Analysis of Union Budget
Sectoral Analysis of the Budget to Education Sector
Nirmala Sitharaman, the Union Finance Minister presented the budget in Parliament on February 1. To foster an ecosystem of skilled students the budget aims for fast implementation of the latest technological advancements in academics.
The ministry of education has been assigned Rs 1.12 lakh crore this year in comparison to Rs 1.04 lakh crore the last year. This is the highest allocation in the budget for education over the years. This marks an increase of 8,621 crore in comparison to the previous year. This brings forward an 11.86% increase in the allocation of the Budget amount in the Education sector in 2023-24 as compared to 2022-23.
It has been highlighted that School Education Department will get Rs.68,804 crore while the Higher Education department will receive Rs.44,094 crore
Important areas of Education focused on Budget 2023
Launching of Pradhan Mantri Kaushal Vikas Yojana 4.0: To improve the education sector the government has launched Pradhan Mantri Kaushal Vikas Yojana 4.0. This has been done for the standardization and recognition of skills.
Preparing students for international opportunities: To prepare students for international opportunities 30 Skill India International Centres will be established in different areas that will encourage students in various career opportunities.
Establishment of 100 labs to encourage the making of apps using 5G: Moreover announcement regarding establishing 100 labs in engineering institutions for the development of apps working on 5G services was made.
Establishment of National Digital Library: In an attempt to arrange good books for students an announcement in establishing a national digital library for students was made.
Increased number of teachers and staff for Eklavya model schools: The employment of a higher number of teachers and staff for the Eklavya model schools will prove beneficial for students in tribal areas. This can be seen as an initiative in providing students with equal opportunities and promoting inclusive development.
Decrease in the cost of capital linked with educational loans: Also a decline in the cost of capital associated with educational loans was suggested.
Exemption of GST on the supply of goods and services to educational institutions: Exemption of GST on the supply of goods and services to the concerned educational institutions has been announced. This can decrease the total cost put on the parents and schools. Moreover, there has been a GST exemption on the printing and making and of textbooks for schools. This will definitely improve affordability for low-income parents.
Boost to artificial intelligence: In budget 2023 plans regarding boosting Artificial Intelligence in India have been announced. Moreover, the establishment of three Centres of Excellence in selected top educational institutes has been announced. This has been done in order to achieve the vision of 'Make AI in India and Make AI Work for India'.
Announcement of direct benefit transfer: It has been announced that there will be the provision of support in the form of direct benefit transfer under a national apprenticeship scheme at the pan India level to around 47 lakh youths in approximately 3 years.
Focusing on skill development programs: There will be a re-orientation of skilling programs. It has been pointed out that ITIs will bring forward courses for skill development. Moreover, there will be the launch of the Digital DESH e-portal that will focus on the enhancement of skills among the youth.
Revision of syllabus in Agricultural universities: It has been directed that there will be a revision of the syllabus in Agricultural universities and will now try to meet the requirements of farming in modern times.
Making of 5 academic institutions focused on urban planning as centers of excellence: It has been put forward that there will be made of 5 academic institutions focused on urban planning as centers of excellence. In addition to this, the institutions will receive an endowment of around Rs.250 crore per institution. The budget should focus on the main areas of the education sector. It should thrive to improve standards of learning, enhance the professional skills of teachers, establish a strong infrastructural base, and enhance skill development.
It is clear that there is an urgent need for the government to provide a comprehensive and coordinated strategy for the betterment of the education sector in the country. This concern will hopefully be at the top of their agenda as they plan for the 2023 budget.
Information contained herein is only for reference purposes and is based on the information publicly available as of the date of publication. The author takes no responsibility for its reliability and accuracy. It is advised to take appropriate Legal/professional advice before undertaking any business activity or otherwise based on the above.