New Delhi: The National Council of Educational Research and Training (NCERT) has included two important chapters related to personal financial management and entrepreneurship in the new Class 9 social science textbook. The aim of the change is to give students, along with textbook knowledge, economic understanding useful in everyday life and basic information about business.
The first chapter in the economics section, “Managing Your Personal Finance”, will teach students ways to manage money properly. It covers topics such as income, budgeting, savings, investment and protection from financial risks. Students will learn about fixed deposits, government savings schemes, bonds, shares and mutual funds. Along with this, basic information will also be provided on inflation, simple and compound interest, insurance, loans, EMIs and income tax. Examples of income tax and GST have also been included to explain the difference between direct and indirect taxes.
The second chapter, “From Ideas to Startups”, will introduce students to the world of entrepreneurship. It will provide information on turning an idea into a business, preparing a business plan, keeping track of expenses and earnings, and understanding profit and loss. Students will also be introduced to key areas of business such as management, finance, human resources and marketing.
Sanjeev Sanyal, a member of the Prime Minister’s Economic Advisory Council, has described the new chapters as an important step towards useful life skills. The new lessons may help develop financial awareness, innovation and entrepreneurial thinking among students.
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