Representative image of a classroom.
Credit: PTI Photo
Union Finance Minister Niramala Sitharaman is all set to unveil the Union Budget 2024 on February 1. This year only an interim budget will be presented owing to the upcoming Lok Sabha polls.
The education sector in India has been witnessing rapid growth with the government introducing several schemes to ensure well-rounded development.
Here is a graph to understand the education expenditure under the Narendra Modi government.
A close inspection of the Union Budget data shows that the expenditure on education has nearly doubled over the last decade. Seven new IITs and IIMs have been opened since 2014. 320 new universities have also been established over this course.
Analysing the budget allocation of Rs 68,728 crore in FY2014 to an allocation of Rs 1,12,899 crore in FY2023 reflects a mostly upward trend contradicted only by the budget allocations for the fiscal years, 2020-21 and 2021-22.
The Ministry of Education received an allocation of Rs 1,12,899 crore in the 2023 budget. This constituted 2.9 per cent of the central government’s overall estimated expenditure for FY24.
Funds have been allocated for welfare schemes like Samagra Shiksha, Eklavya Model Residential Schools, and the Skill India Programme and consideration for these schemes is expected in this year’s budget too.