Finance Minister Emphasizes Importance Of Financial Literacy Education In Schools And Universities

On Friday, Nirmala Sitharaman, the minister of finance, promoted financial literacy education in schools and universities. She emphasized the importance of teaching financial literacy early on. In an interview with students at A M Jain College, the Finance Minister stated that it is currently being taught extracurricularly under the theme "Transforming India Into The New Decade."

"The RBI, SEBI, and some national security depositories are among the organizations you have. If you'd like, you can also take online courses in financial literacy that span a few weeks," she said, as reported by PTI. However, she believed that it need to be covered in the curriculum of universities and schools.

In response to a query, Sitharaman stated that if a developing country wants to become a hub for manufacturing, there is no harm in importing intermediate goods or raw materials.

"Since exports generate income, I would prefer to have a higher export volume than an import volume. But if imports is going to progressively boost your exports, why not. Sometimes it's nice if there are imports," she remarked.

In response to another query, the Union Minister stated that negotiations for bilateral commerce in Indian rupees were ongoing with the African nations, Russia, and Sri Lanka.

AI will not replace jobs

Refuting the popular belief that Artificial Intelligence (AI) will lead to job displacement, she stated that AI would instead facilitate the rise of competent workers who could take on challenges across a range of industries.

"You need somebody with AI experience. To make use of AI, you must create the instruments necessary to fully utilize its potential. It goes without saying that students like you will complete it", Sitharaman stated.

(With inputs from PTI)