Finance Minister Nirmala Sitharaman on Wednesday announced Rs 1,12,899 crore as expenditure on education in the Union Budget 2023-24. This is the highest allocation fund granted to the ministry ever. School Education Department has been allocated Rs 68,804.85 crore while the Higher Education Department has been allocated Rs 44,094.62 crore.
Last year the education budget 2022 has been allotted Rs 1,04,278 crore. The education budget allocation for 2021-22 was Rs 93,223 crores, which was reduced by 6 per cent as compared to the year before. The revised estimate was Rs 88,002 crore. This is Rs 8,621 crore more than the budget estimate for 2022-23 and translates to nearly 8.26 growth when compared with the previous budget estimate of Rs 1,04,278 crore.
Speaking about the allocation for the education sector, Dr Prashant Bhalla, President, Manav Rachna Educational Institutions, said "Budget 2023 is an inclusive budget for Amrit Kal with a focus on industry-academia collaboration, and with a reliance on public-private partnerships. Youth Power as one of ‘Saptarishi’ in the budget and an increased outlay for education to Rs. 1.12 lakh crores will undoubtedly, support the vision."
Recommended For You
"Digitization and advanced technology in Artificial Intelligence and new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IoT, 3D printing, drones, and soft skills will boost the dream of Hon’ble Prime Minister for Kaushal Vikas. Skilling Youth for international opportunities will empower Indians to be responsible and relevant global citizens. In a nutshell, Budget 2023 is a futuristic budget for the youth in Amrit Kal," he added.
"Research has been given a boost as an enabler for New Education Policy 2020. Budget 2023 will surely contribute directly to making India a global knowledge superpower," Prashant Bhalla added.