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Month: July 2024

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Inspira Enterprise Appoints Arvind Lakshmiratan as Chief Marketing Officer

Observenow Desk July 31, 2024

Inspira Enterprise has announced the appointment of Arvind Lakshmiratan as its new Chief Marketing Officer. With a career spanning over 20 years in IT marketing, Lakshmiratan will oversee the company’s marketing strategies, reporting directly to Chetan Jain, Managing Director of Inspira Enterprise.

Operating out of Bangalore, Lakshmiratan will focus on advancing the company’s cybersecurity business across key global markets, including the US, India, the Middle East, and Asia Pacific.

Chetan Jain expressed enthusiasm about the new hire, stating, “We are thrilled to welcome Arvind Lakshmiratan to the role of CMO. His track record of leading high-performing marketing teams in major organizations makes him a valuable addition to our management team. Arvind will play a crucial role in reinforcing our global leadership in cybersecurity services and aiding our clients in protecting their digital assets.”

In response, Lakshmiratan remarked, “I am eager to join the talented team at Inspira Enterprise, a company renowned for its innovation and excellence in cybersecurity. I look forward to collaborating with the leadership team to enhance our value proposition and support our customers in staying ahead of cyber threats.”

Tags: Arvind LakshmiratancybersecurityInspira Enterprise

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RBI Issues New Cyber Security Guidelines for Non-Bank Payment Providers

Observenow Desk

The Reserve Bank of India (RBI) has introduced new guidelines aimed at bolstering the cyber resilience of non-bank payment system operators (PSOs). Announced on Tuesday, the master circular addresses the need for enhanced digital payment security controls and establishes a compliance framework with varying deadlines for different categories of PSOs.

Large non-bank PSOs, including major entities like Clearing Corporation of India Limited (CCIL), National Payments Corporation of India (NPCI), Bharat Bill Payment Operating Units (BBPOUs), and Payment Aggregators (PAs), must meet the new requirements by April 1, 2025. This category also encompasses Non-bank ATM Networks, White Label ATM Operators (WLAOs), large PPI Issuers, and Trade Receivables Discounting System (TReDS).

Medium-sized PSOs, such as Cross-border Money Transfer Operators and Medium PPI Issuers, are required to comply by April 1, 2026. Smaller entities, including Small PPI Issuers and Instant Money Transfer Operators, have until April 1, 2027, to adhere to the guidelines.

The new rules mandate that non-bank PSOs report any unusual incidents, including cyber-attacks, critical system outages, internal fraud, and settlement delays, to the RBI and CERT-In. They must also implement robust data leak prevention measures and maintain a real-time fraud monitoring system to detect and respond to suspicious transactions.

Additionally, PSOs are required to operate a 24/7 support facility to address unauthorized transactions and coordinate with law enforcement agencies promptly.

Tags: Cyber Security GuidelinesNon-Bank PaymentRBIReserve Bank of India

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Exclusive

India’s Average Data Breach Cost Exceeds $2 Million in 2023: RBI Report

Observenow Desk July 30, 2024

A recent report from the Reserve Bank of India (RBI) reveals that the average cost of a data breach in India surged by 28% from 2020 to 2023, surpassing $2 million. The RBI’s report on currency and finance, released on Monday, does not detail the components of these costs or the entities that bear them.

According to the report, the automotive sector is the most susceptible to cyber-attacks, while the banking and financial services industry, due to stringent regulations, is relatively shielded from such breaches. Phishing attacks are identified as the most prevalent, making up 22% of incidents, followed by stolen or compromised credentials at 16%.

This increase in cyber-attacks aligns with the rapid expansion of India’s digital economy, which currently represents around 10% of the nation’s GDP and is projected to reach 20% by 2026. The report highlights that India is a global leader in real-time payments, holding a 48.5% share of the international market.

Since the 2017-2018 financial year, domestic digital payments have experienced a compound annual growth rate (CAGR) of 50% in volume and 10% in value.

