Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in Parliament today, January 31, 2023. It was the first budget presented in the ‘Amrit Kaal’, a 25-year period leading up to India’s Independence Centenary.
A total of Rs 1,12,898.97 crore has been allocated for the education sector in the Union Budget 2023. The Education Budget 2023 saw an increase in its allocation to 8621.25 crore as compared to the previous year’s 104,277.72 crore.
Rs 68,804 crore was allocated for school education in the Education Budget 2023, which saw an increase of 8% compared to the previous year’s Rs 63,449 crore. Similarly, the Union Budget 2023 saw an increase of 7.9% in higher education allocation with an allocation of ₹44,094 crore as compared to ₹40,828 crore in the previous year.
With a huge budget allocation of 1.12 lakh crore for education, the Union Budget 2023 has given the highest ever allocation to the Ministry of Education. Along with increased spending on education for FY23-24, India’s Budget 2023 also proposes some major reforms and initiatives to boost the quality of education at all levels and support upskilling of youth.
Some of the major projects proposed in the Education Budget 2023 include construction of 157 new nursing colleges in co-location with existing 157 medical colleges, recruitment of 38,800 teachers and support staff for Eklavya Model Residential Schools, and setting up of a national digital library. To facilitate the availability of quality books among the students.
Budget 2023 further proposes to set up ICMR laboratories for research by public and private medical faculties and to set up new dedicated multidisciplinary courses. PM Kaushal Vikas Yojana 4.0 for skill development of youth with 30 new Skill India centers in states, and new age courses for industry like coding, AI, robotics, mechatronics, 3D printing, and others also proposed in Budget 2023 Is.
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