India's Education Budget Falls Short Of Expectations, Raises Concerns For Future

India's Education Budget Falls Short Of Expectations, Raises Concerns For Future

India's education budget falls short, raising concerns for the future. Interim Budget 2024 allocated Rs 1,08,878 crore instead of the expected Rs 1,16,417 crore, with only 2.9% of total GDP allotted to education. Expert analysis by Head of Economics at St. Xavier’s College Mumbai.

Dr Aditi SawantUpdated: Thursday, February 01, 2024, 06:08 PM IST
article-image
Representative image

The Education system in India has been passing through major reforms in the last couple of years; thanks to the New Education Policy (NEP). Newly introduced skill-based courses such as Skill Enhancement Course, Vocational Skill Enhancement, and Indian Knowledge System along with mandatory credits on job Training (OJT) and Field Projects (FP) need humongous investment in educational infrastructure and immediate recruitment of skilled and trained faculty. 

Dr Aditi Sawant

Dr Aditi Sawant | Head Department of Economics, St. Xavier’s College Mumbai

However, there is a sense of complete apathy in the Interim Budget 2024 to invest in educational infrastructure especially new technologies such as AI and digital platforms as well as immediate recruitment of skilled and trained faculty.   

The government was supposed to spend Rs 1,16,417 crore on education but ended up spending Rs 1,08,878. The highlights of the Interim Budget 2024 on education would be the announcement of more medical colleges to be set up soon. A new corpus of 100,000 Crore with 50-year interest free which might promote private investment in the field of education. 

The budgetary outlay for educational expenditure is merely 2.9 percent of the total GDP in India. The Education Sector is not a standalone sector but it is the most fundamental sector in human resource building of the nation. Unfortunately, it is the most neglected and taken for granted for years. 

The author is the Head Department of Economics at St. Xavier’s College Mumbai

RECENT STORIES

Emerging Trends In Design Study

Emerging Trends In Design Study

Sustainable Finance Training Required For International Students To Address Financial Challenges

Sustainable Finance Training Required For International Students To Address Financial Challenges

Joint Entrance Test (JET), Pre-PG, And Ph.D. Entrance Exams 2024 Registration Closes Today; Apply...

Joint Entrance Test (JET), Pre-PG, And Ph.D. Entrance Exams 2024 Registration Closes Today; Apply...

AP EAMCET 2024 Registration Ends Today, Check Direct Link Here

AP EAMCET 2024 Registration Ends Today, Check Direct Link Here

‘Khushi ki Chaupal’ in UP’s Anganwadi centres

‘Khushi ki Chaupal’ in UP’s Anganwadi centres