Investing in the Future: Budget 2023 Sets Record for Education Funding

Do you know that this year's budget has given record allocation for the Education sector? Do you know about the focus areas in the Education sector? Read this article to know more

Education Funding

In the Union Budget 2023 presented by finance minister Nirmala Sitharaman, the education sector received the highest- ever allocation of ₹1.12 lakh crore, an 8.2% increase from the previous year's budget estimate and 13% from the revised estimate. The Covid pandemic has had a severe impact on primary education, with the Annual Status of Education Report showing that the basic reading ability of children has dropped to pre-2012 levels. This article looks at how the increased allocation for the education sector in the Budget 2023 will work to address this issue.

This article consists of the following headings:

  • Highlights for Education Sector in Budget 2023
  • Key initiatives in Budget 2023 for Education Sector

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Highlights for Education Sector in Budget 2023:

  • The education sector received an all-time high allocation of ₹1.12 lakh crore, surpassing the previous year's budget estimate by 8.2% and the revised estimate by 13%
  • Out of the total allocation for the sector, ₹68,804.85 crores and ₹44,094.62 have been set aside for schools and higher education, respectively
  • The Samagra Shiksha scheme saw a marginal increase in allocation from ₹37,383 crores in 2022-23 to ₹37,453 crores in 2023-24 
  • Allocation for PM-Poshan has been increased by 13.3 %, from ₹10,233 crores in 2022-23 to ₹11,600 crores in 2023-24
  • Allocation to Central Universities increased to ₹11,528.90 crores from a revised estimate of ₹11034 crores last year

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Key initiatives in Budget 2023 for Education Sector:

  • 157 additional nursing colleges will be established in conjunction with the 157 medical colleges already in place since 2014
  • Recruitment of 38,800 teachers and 740 support staff for Eklavya Model Residential Schools, in the next three years, to serve the 3.5 lakh tribal students 
  • Thirty Skill India International Centres to be established in various states
  • Launching Pradhan Mantri Kaushal Vikas Yojana. Lakhs of youth are to be trained in futuristic courses such as soft skills, drones, 3D printing, IoT, robotics, coding, AI, etc.
  • District Institutes of Education and Training will be transformed into dynamic centres of excellence for teacher training
  • National Digital Library for adolescents and children to be set up for facilitating the availability of quality books across genres, languages, geographies, and levels
  • Setting up of Digital Library for Children and Adolescents to facilitate the availability of quality books across genres, languages, geographies
  • Establishing 3 AI Centres of Excellence within leading academic establishments to accomplish the goal of "Making AI in India and for India" Establish one hundred labs focused on the development of applications utilizing 5G services in engineering institutions
  • Under the National Apprenticeship Promotion Scheme, a stipend will be given to 47 lakh young people in the next 3 years
  • R&D grant for the machines and local creation of Lab Grown Diamond seeds will be given to one IIT for a period of five years

Budget 2023 has brought about a plethora of initiatives to the education sector. The increased allocations and focus on modern technology, such as Artificial Intelligence, 5G and robotics, will help students stay abreast with today’s ever-evolving world. This budget will provide the much-needed impetus to the education sector so that students are equipped with the right skills and knowledge to succeed in their professional lives.

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