Centre Plans To Spend Over INR 1.12L Cr In Education

Union Finance Minister Nirmala Sitharaman on Wednesday presented the Budget 2023-24 in the Parliament which was also focused on education. The central government has planned to spend over INR 1.12 lakh crore in the education sector in the country.

There is a significant increase in the outlay of the Ministry of Education from estimates of the current financial year which is INR 1,12,898.97 crore, also the highest-ever budget allocated to the ministry.

To break-up the figures, the department of school education and literacy has been allocated INR 68,804.85 crore, while the Higher Education Department has been allocated INR 44,094.62 crore.

 Addressing a Budget Session, Sitharaman said that Teachers’ training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. The District Institutes of Education and Training will be developed as vibrant institutes of excellence for this purpose.

The government also aims to create a National Digital Library for children and adolescents for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.

“States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources,” the Minister said.

A large chunk of the school education budget has been allocated to Samagra Shiksha. The government has announced INR 37,453.47 crore for the country’s biggest school education scheme.

The total expenditure budget for Research and Innovation is INR 210.61 crore. Statutory bodies University Grants Commission (UGC) and All India Council for Technical Education (AICTE) have been allocated INR 5,360 crore and INR 420 crore, respectively.

Commenting on the education budget, various stakeholders have expressed their thought with Opportunity India which are as follows:

Alka Kapur, Principal, Modern Public School, Shalimar Bagh said that The government has made big announcements to support the teaching ecosystem by facilitating teachers' training and recruiting 38,800 teachers and staff for the 740 Eklavya Model Residential Schools, which are serving 3.5 lakh tribal students.

“The announcements during the Union Budget 2023 by the Finance Minister are significant boosts towards revamping the Indian education system, especially when we are witnessing a rapid shift towards digital learning. One of the major initiatives taken by the government to promote online education was the declaration to set up digital libraries for children and adolescents, which will enhance the availability of quality books across geographies, languages and genres,” she said.  

“Allocation for school education has increased by 8 per cent from INR 63,449 crore (Budget Estimate) in 2022-23 to Rs 68,804 crore in 2023-24. This move by the government will further bring in educational inclusivity and provide each and all with access to quality education,” she added.

Dr. VP Singh, Professor of Economics, Great Lakes Institute of Management, Gurgaon said quick conflict resolution is key to business success. The initiatives under VIVAAD se VISHWAS are much appreciated given the global shocks experienced by our producers, particularly the MSME sector.

“It’s a delight to see the budget complementing the Economic Survey so very well. It displays an orderly thinking process in the government. The survey showed India reaching the recovery phase of the credit growth cycle; private consumption was rising reaching its highest since 2015; Gross Non-performing Assets ratio of banks declining substantially; and consumer confidence rising. This is the right time to give more money in hands of people and that is what the FM has done. The standard deduction has been significantly increased from INR 5 lakhs to Rs 7 lakhs. Incomes and consumption will witness a quantum jump due to the Capex increase of 33% on top of the 35% increase seen in the last year. The budget has embraced green growth as well as smart growth as it emphasises on initiatives through Artificial Intelligence and other technological improvements,” Singh added.

Manav Subodh- Founder of 1M1B said this financial year is all set to position us as a superpower in the global skills economy; and this budget delivers fantastically in that regard. By placing a central focus on green growth while keeping the budget youth-centric, I am very happy to see an increased investment in efforts to make India’s sustainability and climate action agenda go mainstream.

Dr. KC Arora, Professor of Finance and Banking, Birla Institute of Management Technology said, “There is something for the farmers in their long run interest by developing storage and supply chain infrastructure which may not meet their quick expectations. The youth will only benefit from indirect job creation through growth or entrepreneurship. There is an increase in expenditure on MSMEs, the health care sector, the digital economy, and a push for green energy by allocation of funds for Hydrogen Mission and schemes for replacing old polluting vehicles.”

Meanwhile, Anish Srikrishna, CEO, TimesPro said that the budget has ushered a slew of initiatives by emphasising the National Education Policy’s skilling outlook. We welcome the move and expect public-private cooperation to meet the goals of this initiative, accelerating India's transition to an Industry 4.0 economy.

Col. Gopal Karunakaran, CEO, Shiv Nadar School welcomed the budget and lauded the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0 in the 2023 budget.

“This scheme, which will focus on equipping the youth with cutting-edge skills in fields such as AI, robotics, and 3D printing, is a welcome step towards preparing our students for the demands of the 21st-century global marketplace. The emphasis on developing soft skills and launching 30 international centers will create numerous opportunities for our students to gain valuable experience and increase their competitiveness in the international arena,” Karunakaran added.

Sumeet Mehta, Cofounder & CEO of LEAD said, “The first Amrit Kaal Budget’s focus on quality of education for all is progressive and encouraging. I welcome the focus on teacher training and upskilling students with Industry 4.O skills.  However, while initiatives such as a National Digital Library and support for Eklavya Model Residential Schools are steps in the right direction to address the massive learning loss from the pandemic, well-designed PPPs are the need of the hour to create innovation at scale for millions of school going students in India. This will make high-quality learning more accessible and affordable, especially for students in small towns who lack resources; and will result in long-lasting impact at scale.  GST rebates on printing of books, assessment material and educational hardware can further enable affordability and access to high-quality, multimodal education in schools.  Going forward, I look forward to policy support in this direction.”

Expressing her views of Buget 2023, Divya Gokulnath, Co-founder, BYJU'S said, “With a focus on digitalization and formalization, the budget is investing in digital public infrastructure that will position India for continued growth and competitiveness. The education sector is a key area of investment, with the launch of PM Schools for Rising India, the recruitment of 38,800 teachers, and the establishment of a National Digital Library for children. These initiatives will help equip students with the skills and knowledge needed for success in the future, and the emphasis on teacher training and innovative pedagogy will ensure that the quality of education in India continues to improve. This forward-thinking budget sets India on a path towards self-reliance and global competitiveness.”