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 Union Budget highlights the government’s focus on Care, Green, and Digital – three crucial themes that
will continue to shape our economy. The good push on specialized education in nursing and medical devices, as well as the strengthening of teacher training, will help build a strong foundation for our healthcare system. The promotion of online learning through Mission Karmayogi and the IGOT platform will further drive the adoption of digital technologies, even across rural and remote regions. Another significant milestone includes the focus on setting up more AI and 5G labs and R&D centres and the need for a skilled talent pool to support this adoption, which will drive the digital transformation of our economy. It will enable ‘Make AI for India’ and ‘Make AI work for India’ a reality while also pushing the growth peddle significantly. Emphasis on the importance of Skilling and Upskilling in New-Age and Industry 4.0 Skills, will prepare Indian Talent for International Demand and position India as the Global Talent Capital of the world. We expect a wider collaboration between the government and TSPs (Technology Service Providers) in the coming times for ensuring our talent remains armed with future-ready skills and domain expertise. The budget’s proposal to provide stipend support to over INR 47 lakh youth is a major move to encourage skilling. Overall, the budget strikes a balance between caring for our citizens, protecting our environment, and harnessing the power of technology to build stronger and more progressive infrastructure for us. It is a stepping stone during the first phase of Amrit Kaal to make India a global superpower in terms of skilled manpower, technology and business growth” –Mayank Kumar, Co-Founder and Managing Director, upGrad
“The Budget 2023 saw the Government lay its focus on skilling of youth – students and salaried professionals, which resonates heavily with the work that the edtech sector is doing. The Budget specified that there will be courses provided in areas like AI, IoT, Robotics, and other soft skills, to steer the youth towards meeting the demands of today. At Jaro Education, we have also been striving to provide courses to our consumers around these new-age requirements. The Government encouraging the same goes a long way in putting it under the spotlight. The Pradhan Mantri Kaushal Vikas Yojana 4.0 is now being united with the needs of Industry 4.0 to align education courses that meet the needs of the industry. The Edtech industry was hoping for support from the Government in the form of schemes and incentives for improving online initiatives. We hope the Government revisits GST on education, especially higher education and upskilling courses. The current GST on education services is 18%, which is for luxury items. In the current industry dynamics, such education is not luxury but essential and hence, we hope for consideration on the same.”–Ms Ranjita Raman, CEO, Jaro Education
“The Union Budget’s focus on the education sector showcases the government’s intention to take learning to the next level. The focus on bringing courses such as coding, AI, robotics, mechatronics, IoT and 3D printing, drones to the forefront through the PM Kaushal Vikaas Yojana 4.0, as well as the Skill India International Centres across different states will equip students with new skills. The Centers of Excellence for Artificial Intelligence will promote the development and use of AI in India. This will stimulate a robust AI ecosystem while also nurture quality human resources in the field. The initiative to provide training for teachers will enable them to upskill and be future ready.”– Mr. Suresh Kalpathi, Founder & CEO, Veranda Learning Solutions.
