The Union Finance Ministry is gearing up to present the full Union Budget for the fiscal year 2024-25 in July. Several stakeholders from the education sector voiced their expectations from Finance Minister Nirmala Sitharaman.
The Union Budget for this financial year, comprising estimated receipts and expenditures of the government in various sectors, is expected to be tabled in Parliament next month, tentatively on July 23 or 24.
For the financial year 2023-24, the education sector was granted its highest-ever fund allocation of ₹1.12 lakh crore, compared to ₹1.04 lakh crore in FY 2022-23.
The budget for FY2023-24 earmarked ₹68,804 crore for school education, ₹44,094.62 crore for higher education, and ₹37,453 crore for the Samagra Shiksha Abhiyan (SSA). Experts urge the newly elected government to increase investments in skill development and focus more on digital infrastructure.
He added, “To supplement the objectives of the NEP (National Education Policy), digitalisation should be at the forefront, ensuring greater access to meaningful and affordable educational resources tailored to their needs.”
Rajamani made note of the following expectations from the Union budget:
“The National Research Foundation (NRF) should play a pivotal role in addressing these gaps. More schemes specifically targeting the academia-industry collaborations is the need of the hour,” Rao added.
He further called for improvement in domestic education standards amid a rising trend of Indian students studying abroad.
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