Tags: Data BreachRBI ReportReserve Bank of India

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ObserveNow Superchargers UP with Digital Revolution and Breakthroughs at the 3rd Digital Bharat Summit Uttar Pradesh in Lucknow

Siddharth Mala July 29, 2024

Lucknow: ObserveNow Media hosted the 3rd Edition of the Digital Bharat Summit Uttar Pradesh at the Taj Mahal Hotel in Lucknow. The one-day summit, themed “Empowering Citizens with Digital Governance & Investment Opportunities for IT Sector,” gathered industry leaders, government officials, and innovators to discuss the future of digital governance and IT investment in the region.

The event, supported by the Department of IT & Electronics, Government of Uttar Pradesh, along with Meity Startup Hub and Invest UP, highlighted their dedication to advancing the IT sector.

Sunil Kumar Sharma, the Minister for Information Technology & Electronics in Uttar Pradesh, was the chief guest. In his address, Sharma emphasized the global identity of Digital Bharat and the state’s continuous efforts to support investors, noting improvements in IT policy development.

The inaugural session, chaired by Anil Kumar Sagar, IAS, Principal Secretary of the Department of Information Technology, explored “How Uttar Pradesh is Empowering Citizens with Digital Governance & Investment Opportunities for IT Sector.” Key speakers included Mahaveer Singhvi, IFS, Joint Secretary at the Ministry of External Affairs, who highlighted the role of Common Service Centres (CSCs) in simplifying access to services. Bhuvnesh Kumar, IAS, Additional Secretary at the Ministry of Electronics & Information Technology, noted the IT sector’s contribution to GDP and the expansion of AI, alongside Uttar Pradesh’s substantial Aadhaar registration numbers. Lt. General Vinod G. Khandare emphasized the need for comprehensive cybersecurity and the critical role of digital infrastructure in economic growth. Awanish Kumar Awasthi discussed India’s trajectory towards a $5 trillion economy and the country’s progress in digital payments.

Keynote addresses featured Vinit Goenka, Secretary of the Centre for Knowledge Sovereignty (CKS), who stressed the importance of Indian-owned data centres to prevent data colonization. Abhishek Prakash, IAS, Secretary of the Department of Infrastructure & Industries and CEO of Invest UP, highlighted Uttar Pradesh’s economic and cultural significance and its advancements in technology and infrastructure.

The summit included several panel discussions. The first panel, on “Leveraging Digital India Initiatives,” was moderated by Satish Kaushal from Deloitte. Panellists discussed technology’s role in improving governance and public services. Sanjeeb Patjoshi from Kerala emphasized digital solutions for housing and construction, while Eesha Priya, IAS, highlighted the benefits of digital platforms for tourism. Arvind Gautam from Sify Technologies noted the importance of technology integration for optimizing business operations.

The second panel focused on “Digital Transformation for Effective Governance,” moderated by Abhishek Rai from Salesforce. G S Naveen Kumar, IAS, discussed technology’s impact on governance and relief operations. Anirudh Saran Singh, IRS, spoke on bridging the digital divide with emerging technologies, and Dr. Arun Mohan Sherry from the Indian Institute of Information Technology Lucknow highlighted innovative tech solutions for public administration.

The third panel, on “Building Digitally Resilient Smart Cities,” was moderated by Alok Sharma from Autodesk. This discussion addressed the innovations necessary for future urban development. Panellists like Divyank Singh, IAS, and Syeda Afreen Banu S. Bellary, KAS, discussed the role of technology and inclusivity in smart city development, while Dr. Deivasigamani VASUDEVAN and Yogesh Khakre emphasized data-driven decisions and innovation for building resilient urban environments.

A fireside chat on “Financial Inclusion Through Digital Banking” highlighted India’s progress in digital payments and the ongoing challenges in financial inclusion. Taniya Tikoo, Editor-in-Chief & Co-Founder of ObserveNow discussed India’s leadership in digital inclusion planning. Ganesh Ananthanarayanan from Airtel Payments Bank emphasized the importance of infrastructure and trust in rural areas, while Sameer Verma, IAS, highlighted the RBI’s efforts in expanding financial inclusion.

