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By:

Bhaskar Nath Biswal

13 May 2026 at 8:30:30 pm

Why India’s Classrooms Must Teach Money

When Jio’s IPO drew a record one crore applications, the market celebrated a milestone. Millions of ordinary households, many of them first-time investors, are now willing to put their savings into the stock market. Yet in many classrooms, when a teacher mentions the news, students nod politely without understanding what an IPO is, why a share has a price or what one crore applications means. That gap between a nation that is investing and a generation that does not understand investing is...

Why India’s Classrooms Must Teach Money

When Jio’s IPO drew a record one crore applications, the market celebrated a milestone. Millions of ordinary households, many of them first-time investors, are now willing to put their savings into the stock market. Yet in many classrooms, when a teacher mentions the news, students nod politely without understanding what an IPO is, why a share has a price or what one crore applications means. That gap between a nation that is investing and a generation that does not understand investing is the real story here. Ineffective Education Financial education in India remains an afterthought. Our schools spend years on algebra, trigonometry and chemical equations, but a student can complete twelve years of schooling without learning how compound interest works, how a loan is priced or why inflation quietly erodes savings. Commerce and economics are electives, usually chosen by only a section of students, and even there, the treatment is often theoretical, built around definitions to memorise rather than decisions to make. Surveys by India’s financial regulators and independent agencies have repeatedly found that only about one in four adults is financially literate. Official bodies such as the Reserve Bank of India, SEBI and the National Centre for Financial Education have launched awareness drives and a national strategy, and these deserve credit. But awareness campaigns reach people after they have already started making money decisions, often badly. The IPO boom shows that finance is no longer a closed club of brokers in Mumbai. The sector now offers careers in wealth management, financial planning, equity research, risk analysis, insurance, banking, fintech, regulation and data-driven investing. Many of these roles need not be confined to metros or elite institutions but require trained, trustworthy people in every district, including smaller cities, where demand for honest financial guidance far exceeds supply. A student who learns early how markets work may become an analyst, a certified planner, an entrepreneur or a policymaker. Even a student who chooses a completely different path will benefit in daily life. A young person who understands budgeting, saving, insurance and credit is less likely to fall into a debt trap, a loan-app scam or a ‘guaranteed returns’ scheme sold on social media. At the national level, the case is stronger still. A financially aware population channels savings into productive investment instead of idle cash or unproductive gold, strengthens capital markets and becomes more resilient during economic shocks. A country aspiring to become a major economy cannot afford to have most of its citizens sitting out the system that drives that growth. Ground Reality The difficulty is that good intentions meet a crowded curriculum, overworked teachers and an examination-centred culture. Most teachers have never been trained to explain money matters, and textbooks that cover them can feel dry and disconnected from real life. Rural and small-town students face a further barrier, since access to practical exposure, such as a demat account, a mutual fund SIP or even a bank visit, is limited. There is also a risk running in the opposite direction. A wave of influencers now promotes trading as a shortcut to wealth, and young people, excited by stories of quick gains, rush into risky products without grasping them. The very surge that makes the Jio IPO so impressive could, without guidance, produce a generation burned by speculation and put off investing for life. India needs to move from occasional awareness camps to structured financial education that runs through schooling. Basic concepts such as saving, interest, budgeting and risk should be woven into mathematics and social science from the middle-school years, with a dedicated, practical subject in senior secondary classes. Colleges, whatever the stream, should offer a compulsory introductory course in personal finance so that engineers, artists and doctors alike leave with a working understanding of money. Regulators, banks and market institutions can partner with schools to provide trusted material in regional languages. Above all, the focus should be on judgement, not jargon: teaching young people to ask where returns come from, what the risks are and who benefits from the advice. One crore applications for a single IPO should inspire pride, but also responsibility. If we want such participation to be informed rather than impulsive, and our young people to see finance as a rewarding career rather than a mystery, we must begin where every lasting change begins: in the classroom. (The writer is a former college Principal and Founder of Supporting Shoulders, an Odisha-based non-profit Trust. Views personal.)

