Budget 2024
Budget 2024: The interim budget for 2024, presented on February 1, allocated Rs 1.20 lakh crore for education. This is Rs 9,091 crore less, or 7.26 percent lower, than the revised estimate of Rs 1,29,718 crore for the year 2023-24.
Budget 2024: Education experts are hopeful that the upcoming budget, to be presented later this month by Finance Minister Nirmala Sitharaman, will significantly increase funding for the education sector, especially for research.
They believe that more investment in research is essential to foster innovation and keep up with global advancements. Strengthening these capabilities is crucial for India’s growth in science, technology, and other important areas.
“In the 2024-25 India budget, it is very important to increase funding for education and research. Even though India ranks third globally for scientific research, its 40th position in innovation is concerning.
“With R&D spending at only 0.65 percent of GDP, which is much lower than the BRICS average and the global average of 1.8 percent, it is crucial to increase this investment,” said V Ramgopal Rao, Vice Chancellor of BITS Pilani Group of Institutions and former IIT-Delhi director.
He mentioned that the National Research Foundation (NRF) should play a key role in addressing these gaps. More programs specifically targeting collaborations between academia and industry are needed now.
The interim budget for 2024, presented on February 1, set aside Rs 1.20 lakh crore for education. This is Rs 9,091 crore, or 7.26 percent, less than the revised estimate of Rs 1,29,718 crore for 2023-24.
For school education, the budget increased slightly from Rs 72,473 crore in 2023-24 to Rs 73,008 crore in 2024-25, an increase of just 0.7 percent.
However, higher education funding was reduced to Rs 47,619 crore in 2024-25, which is 18 percent less than the Rs 57,244 crore allocated in 2023-24.
Budget 2024: According to Dr. Kapil Pandla, Dean of Sharda School of Business Studies, there should be a significant increase in funding for higher education institutions to improve infrastructure, research capabilities, and overall quality.
“The Budget 2024 should focus on vocational training and skill development programs within higher education to better match industry needs and improve the employability of graduates,” Dr. Pandla said.
The government allocated Rs 12,000 crore through the Pradhan Mantri Kaushal Vikas Yojana 4.0 to train around 10 million youth. Dr. Pandla believes this program deserves even more funding this time.
Also read: National Doctors Day 2024: Know its History, Significance, Theme and Wishes to Share
Specific funds
The Samagra Shiksha Abhiyan includes the Sarva Shiksha Abhiyan (SSA), Rashtriya Madhyamik Shiksha Abhiyan (RMSA), and Teacher Education (TE) programs.
For the fiscal year 2024-25, the Indian Institutes of Technology (IITs), which are owned by the Union government, received Rs 10,324 crore. This is slightly less than the Rs 10,384 crore they received in the previous year.
“In the last few years, spending on education has been between 2.5 and 3 percent of the budget. It would be encouraging to see this increase to 6 percent or more. This means we should be ready to spend more than the previously allocated Rs 1.32 lakh crore on education by setting up new institutions, especially K-12 schools,” said Kanak Gupta, Group Director of Seth MR Jaipuria Schools.
He added that the rise of artificial intelligence (AI) and the goals set by the National Education Policy (NEP) 2020 have pushed schools to plan better. He believes the finance minister should support opportunities for innovative learning platforms in classrooms in the upcoming budget.
In the interim budget for 2024, the Samagra Shiksha Abhiyan, which is the government’s main program for schools from pre-primary to higher secondary levels, was allocated Rs 37,500 crore. This is a 12.76 percent increase compared to the Rs 33,000 crore allocated in 2023-24.
“नवीनतम जानकारी के लिए ! Raj Daily News अब व्हाट्सएप चैनल पर है 🚀 लिंक पर क्लिक करके फ्री में आज ही सदस्यता लें और नवीनतम वित्तीय जानकारी से अपडेट रहें!” यहाँ क्लिक करें!