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India took a giant leap forward by launching the New Education Policy 2020 (NEP 2020) on July 29, three decades after the last major revision to the policy in 1986. The NEP 2020 advocates three key thematic developments: One, a move from content-driven pedagogy that inspired rote learning to conceptual testing; two, a 360-degree assessment covering educational, mental, and physical well-being of the students, and; three, an experiential approach through vocational skills, mathematical and computational thinking, and new-age skills such as coding and data science.

The motivation is to make Indian learners truly future-ready, and global citizens. The Government of India seems intent in rolling out the vision in terms of curriculum revision, teacher-training, and equipping schools for ICT-enabled and assessment-driven evaluation over the next few years. This is critical for India to truly reap the demographic dividend through re-skilling, vocational training, and job creation.

The objective is noble, and the policy is timely. However, the success and pace of implementation will depend on how successfully the government can scale five key challenges.

Curriculum And Content

The NEP calls for curriculum and pedagogical changes. The boards which conduct examinations will need to re-think how they assess students and what the learning content rubric should be. School textbooks will need realignment too. Given that 87 percent of K12 learners in India are in the schools with annual tuition fee of less than Rs 12,000, these changes will need to be easily cascaded across tiers of schools.

Teacher Availability

Over 250M-plus students are estimated to enrol in K12 schools in India by 2030. At a teacher-student ratio of 1:35, India would need an estimated 7M-plus teachers to address this burgeoning student population who will need to have graduated through the defined B.Ed programme for 12th pass, graduates and post-graduates for four, two and one year respectively.

Teacher Skilling

Teaching is one of the low-paid professions in India with an average teacher earning around Rs 200,000 per year. Given these constraints, experiential learning, and concept-oriented teaching, versus the currently prevalent printed content-oriented teaching will be tough.

A comprehensive National Curriculum Framework for Teacher Education has also been announced in the NEP in addition to Teacher Eligibility Tests (TETs) to create a talented and curated pool of educators who can impart quality education to the students. However, the current pool of educators needs to be orientated towards these teaching techniques.

Until the structural constraint in teacher remuneration is not corrected in the education ecosystem, the NEP implementation in spirit and form will stay challenged. Rollout of such a curriculum could produce unintended academic results for underprivileged learners who will now not have books or other supplementary aids to fall back on.

Technology At Scale

Digital infrastructure of similar scale will be needed using digital classrooms, remote expertise-driven teaching models, AR/VR tools to bridge gaps in physical teaching and laboratory infrastructure, uniform assessments across schools even in remote villages, career counselling and teacher training aids.

Evaluation Infrastructure

Under the NEP, examinations are being advised to transform towards a culture of assessment with continuous tracking of learning outcomes, a focus on higher order and foundational skills, and AI-based software progress tracking to enable students to make optimal career choices. Continuous assessment requires schools and teachers to innovate on evaluation approaches and assignments that are thought-provoking and require students to apply themselves.

Compared to theory-based-examinations that have unilateral questions and answers that are easier to administer and score, holistic assessments would require educational boards and institutions to invest significantly in creating these assessments and practice assignments. Of the 1.5M-plus schools in India, 75 percent are run by the government at a very low to no annual fee structure. Of the remaining 400,000 private schools, about 80 percent schools fall in the category of ‘Budget Private Schools’ charging Rs 500-1,000 per month, leaving a mere 15,000 (less than one percent of total schools) that can support the necessary infrastructure required for conceptualising and conducting such assessments.

The NEP 2020 drafting committee has undertaken a comprehensive process that considers state/UT governments, global best practices, expert opinions, field experiences, and stakeholder feedback. In the more affluent echelons, privately-owned Edtech is already taking a large part of the education spend away from the formal education systems.

The vision is aspirational. The implementation roadmap and rigour will determine whether this truly fosters education-for-all and job creation.

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Bad loans worth Rs 5.7 lakh crore may not be eligible under the one-time restructuring scheme permitted by the Reserve Bank of India (RBI).

These repayments, classified as special mention accounts (SMAs), were already overdue by more than 30 days on March 1, the deadline set by the central bank, 

Of the total standard loans, which stood at Rs 94.9 lakh crore at the end of March, 6.03 percent are loans with repayments delayed by 31-90 days, the report added.

This one-time recast will apply to loans overdue for over 30 days (SMA-1 accounts), where the repayment is delayed by 31-60 days, and SMA-2, where the repayment is late by 61-90 days.

