Union Budget 2023: FM to present Fifth Budget today; Education sector Demands 6% of GDP
In her Budget 2022 Sitharaman allocated ₹1.04 lakh crore for education, of the total outlay, ₹63,449.37 crore was allocated for schools, and ₹40,828.35 crore for higher education.
Union Minister of Finance Nirmala Sitharaman will be presenting Union Budget 2023 at 11 am today, February 1, 2023. Sitharaman will be presenting her fifth budget of the Modi Government this year. Education sector is expecting various incentives in this year’s Budget and is hoping that allocation will be up by six percent of the GDP as per the NEP 2020.
Union FM Nirmala Sitharaman will be presenting a paperless budget again this year. In her Budget 2022 Sitharaman allocated ₹1.04 lakh crore for education, an increase of around ₹11,000 crore, or 11.86%, compared to 2021-22. Of the total outlay, ₹63,449.37 crore was allocated for schools, and ₹40,828.35 crore for higher education.
Some of the experts are of the view that the Union Budget 2023 should increase budgetary allocation for education, as allocation in India is less compared to other developed countries. The National Education Policy 2020 recommended spending on Education to be 6% of GDP, which is around 2.9% right now.
Addressing Parliament at the beginning of the Budget Session, President of India Droupadi Murmu said that more than 300 new universities have been set up in the last eight years. More than 5000 colleges have also been opened in the country during this period. She said that In India, almost one medical college has come up every month in the last eight-nine years.
Education sector is expecting Budget 2023 to take conducive steps to bridge the digital divide gap so that learning solutions can be easily accessed by everyone as it’s a critical need at the ground level. There is demand to digitally connect all schools in the country and also ensure a smooth glitch-free working of the digital infra post its implementation.
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Abhay an alumnus of IIMC and Delhi University, has over a decade long experience of reporting on various beats of journalism. During his free time he prefers listening to music or play indoor and outdoor games.