Interim Budget 2024: Education Sector Gets Boost with 10% Allocation Rise; Schemes & Funding Data

Union Finance Minister Nirmala Sitharaman released the Interim Budget for 2024, allocating Rs 1,24,638 Crore to the Education Ministry, marking a 10% increase from the previous year's budget of Rs 1.16 lakh crore. The data and figures of the union budget are out now. Check key highlights of the data and figures of the education budget here. 

Key Allocations:

• Department of School Education: Receives Rs 73,008 crore, up from Rs 68,804 crore in the previous budget.
• Higher Education Department: Sees a marginal increase with an allocation of Rs 47,619 crores, compared to Rs 44,090 in the last budget.

However, concerns arise as the budget for education still remains below 3% of GDP, falling short of the National Education Policy's recommendation of 6% of GDP.

Institutional Funding:

• IITs, NITs, Central Universities, IISERs: Witness a modest increase of about 5-7% in their annual budget.
• IIMs: Experience a decrease in budget allocation.

Centrally Sponsored Schemes:

• Pradhan Mantri Poshan Shakti Nirman Scheme: Allocates Rs 12,467, emphasizing school nutrition.
• PMSHRI Scheme: Allocates Rs 6050 for the establishment of over 14,500 PM SHRI Schools.

Higher Education Initiatives:

• Rashtriya Uchhatar Shiksha Abhiyan (RUSA): Phased out, replaced by Pradhan Mantri Uchchatar Shiksha Abhiyan (PMUSHA): Introduced with Rs 1814.94 crore to support colleges and universities.

Concerns and Expectations:

• Despite the increase, the education budget remains below the NEP's recommended 6% of GDP.
• No allocation for the creation of new IITs, IIMs, or Central Universities.
• PM SHRI initiative launched in 2022 continues to provide quality teaching.

Conclusion:

While the education sector receives increased allocations, stakeholders express concerns about meeting NEP targets and the absence of provisions for new premier institutions. The education fraternity awaits the detailed budget release in July post the 2024 General Election.