The RBI had on August 6 said banks can conduct a one-time restructuring of loans, a move intended to provide borrowers relief during the COVID-19 pandemic.

"It is good that there are specific entry norms to the recast scheme this time. However, we have already been setting aside provisions for stressed loans. Despite provisions, we cannot recast without classifying them as bad, leading to more provisions and capital erosion," the CEO of a state-run lender told Mint.

The RBI had in March instructed banks to set aside 10 percent provisions against SMA-2 loans under moratorium in two tranches.

"September quarter results are unlikely to see a jump in bad loans, except for SMA-2 loan accounts. However, the gradual rise in non-performing loans will begin from the December quarter," a banker told the paper.

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Gratuity Eligibility: The Central government is considering relaxing the minimum eligibility condition for gratuity payments to employees. It is planning to lower the threshold from five years of continuous employment to between one and three years amid growing demand to make the gratuity eligibility criteria shorter.

The Parliamentary Standing Committee on Labour, in a recently tabled report, had recommended that the existing period of five years of continuous service for gratuity payment to employees should be reduced to one year.

Under the Payment of Gratuity Act, 1972, an employee who has worked in a company for over five years is eligible for gratuity by his/her employer.

The Act states that all employees, who are involved in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments, in which 10 or more persons are employed, are required to be paid gratuity by their employers. 

Gratuity is paid mainly at a time of retirement, but in certain conditions it can be paid even before retirement.

There is no set percentage for the amount of gratuity that an employee is supposed to receive. The amount payable depends upon the last drawn salary and years of service of the employee. 

Gratuity is defined as a benefit plan and is one of the major after-job perks received from an employer. 

Here are three ways to calculate one's gratuity balance:

- An employee can visit the Income Tax Department's website (www.incometaxindia.gov.in website). Click on 'Tax Tools' option and search Gratuity from the available options. The given calculator will compute the amount of gratuity payable with respect to the input values such as assessment year, type of employer, gratuity received, exempted gratuity and taxable gratuity.

- A employee can check with his/her employer or with the human resource department in the organisation with regards to the gratuity balance or amount.    

- The formula for calculating gratuity is 15 x (last drawn salary) x (tenure of working)/26 (days). For instance, employee X's last drawn salary is Rs 50,000 per month and has worked with ABC Ltd for about 30 years. So, his gratuity will be calculated as: (15 x 50,000 x 30)/26= Rs 9,37,500. In this formula, the time period of more than six months is considered as one year.

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The dollar’s stunning decline last month, the most in a decade, suddenly looks a lot less consequential once you take into consideration the inflation-adjusted value of the greenback.

That’s the view of veteran strategist Marshall Gittler, who suggested investors should adjust for price levels, use a wider basket of trading peers than the closely-followed U.S. Dollar Index and remember how much the currency had previously risen, in order to put its move in proper context. While the gauge of the dollar fell 4.2% in July, the U.S. Fed Trade-Weighted Real Broad Dollar Index only weakened by 0.9%, according to data compiled by Bloomberg.

“Back in April, the recent peak, the dollar’s real value was the highest it’s been in nearly 18 years,” Gittler, head of investment research at BDSwiss Group, said in a note Friday, published by Nasdaq. “That was the extraordinary move, not the recent decline.”

The Federal Reserve index’s 3.6% drop since April is “far from being a catastrophe that needs explaining” and is in line with its historical long-term trading pattern, he said. By comparison, the Dollar Index is down 7.1% from its April peak.

Gittler joins other strategists, including those at JPMorgan Chase (NYSE:JPM) & Co., pushing back on the intensifying debate over the future of the dollar, including threats of a structural decline voiced by analysts at Goldman Sachs Group Inc 

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Largest Fall in Employment Since 2009 leaves Pound Sterling US Dollar (GBP/USD) Exchange Rate Muted

The Pound Sterling US Dollar (GBP/USD) exchange rate remained flat on Tuesday morning. This left the pairing trading at around $1.3095 following the latest employment data.

The Pound struggled to make gains after this morning’s data showed the number of people in employment fell by 220,000 in Q2.he Office for National Statistics (ONS) noted this was the largest fall in employment since 2009. The coronavirus crisis took a huge toll on the labour market despite support from the government’s furlough scheme.

The unemployment rate held steady at 3.9%, although this largely reflected huge numbers of Brits giving up looking for work.

Separate data also showed that the number of staff on company payrolls fell by -730,000 since March. This suggests there will be a larger increase in the country’s unemployment rate.

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