The final panel, “Powering Progress: Public-Private Partnerships in Digital Transformation,” featured experts from government and industry. Sunny Kapoor from Ernst & Young LLP discussed the importance of strategic alliances in digital transformation. Panellists from UPPCL, Madhyanchal Vidyut Vitran Nigam Limited, and other organizations shared insights on implementing technology in public services. Shailesh Srivastava from the National Informatics Centre and S Sanob from Kerala State IT Mission stressed the role of IT in governance, while Maqsood Ahmed N from NEC Corporation India highlighted innovation at the intersection of public needs and private expertise.

The summit concluded with a forward-looking perspective on digital governance, emphasizing technology’s role in transparency, efficiency, and citizen empowerment. Participants agreed that continued investment in digital infrastructure and innovation is essential for sustaining the momentum of Digital Bharat and ensuring inclusive growth. The 3rd Edition of the Digital Bharat Summit in Uttar Pradesh was a significant step towards realizing the vision of a digitally empowered India, reflecting the collective effort and commitment of various stakeholders in the IT sector.

Tags: 3rd Digital Bharat Summit Uttar PradeshDigital RevolutionGovernment of Uttar Pradesh

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Education

Ministry of Education Marks 4th Anniversary of NEP 2020 with Akhil Bhartiya Shiksha Samagam 2024

Observenow Desk

The Ministry of Education is set to commemorate the 4th anniversary of the National Education Policy (NEP) 2020 with the Akhil Bhartiya Shiksha Samagam (ABSS) 2024 today at the Manekshaw Centre Auditorium in New Delhi.

Union Minister for Education, Shri Dharmendra Pradhan, will lead the celebration, sharing insights from his role in advancing the NEP 2020. The event will also feature Minister of State (Independent Charge) for Skill Development & Entrepreneurship, Shri Jayant Chaudhary, along with Minister of State for Education & Development of North Eastern Region, Dr. Sukanta Majumdar, and Minister of State for Education. Attendees will include distinguished academicians, university Vice Chancellors, officials, and students.

Shri Pradhan will launch several new initiatives, including educational TV channels for various Indian languages, a Tamil Channel, early-grade primers in 25 languages, and guidelines for 10 Bagless Days aimed at enhancing the learning experience. Additional launches include Career Guidance Guidelines, an extensive library of job cards, Braille and audio versions of educational materials, a School Innovation Marathon by AICTE & AIM, and resources on Graduation Attributes and Professional Competencies. He will also unveil books and lecture notes focused on Indian Knowledge Systems (IKS).

The ABSS 2024 is designed to renew commitment to the NEP 2020’s implementation and foster collaboration among stakeholders to achieve shared educational goals. The event will feature six panel discussions on various Ministry initiatives, engaging key academicians and stakeholders.

The inaugural ABSS event, held in July 2022 in Varanasi, was launched by Prime Minister Shri Narendra Modi. It aimed to enhance stakeholder collaboration, strengthen links among higher educational institutions, and address challenges faced by these institutions.

Tags: Akhil Bhartiya Shiksha Samagam 2024Ministry of EducationNarendra ModiNational Education PolicyNEP 2020

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Exclusive

ObserveNow Set to Transform UP’s Digital Destiny with 3rd Digital Bharat Summit UP

Observenow Desk July 25, 2024

ObserveNow Media is gearing up to host the much-anticipated 3rd edition of the Digital Bharat Summit Uttar Pradesh, scheduled to take place on July 26, 2024, at the iconic Taj Mahal Lucknow in Gomti Nagar. This summit, themed “Empowering Citizens with Digital Governance & Investment Opportunities for IT Sector,” is set to be a landmark event in the realm of digital transformation and governance.

The summit is hosted by the Department of IT & Electronics, Government of Uttar Pradesh, with support from Meity Startup Hub and Invest UP, underscoring their commitment to fostering innovation and growth in the IT sector.

