Federal Government Approves Continuation of National Scholarship Scheme (NMMSS) for 5 years for Economically Backward and Talented Students
- The Federal Government has approved the extension of the National Government Scholarship Scheme (NMMSS) for economically backward and gifted students in the 15th Finance Commission cycle for a period of 5 years from 2021-22 to 2025-26.
- The project cost is Rs 1827 crore. Only minor changes have been made to the eligibility to receive this. The income limit alone has been raised from Rs 1.5 lakh per annum to Rs 3.5 lakh and the renewal system has also been modified under the scheme.
- The aim of the program is to provide scholarships to gifted students who are economically disadvantaged and to encourage them to move on to the next level in education by preventing them from dropping out of school with 8th grade.
- Under this scheme, well-educated 9th class students in government school, government aided school and local body schools are selected every year and given Rs.12,000 / - per month at the rate of Rs.1000 / - per month.
- These students are selected through examinations conducted by the States and Union Territories. Details about the program are available on the National Scholarship website. Scholarships are paid directly into students' bank accounts. Of this, 100 per cent is funded by the Central Government.
- Since the inception of the scheme in 2008-09, 22.06 lakh scholarships worth Rs. 1783.03 crore have been provided till 2020-21. Under this scheme, it is planned to provide scholarships worth Rs. 1827 crore to 14.76 lakh students.
- The 25th meeting of the Financial Stability and Development Committee was held in Mumbai under the chairmanship of Union Finance Minister Nirmala Sitharaman. The Finance Minister, who is on a two-day visit to Mumbai for a post-budget public relations event, is meeting people from the industrial and financial markets.
- The major economic challenges posed by global and local events were discussed at the Financial Stability and Development Committee meeting. It was stressed at the meeting that the Government and all regulatory bodies should carry out continuous monitoring on the financial conditions and the functioning of the financial institutions.
- The meeting discussed measures required for further growth of the financial sector and integrated economic growth with greater economic stability.
- Matters related to financial management were also discussed. The activities of the Sub-Committee on Financial Stability and Development chaired by the Governor of the Reserve Bank and the action taken by the members on the previous hairs of the Committee were discussed.
- India's economic growth rate is projected to increase to 10 percent in the current fiscal 2021-22.
- In this case, the growth rate is projected to be only 6.6 percent, in response to the impact of economic activity on the impact of the third wave of the corona. In July-September, the Indian economy grew by 8.4 per cent.
- In the third quarter from October to December, the activity of many sectors returned to pre-corona levels. According to Buckles, the service sector plays a major role in this.