Caste-based Census Sparks Nationwide Debate

Oct 2, 2024
3 min read

Updated: Oct 22, 2024

Caste-based Census

Caste-based identities continue to dominate rural India, directly or indirectly shaping electoral outcomes. Many major elections are influenced by specific caste groups. After the Bihar government released the first phase of its caste-based socio-economic survey, the caste census became a hot topic. The results, backed by evidence, showed improvements in the living standards and social status of marginalised communities, both in cities and villages. With parties like the JDU and NCP backing a caste census, there is growing momentum for the government to conduct one. However, every story has two sides—joy and sorrow. Even Mahatma Gandhi, the Father of the Nation, raised concerns about the caste census.

Rahul Gandhi accused the BJP of being “anti-Bahujan.” The clear meaning is that his father and forefather refused to execute a caste-based census, which might have far-reaching effects and even permanently fracture India’s social fabric. This may be negative for caste-based beneficiaries. The last caste census in India was conducted in 1931 by the British government. Those times were different from the present scenario. The data was made public and became the basis for the Mandal Commission Reports and reservation policies for Other Backward Classes. Rashtriya Swayamsevak Sangh (RSS) has clarified that the caste-based population count data will not be used for core politics. But the agenda for politics is always twisted and expanded.

The Central Government also joined the legal debate by filing an affidavit with the Supreme Court, leaving the matter unresolved. India’s partition, rooted in the divide-and-rule strategy, is frequently cited as a cautionary tale. Including caste in official census data could further deepen social divides. This issue has become a political pressure point, with various states pushing the Centre for action. Although the Constitution uses the term “class” instead of “caste,” the Supreme Court has consistently ruled that caste is a relevant, and at times, sole or dominant criterion for defining a backward class.

After the release of caste-based census data in Bihar, discussions around conducting similar censuses have gained momentum in states like Rajasthan, Chhattisgarh, and Jharkhand. Karnataka, which has already conducted its own caste census, may release its data soon as well.

Notably, all these states are governed by anti-BJP parties. Congress leader Rahul Gandhi also announced that Congress-ruled states have committed to carrying out caste censuses. Meanwhile, the BJP has remained silent on the matter, creating a significant roadblock.

Caste-based censuses focus on proportional representation in areas like jobs and education, with the argument that this will aid in targeted planning for the disadvantaged. However, the situation remains unclear, much like a foggy winter morning. The BJP’s stance on caste-based censuses and reservations seems different, as they fear the caste-based calculations could fragment their traditional Hindu voter base—an underlying concern for the party.

Professor Sanjay Kumar from The Centre for the Study of Developing Societies, says, “Let alone the BJP; no party can openly oppose it; it is not free from danger. BJP gets a large number of votes from the OBC community, their population across the country would be around 52%. Another downside is that the caste-based censuses could disrupt the balance of socio-economic zones. Data theft is a common issue in government systems, and people may feel disconnected from their actual rights.

The moot question is that if the financial status of an ST/SC/OBC or Dalit citizen moves up by a few notches, will his social status change automatically? The lifestyle of any class will only change when the income of a particular class is changed. The actual source of income is employment. The reality is that only metro cities have enough place and space for workers. Aside from the GIDC and IT sectors, less than 30% of industries have their own designated vacancy periods. After a decade, the Jamnagar and Rajkot Corporations have opened their doors to newcomers alongside experienced staff. However, age and caste bias often operate behind the scenes. It’s important to recognise that poverty is also widespread among many upper-caste individuals, and their needs cannot be overlooked. In the overall interests of the nation, terms like SC/ST/OBC, Dalits, etc. must be deleted from the nation’s vocabulary. Every citizen should have only one classification, that of being an ‘Indian’, in the spirit of the constitution.

Last year, when the Bihar government decided to conduct a caste survey in the state, the BJP was also Nitish Kumar’s partner in the state government, and it supported it. Political expert and former professor of Tata Institute of Social Science, Pushpendra Kumar, says, “It is not that the BJP does not talk about caste. It tries to reveal the caste of the Prime Minister as well. For caste politics, the BJP also tried hard to raise the issue of Pasmanda Muslims.”

(The writer is a management professional based in Ahmedabad. Views personal.)

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