The overarching objective of the Digital Bharat Summit Uttar Pradesh is to bring together leaders and stakeholders from various sectors, including government departments, public sector undertakings (PSUs), and industries, alongside experts and thought leaders. This platform serves as a catalyst for collaboration and idea exchange, aimed at driving digital initiatives and enhancing governance efficiency across the state.

The event will involve several partners advancing this initiative further, including Lucknow Smart City and Lucknow Nagar Nigam with RAHAT as a supporting partner, AutoDesk as the Design & Make Partner, Sify, and Worldline as Platinum Partners, Salesforce as the AI CRM Partner, ESDS as the Digital Transformation Partner, Airtel Payments Bank as the Banking Innovation Partner, NEC as the Social Innovation Partner, Canon as the Printing & Digitization Partner, DEV IT SERV as the End User Computing Solution Partner, Tally as the Business Automation Partner, and EDB along with Datamato | Gitlab as exhibitors.

The summit will commence with a warm welcome by Taniya Tikoo, Co-founder & Editor-in-Chief of ObserveNow Media, setting the tone for the day’s discussions. The inaugural session, chaired by Anil Kumar Sagar, IAS, Principal Secretary, Department of Information Technology, Government of Uttar Pradesh, will explore “How Uttar Pradesh is Empowering Citizens with Digital Governance & Investment Opportunities for IT Sector.” Distinguished panelists include Mahaveer Singhvi, IFS, Joint Secretary, Ministry of External Affairs, Government of India; Bhuvnesh Kumar, IAS, Additional Secretary, Ministry of Electronics & Information Technology, Government of India; Amrit Abhijat, IAS, Principal Secretary, Urban Development, Government of Uttar Pradesh; Lt. General Vinod G. Khandare, Principal Adviser, Ministry of Defense, Government of India; and Awanish Kumar Awasthi, Advisor to Chief Minister, Government of Uttar Pradesh. The chief guest for the day will be Sunil Kumar Sharma, Hon’ble Minister for Information Technology & Electronics, Government of Uttar Pradesh, underscoring the government’s commitment to digital advancement.

A highlight of the summit will be the signing of Memorandum of Understanding (MOU) between the UP Government and Bhashini, marking a significant step towards collaboration and innovation in the IT sector.
Abhishek Prakash, IAS, Secretary, Department of Infrastructure & Industries & CEO, Invest UP, Government of Uttar Pradesh, will deliver a keynote address, outlining strategic initiatives and investment opportunities in the state’s IT sector.

The summit will feature several engaging panel discussions:

1. Leveraging Digital India Initiatives through Technology-based Solutions for Governance & Public Service Deliveries: This session will explore innovative solutions and best practices in digital governance, featuring leaders from UP State Institute of Forensic Sciences, Ministry of Communications, Tourism & Culture Department, Income Tax Department, Digital India Bhashini Division, and industry experts. NSN Murthy, Partner & Leader, Government & Public Services, Deloitte Consulting, will moderate the discussion.

2. Digital Transformation of States for Effective Governance- Through Emerging Technologies: Panelists including secretaries and directors from various state and central departments, IIIT Lucknow, Salesforce, and ESDS Software Solution Ltd, will discuss the role of emerging technologies in transforming governance. Jaspreet Singh, Partner and Clients and Markets Leader – Advisory Services, Grant Thornton Bharat LLP, will moderate this insightful session.

3. Building Digitally Resilient Smart Cities of Tomorrow: The panel will delve into the strategies and innovations driving smart city initiatives across India, moderated by Alok Sharma, Director – AEC, India & SAARC, Autodesk.

Special Address:

Nitin Mishra, Chief Technology Officer, ONDC, will deliver a special address, highlighting technological advancements and their impact on governance and public services.

