India, Feb. 2 -- Union finance minister Nirmala Sitharaman on Sunday announced the setting up of a new National Institute of Design (NID) in eastern India, five university townships near industrial corridors, and a reduction in the Tax Collected at Source (TCS) under the Liberalised Remittance Scheme (LRS) for education abroad from 5% to 2% to make it easier for Indian families to fund overseas studies of their children.

Sitharaman said that the budget was focused on "AI application" and a "Yuva Shakti (youth power-driven)" one. She shared the government's plans to boost employment and fulfil the aspirations of the youth.

She proposed a high-powered standing committee on 'Education to Employment and Enterprises,' which will recommend me...