As part of its skill development programme, the Center Government will promote new-age skills like artificial intelligence (AI), big data, Virtual Reality (VR), robotics and Internet of Things (IoT), according to budget 2019-20. Highlighting the achievements of the Government in the field of skill development, the Finance Minister Nirmala Sitharaman said, “Through the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), the Government enables about 10 million youth to take up industry-relevant skill training. To prepare the youth for the future and also to take up jobs overseas, the Government will increase focus on skill sets needed abroad including language training. Focus will be given to new-age skills like AI, IoT, big data, 3D printing, virtual reality and robotics, which are valued highly both within and outside the country, and offer much higher remuneration.”
The Government has also extended the Stand Up India Scheme upto 2025. Stating this, Sitharaman said, “Stand-Up India Scheme has delivered enormous benefits. The country is witnessing emergence of thousands of entrepreneurs from women and also from the Scheduled Castes and Scheduled Tribes, most of them assisted to set up their businesses and industry with capital provided under the Stand-Up India Scheme. Banks will provide financial assistance for demand based businesses under this scheme, including for acquisition of scavenging machines and robots.”
The Finance Minister said that the Government also proposes to streamline multiple labour laws into a set of four labour codes which will ensure the standardisation and streamlining of the process of registration and filing of returns, which is further expected to reduce the disputes.