Fireside Chat:

A fireside chat on “Financial Inclusion Through Digital Banking,” moderated by Taniya Tikoo, will feature Sameer Verma, IAS, Special Secretary (Finance) & Registrar, Firms & Societies, Government of Uttar Pradesh, and Ganesh Ananthanarayanan, COO, Airtel Payments Bank. This session will explore the role of digital banking in promoting financial inclusion and economic growth.

Final Panel Discussion:

The summit will culminate with a panel discussion on “Powering Progress: The Role of Public-Private Partnerships in Digital Transformation.” Sunny Kapoor, Director, Technology Consulting Government & Public Sector, Ernst & Young LLP, will moderate this session, featuring representatives from Uttar Pradesh Power Corporation Ltd, Madhyanchal Vidyut Vitran Nigam, UP State Road Transport Corporation, WEBEL, Noida Centre of Excellence, and NIC Lucknow.

The Digital Bharat Summit Uttar Pradesh 2024 promises to be an enlightening and transformative event, fostering collaboration among government leaders, policymakers, and technology experts. It seeks to explore innovative solutions and pave the way for a digitally empowered future for Uttar Pradesh and beyond.

Tags: 3rd Digital Bharat Summit UPInvest UPMeity Startup HubNitin Mishraovernment of Uttar PradeshUttar Pradesh

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India’s Resilient Economic Vision: FM Nirmala Sitharaman Presents Budget 2024

Observenow Desk July 23, 2024

In a decisive move aimed at steering India through global economic uncertainties, Finance Minister Nirmala Sitharaman presented a forward-looking budget for the fiscal year 2024-25. Against a backdrop of challenging global conditions, India’s economic resilience shone through as Sitharaman outlined a comprehensive strategy focused on inclusive growth and sectoral revitalization.

The budget for the fiscal year has been crafted with a comprehensive approach, focusing on inclusive growth, economic reforms, and sectoral development while addressing the needs of the poor, women, youth, and farmers.

Economic Landscape and Fiscal Outlook

FM Nirmala Sitharaman opened her budget speech by highlighting India’s robust economic performance, positioning it as a standout amidst global challenges. She emphasized the government’s commitment to maintaining low and stable inflation, which is on track to meet the 4% target. This economic stability forms the foundation for the budget’s expansive measures aimed at bolstering various sectors crucial for sustained growth.

Key Priorities and Initiatives

The budget outlines nine key priority areas that will guide the government’s policies and expenditures:

  1. Productivity and Resilience in Agriculture: Significant investments are earmarked for transforming agricultural research to enhance productivity and develop climate-resilient crop varieties. This includes a comprehensive review of the agricultural research setup.
  2. Employment and Skilling: A central focus is on creating employment opportunities, especially for the youth. The budget introduces five schemes with a ₹2 lakh crore outlay to benefit 4.1 crore young individuals over five years. Special incentives for first-time employees, including wage support and direct benefit transfers, aim to integrate more youth into the formal workforce.
  3. Inclusive Human Resource Development and Social Justice: The budget emphasizes inclusive growth through enhanced skilling programs and workforce participation initiatives tailored for women.
  4. Manufacturing and Services: Measures to boost manufacturing and service sectors include financial incentives, technology support packages for MSMEs, and expansions in SIDBI’s reach with 24 new branches to serve MSME clusters.
  5. Urban Development: A substantial ₹2.2 lakh crore allocation aims to make urban housing more affordable, benefiting middle-class families and the urban poor.
  6. Energy Security: The budget allocates resources for energy projects, including the development of small and modular nuclear reactors, ensuring long-term energy security.
  7. Infrastructure: Significant investments are planned for infrastructure development, including new airports, medical facilities, and sports infrastructure in Bihar, and the construction of highways and power plants in Eastern India.
  8. Innovation and Research & Development: Initiatives to foster innovation and R&D are prioritized to propel technological advancements and economic growth.
  9. Next Generation Reforms: The budget outlines comprehensive reforms across sectors to stimulate growth and enhance competitiveness in the global market.

Sector-Specific Initiatives

– Education and Skilling: ₹1.48 lakh crore has been allocated this year to enhance education, employment, and skilling initiatives. This includes financial support for higher education loans and a comprehensive internship scheme for youth.

