Budget 2024: FM Allocated ₹124638 Crore to Education, up 7% From Last Year
Upstox
4 min read • Updated: February 1, 2024, 10:57 PM
Summary
In the Interim Budget 2024-25, Finance Minister Nirmala Sitharaman allocates ₹1,24,638 crore to the education sector, marking a 7% increase from the previous fiscal year. This budgetary boost aims to address challenges like inadequate infrastructure and promote inclusive education. Major schemes such as Pradhan Mantri Poshan Shakti Nirman and Eklavya Model Residential Schools receive funding under the education budget. Expectations for the sector include increased budgetary allocations, integration of technology, and better access to education. The budget reflects the government's commitment to fostering a resilient and innovative education system to drive India's socioeconomic growth.
Key Takeaways
- The overall allocation for education is ₹1,24,638 crore, which may be revised to reduce the initial budget announced by the finance minister.
- From necessities to advanced learning mechanisms, there is a high demand for improved infrastructure in the education sector.
Presented by Finance Minister Nirmala Sitharaman on February 1st, the Budgeted Estimate (BE) for the education sector for the financial year 2024-25 (FY25) is ₹1,24,638. There is an increment in the BE for education from FY23 and FY24, where the BE was ₹1,04,278 crore and ₹1,12,899 crore respectively. The revised estimates (RE) for education for FY24 were revealed to be ₹1,08,878 crore.
Did you know that basic infrastructure is still lacking in Indian schools despite the improvements over the years? In 2021-22, about 89% of schools had access to electricity, and only 47.5% of schools had a computer, and 34% had internet. The Interim Budget 2024-25 holds key features that can shape the future trajectory of education in the country. The education sector is expecting skill development, increased budgetary allocation, technology integration, and inclusive education among other things from the recently released interim Union Budget.
Education Budget Allocations in 2024
As per the interim Interim Budget 2024, the Finance Ministry has decided to invest about ₹1,24,638 crore in education. However, if the trends of the industry from the past year continue in the upcoming year, the budget may likely be revised to reduce the initial budget announced by the finance minister.
Education was allotted approximately ₹1,12,899 crores in FY23, which was about 8% higher than the estimated budget in FY23.
Major heads of expenses under the Ministry of Education include the following schemes:
- Pradhan Mantri Poshan Shakti Nirman (PM POSHAN)
- Pradhan Mantri Schools for Rising India (PM SHRI)
- Pradhan Mantri Uchchatar Shiksha Protsahan (PM USP)
- Eklavya Model Residential Schools (EMRS)
- National Education Mission/Samagra Shiksha Abhiyan
- Education Empowerment
Here are some of the expectations of education sector from the Union Budget 2024:
Increased Budgetary Allocations Some of the challenges faced by the education sector can be addressed with better infrastructure. To address the current gap, the government is likely to invest more than last year; the government increased the budget for investing in the education sector by approximately 13% from FY2023 to FY2024.
Integration of technology and digital learning Keeping up with the current scenario, the government of India is encouraging the youth of India to become familiar with emerging technology.
Increasingly Inclusive Education and Better Access Schemes like PM SHRI, a centrally sponsored scheme, and ERMS address the need for inclusive education across the country. The budget allotted for such schemes can improve access to education, especially in remote areas.
Did you know that schemes like PM POSHAN and PM USP encourage children and adults from all walks of life to continue their higher education irrespective of their financial standing in society?
Training for teachers Samagra Shiksha Abhiyan is an overarching program that extends from preschool to class 12 and focuses on the professional development of teachers. The education sector can anticipate simplified accreditation and approval processes for institutes.
Conclusion
The implications of the interim Union Budget 2024-25 seem hopeful for the education sector. With increased/decreased budgetary allowance, the education sector can focus on skill development of teachers and promote inclusive education among other things. It is evident that there is a consistent need of funds to meet the evolving demands and aspirations of the education sector to create a bright future for India led by innovation and knowledge.
It is safe to say that the Union budget 2024-25 has the potential to lay the foundation for a more resilient future of the education sector in the country and contribute to India’s socioeconomic growth.