Budget 2021: FM proposes National Research Foundation with Rs 50,000 cr corpus
Photo Credit: PTI

Mumbai: The FM has proposed an amendment to Apprenticeship Act to enhance opportunities for youths. Rs 3000 crore for realignment of existing National Apprenticeship Training Scheme (NATS) towards posteducation apprenticeship, training of graduates and diploma holders in Engineering. For R&D Rs. 50,000 crore outlay over 5 years has been proposed with the establishment of National Research Foundation.

To promote skilling, FM said the govt will take initiatives for partnership with other countries similar to partnership with UAE to benchmark skill qualifications, assessment, certification, and deployment of certified workforce and with Japan for a collaborative Training Inter Training Programme to transfer skills, technique and knowledge.

Further, Sitharaman said the government will focus on strengthening the overall research eco system with focus on national-priority thrust areas. She has proposed Rs1,500 crore for the proposed scheme to promote digital modes of payment. Further, National Language Translation Mission (NTLM) will be launched to make governance-and-policy related knowledge available in major Indian languages. FM said PSLV-CS51 will be launched by New Space India Limited (NSIL) carrying Brazil’s Amazonia Satellite and some Indian satellites.

As part of the Gaganyaan mission activities, Sitharaman said 4 Indian astronauts being trained on Generic Space Flight aspects, in Russia and the first unmanned launch is slated for December 2021. According to FM, Rs 4,000 crore over five years have been earmarked for Deep Ocean Mission survey exploration and conservation of deep sea biodiversity.

FICCI president Uday Shankar said with innovation and R&D being the key differentiator for determining growth, there was a need to incentivise R&D in the country. “While FICCI appreciates the govt’s decision to set up a National Research Foundation with an allocation of Rs50,000 crore, we again request to bring back a weighted deduction of 200% for investments made by the private sector towards innovation and R&D,’’ he noted.

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