– Rural Development: ₹2.66 lakh crore is allocated for rural development, focusing on infrastructure and agricultural initiatives such as natural farming practices.

– Women Empowerment: The budget includes provisions for setting up working women hostels and promoting women’s workforce participation through targeted skilling programs.

– Tax Reforms: The budget proposes a comprehensive review of the Income Tax Act to simplify compliance and reduce disputes. Changes in tax rates aim to provide relief to middle-class taxpayers and promote investment.

– Social Welfare: Extension of schemes like PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) and initiatives benefiting women and girls with over ₹3 lakh crore in allocations highlight the government’s commitment to social welfare.

– Infrastructure Development: Besides urban housing, the budget emphasizes PPP initiatives for rental housing and the development of industrial infrastructure.

Tax Reforms and Simplification

Finance Minister unveiled significant reforms in the tax regime aimed at easing compliance and providing relief to taxpayers. The budget proposes a revised tax slab structure that offers progressive rates designed to benefit different income brackets.

For instance, individuals earning between ₹0-3 lakh annually will pay no tax, while those in the ₹3-7 lakh bracket face a reduced rate of 5%. The rates progressively increase to 30% for incomes exceeding ₹15 lakh. Additionally, the standard deduction for salaried employees is set to rise from ₹50,000 to ₹75,000, offering relief to approximately 4 crore taxpayers. Pensioners will also benefit from an increased deduction on family pensions, raised from ₹15,000 to ₹25,000. These measures are expected to simplify tax calculations, reduce disputes, and enhance disposable income, thus stimulating consumption and bolstering economic growth.

The budget for FY 2024 outlines a holistic strategy aimed at fostering inclusive growth, bolstering key sectors, and fortifying India’s economic foundations. With a focus on innovation, infrastructure, and social development, the government seeks to navigate global uncertainties while positioning India as a beacon of economic stability and opportunity for its citizens. As the fiscal year progresses, the implementation of these initiatives will be critical in realizing the budget’s vision of a prosperous and resilient India.

Tags: Budget 2024India Budget 2024Nirmala SitharamanUnion Budget 2024

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Education

NAAC Plans to Roll Out Binary Accreditation System for Colleges and Universities

Observenow Desk

The National Assessment and Accreditation Council (NAAC) is gearing up to launch a new binary accreditation system for higher education institutions across India, commencing in September 2024. This new system will categorize colleges and universities simply as accredited or not accredited, replacing the current multi-tiered grading system.

Officials from NAAC have emphasized that the aim of this initiative is to streamline the accreditation process, making it more transparent and efficient. The introduction of a binary classification is expected to facilitate a clearer assessment of educational standards and bolster the credibility of the accreditation process.

The announcement came during a regional consultative workshop on binary accreditation for the eastern region, hosted at Utkal University. Anil D. Sahasrabudhe, head of the NAAC executive committee, highlighted that the Ministry of Education has endorsed the recommendations of the Radhakrishnan Committee on Transformative Reforms in Accreditation. Among these recommendations is the adoption of a binary accreditation framework, which is seen as pivotal in advancing educational quality standards.

The National Assessment and Accreditation Council (NAAC) is gearing up to launch a new binary accreditation system for higher education institutions across India, commencing in September 2024. This new system will categorize colleges and universities simply as accredited or not accredited, replacing the current multi-tiered grading system.

Officials from NAAC have emphasized that the aim of this initiative is to streamline the accreditation process, making it more transparent and efficient. The introduction of a binary classification is expected to facilitate a clearer assessment of educational standards and bolster the credibility of the accreditation process.

The announcement came during a regional consultative workshop on binary accreditation for the eastern region, hosted at Utkal University. Anil D. Sahasrabudhe, head of the NAAC executive committee, highlighted that the Ministry of Education has endorsed the recommendations of the Radhakrishnan Committee on Transformative Reforms in Accreditation. Among these recommendations is the adoption of a binary accreditation framework, which is seen as pivotal in advancing educational quality standards.

