succeed with AI integration typically do so with partners who have executed such projects before.
Infosys features on both frontier labs’ partner roster and TCS is mentioned specifically among Anthropic’s partners.
The brokerage noted that firms feel that unclear return on investment, data readiness and governance are the major barriers to scaling AI deployments, rather than model performance itself.
Management commentary across nearly all major Indian IT companies during Q1 FY27 earnings season showed that clients demanded measurable outcomes, governance frameworks and stronger data foundations before committing to large-scale AI rollouts.
Infosys management mentioned that clients have increased allocation toward AI, infrastructure, data readiness and cloud platforms, indicating that data preparedness, not model access, is now the gating factor for AI implementation.
TCS also felt AI governance ranking among top priorities of enterprises, with clients demanding end-to-end accountability on return on investment even as their existing technology stacks often lack readiness for AI scaling.
Business
UPI transaction volume surges almost 13,000-fold in a decade to over 24,162 crore: Govt

New Delhi, Aug 24: The annual transaction volume of Unified Payments Interface (UPI) has surged almost 13,000-fold from 1.78 crore transactions in FY 2016-17 to more than 24,162 crore transactions in FY 2025-26, the Ministry of Finance said on Monday.
UPI, launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India’s digital payments ecosystem and a key driver of financial inclusion.
According to the ministry, the value of UPI transactions has also expanded sharply, rising from Rs 0.07 lakh crore in FY 2016-17 to approximately Rs 314 lakh crore in FY 2025-26, representing a more than 4,000-fold increase over the decade.
The platform has become a major pillar of India’s Digital Public Infrastructure, offering an interoperable and real-time payments system that enables seamless person-to-person and person-to-merchant transactions.
The ministry said UPI’s scale, reliability and interoperability have received global recognition, with the International Monetary Fund acknowledging it as the world’s largest real-time payment system by transaction volume. As of 2025, UPI accounted for nearly 49 per cent of global real-time payment transaction volume.
The growth momentum has accelerated further in 2026. Monthly UPI transaction volume crossed the 2,300 crore mark for the first time in May, when 2,320 crore transactions were recorded. The platform subsequently touched a record 2,366 crore transactions in July, the highest monthly volume in its decade-long journey.
Institutional participation has also expanded significantly. The number of banks live on UPI increased from 44 in FY 2016-17 to 703 by FY 2025-26, covering public sector banks, private banks, small finance banks, payment banks and cooperative banks.
The ministry said UPI has witnessed particularly strong adoption in merchant payments. Person-to-merchant transactions accounted for 63 per cent of total transaction volume, while person-to-person transactions contributed 71 per cent of the overall transaction value.
The data also highlights the widespread use of UPI for small-value everyday payments. Around 86 per cent of P2M transactions in FY2026 were below Rs 500, while 59 per cent of P2P transactions were also below Rs 500.
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