The Union Budget 2023-2024 was presented to the parliament on February 1 by Finance Minister Nirmala Sitharaman. According to budget records, the Ministry of Education will get a staggering ₹1,12,898.97 crore from the centre for the upcoming fiscal year. Notably, this is the largest budgetary allocation ever given to the ministry. The expenditure for the department of School Education is ₹68,804,85 crore, while the expenditure for the department of Higher Education is ₹44,094.62 crore.The expenditure budget for the fiscal year 2022-2023 allotted ₹1,04,277.72 crore to the Ministry of Education. According to the updated figures, the Higher Education Department received ₹40828.35. According to the updated forecasts for 2022-2023, the School Education Department received ₹59052.78.
Opinions of eminent educationists
“The education sector in India underwent massive disruption owing to COVID 19 pandemic. The initiatives
introduced by the union budget is a welcome change. In terms of education, teacher training through innovative pedagogy, such as Gen Extra Muros (knowledge beyond walls) will help teachers facilitate the extensive use of technology in teaching and learning, remove language barriers, and improve educational planning and management. It also encourages innovation and out-of-the-box ideas through autonomy, good governance, and empowerment. The following Initiatives will lend towards endless empowerment -carte blanche – such as Multidisciplinary education and Pradhan Mantri Kaushal Vikas Yojana 4.0 are preparing Indian youth for the next generation. We look at the overall budget for 5G services to “Make AI in India and Make AI Work for India” as the beginning of the knowledge-age education.”-Mr. Ali Sait, CEO, Tech Avant-Garde
“The Union Budget presented by Finance Minister Nirmala Sitharaman has recommendations that can set new benchmarks in the field of education. The proposal to set up Centres of Excellence in Artificial Intelligence in educational institutions is a case in point. Recognising AI as a tool to elevate our educational standards can be seen as an example that could be emulated by other emerging markets. The plan to establish Skill India international centres across states for our youth to tap international opportunities is another novel move. Continued spend on skills through Pradhan Mantri Kaushal Vikas Yojna 4.0 is also a welcome move. We need to continue the good work on skill programs over the next few years.The government has also recognised the need to reverse learning loss caused by the pandemic and has expressed its desire to further encourage digital modes of learning and has increased allocation for school education by 8%. The proposal to set up a National Digital Library for children and adolescents, establishing a Digital University and the plan to provide training for teachers with an innovative pedagogy are further proof of the government’s commitment to raise the standards of education in India. Overall, I believe India can become a torch bearer of new standards in global education and if we can provide innovative ways that can enable better access for educational funds, that would give added impetus to our growing reputation as a highly skilled workforce.”-Raj Mruthyunjayappa, Chief Digital Officer and President-India, Anthology Inc.
“The Union Budget 2023 attempts an inclusive growth structure for the economy through various measures that are expected to reach the last mile. The effective capex of the Central government was enhanced to INR 13.7 Lakh crores, or 4.5% of the GDP was an acknowledgment that capital expenditures are crucial for the economy and could boost the growth. As the efficiency of capital expenditures is higher at the state level, the government once again earmarked INR 1.3 lakh crores as a 50-year loan to States, which would incentivize capital expenditure. ECLGS scheme continues with an additional INR 9000 crore added to the corpus which would boost the fund flow for the MSME sector.”–Prashant Kumar, MD & CEO, YES BANK
