National Education Policy is research-centric

Emphasising that emerging technologies are looking at India rather than the West, the government is viewing the National Education Policy (NEP) 2020 not as a policy but as a collective vision for research-centric growth. Union Minister for Education Dharmendra Pradhan, gave a keynote address at the Indian School of Business (ISB) Forum Insights 2024 on Friday.
Addressing the forum, Dharmendra Pradhan expressed his desire to be an ISB student and emphasised “Educate to innovate.” He highlighted that India’s economy would reach 5 trillion dollars in four years, with AI and SDGs playing a key role. The Union Minister mentioned that 46 percent of global digital payments come from India and noted that India has continued growing at 7-8 per cent despite the Covid-19 crisis. He emphasised that NEP 2020 is research-centric, stressing the importance of multidisciplinary education, and stated that Hyderabad and ISB should lead innovation. Pradhan highlighted India’s role as a skill and talent hub, its global outlook, and the government’s focus on infrastructure and green
Meanwhile, CEO of NITI Aayog, BVR Subrahmanyam, noted that while the government cannot offer monetary incentives, it can provide non-monetary ones. He stated that India has become a major hub for fintech innovations over the last 10 years. Discussing Vision for India 2047, Subrahmanyam emphasized that the entire system is working toward this goal. He compared India’s situation in 1947, facing major challenges, to today’s position as the world’s fifth-largest economy. He highlighted Aadhaar as a digital identity system for 140 crore people in the country. He noted that India is now digitally and financially connected through digital identity, which has led to innovations like UPI. He mentioned that 45 to 48% of global financial transactions happen in India, with 10 billion transactions a month, growing rapidly in volume. Subrahmanyam stated that there is no need to borrow money if your cash flow serves as collateral. He explained that micro-lenders can offer loans without collateral if you have a six-month cash flow record with a daily turnover of Rs. 5,000.
 He noted that this is already happening in cities like Bangalore, Hyderabad, and other parts of India, where fintech uses data for micro-lending.
The CEO also highlighted that in the last 10 years, 25 crore people have escaped acute poverty. Subrahmanyam stressed that fintech innovations, such as UPI, have transformed digital finance in India, making it a global leader in digital transactions. He also emphasized the importance of education and reforms for India’s future growth.