Tags: higher educationNAACNational Assessment and Accreditation Council

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Governance

India’s Power Grid Ranks Among World’s Largest Unified Systems: Economic Survey 2023-24

Observenow Desk July 22, 2024

India’s Power Grid, according to the Economic Survey 2023-24 presented by Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman, has emerged as one of the largest unified electricity grids globally. The survey highlights that India’s power transmission is consolidated into a single grid operating at a uniform frequency, capable of transferring 1,18,740 megawatts (MW) inter-regionally. As of March 31, 2024, the transmission infrastructure has expanded to include 4,85,544 circuit kilometers of transmission lines and a transformation capacity of 12,51,080 mega volt amp (MVA).

The Government of India has intensified efforts to bolster the sector in response to escalating electricity demand, which surged by 13 percent to 243 GW in FY24. Notably, the survey underscores substantial growth in electricity generation from renewable energy sources during FY23 and FY24.

Since the launch of the Saubhagya scheme in October 2017, the survey reports electrification of 2.86 crore households under various initiatives. Moreover, the implementation of the Electricity (late payment surcharge and related matters) Rules, 2022, has provided relief to distribution companies (DISCOMs), electricity consumers, and generating entities.

In the realm of renewable energy, India is committed under the United Nations Framework Convention on Climate Change to achieve approximately 50 percent of its cumulative electric power installed capacity from non-fossil fuel-based sources by 2030. The Ministry of New and Renewable Energy aims to achieve 500 GW of installed electricity capacity from non-fossil sources by 2030.

As of March 31, 2024, India has installed 190.57 GW of renewable energy capacity, comprising 43.12 percent of the total installed generation capacity. The survey notes that the clean energy sector in India attracted ₹8.5 lakh crore in investments between 2014 and 2023, with expectations of attracting ₹30.5 lakh crore between 2024 and 2030, generating substantial economic opportunities.

According to the National Electricity Plan of the Central Electricity Authority, the survey projects an increase in non-fossil fuel-based capacity from 203.4 GW (46 percent of total) in 2023-24 to 349 GW (57.3 percent) by 2026-27 and 500.6 GW (64.4 percent) by 2029-30.

Tags: Economic SurveyNirmala Sitharaman

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Education

NEP 2020 Empowers Youth for 21st Century Knowledge Economy

Observenow Desk

In a recent development, the Economic Survey 2023-24, presented by Union Finance and Corporate Affairs Minister Smt Nirmala Sitharaman, underscores the transformative impact of the National Education Policy (NEP) 2020. The policy, launched in 2020, not only aligns with global Sustainable Development Goals but also equips India’s youth to tackle the challenges and leverage the opportunities arising from the knowledge-driven economy of the 21st century.

The NEP 2020 aims to provide high-quality education to all learners aged 3-18 years, integrating Indian cultural values while positioning India as a global leader in knowledge creation. A notable initiative under this policy is ‘Poshan bhi Padhai bhi’ (PBPB), launched in May 2023, which focuses on Early Childhood Care and Education (ECCE) to establish a vast network of high-quality preschools at Anganwadi Centres across the country.

The survey highlights significant strides in strengthening educational infrastructure, teacher training programs like NISHTHA, and initiatives such as Vidya Pravesh and Vidyanjali, aimed at enhancing the educational experience and community engagement. Moreover, improvements in school facilities such as sanitation, electricity, and digital connectivity underline the policy’s commitment to comprehensive educational reform.

Furthermore, the NEP 2020 has paved the way for vocational education expansion, covering 29,342 schools and 22 sectors with 88 job roles by FY24, thereby equipping students with practical skills aligned with industry needs.

The overarching goal of NEP 2020, as emphasized by the Economic Survey, is to prepare India’s youth to thrive in a rapidly evolving global economy through a robust, culturally rooted education system.

Tags: NEP 2020Nirmala Sitharaman

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