In India, the Information Technology (IT) sector plays a vital role in the growth of the economy. During the Financial Year (FY) 2016, the Indian IT-BPO sector contributed nearly 9.3% of India’s GDP with revenues of USD 143 billion. During FY2016, the industry’s exports were valued at USD 108 billion, which was nearly 76% of the total revenue and contributed more than 45% share in India services exports. This sector is India’s largest and most diverse private sector employer, with a direct workforce.
Here are some of the key highlights of Union Budget 2017 on Digital Economy and what is there for Youth of India –
Here are some of the key highlights of Union Budget 2017 on Digital Economy and what is there for Youth of India –
DIGITAL ECONOMY:
- India at cusp of massive digital revolution
- Govt to launch two new schemes to promote BHIM app, including cashback scheme for merchants
- Aadhaar Pay to be launched for people who don’t have mobile phones
- Focus on rural and semi-urban areas
- To strengthen financial inclusion fund
- Panel on digital payments has recommended structural reforms
- To create payment regulatory board at RBI
YOUTH:
- Education: System of measuring annual learning outcomes, emphasis on science
- Innovation fund for secondary education
- Reforms in UGC: Colleges to be identified based on ranking and given more autonomy
- Propose to leverage information technology with launch of SWAYAM platform for virtual learning
- National testing agency to be established for all entrance exams, freeing up CBSE, AICTE and other bodies
- 100 Indian international skill centers to be established with courses in foreign languages
- Rs4,000 crore allocated to launch skill acquisition and knowledge awareness
- Special scheme for creating employment in leather/footwear sector
- Tourism: Five special zones to be set up
Reference
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