Budget 2023: Here's What Education Sector Expects From This Year's Union Budget

Budget 2023: Last year, the Union Budget allocated funds were Rs 40,828.35 crores for higher education and Rs 63,449.37 crores for school education.

Budget 2023: Here's What Education Sector Expects From This Year's Union Budget
Budget 2023

THE UNION Budget for this fiscal will be presented by Finance Minister Nirmala Sitharaman on February 1, the second day of the upcoming Budget session of the Parliament. The education sector has high hopes for this year's Budget and is expecting a focused approach toward making education aligned with future preparedness. Edtechs are the future and people are looking forward to some positive announcements in this budget regarding policy, taxation, etc.

The Government of India has made every effort to promote digital education and the introduction of the National Education Policy (NEP 2020) which focuses on providing personalised and quality-driven education to young students across the country. Last year, the Union Budget allocated funds were Rs 40,828.35 crores for higher education and Rs 63,449.37 crores for school education.

Shishir Jaipuria, Chairman of Seth Anandram Jaipuria Group of Educational Institutions, and Chairman of FICCI Arise said that Indian education needs the policy and budgetary thrust to evolve as a catalyst for youth empowerment, societal change, and nation-building.

"The upcoming Union Budget should address the core aspects of school and higher education with a view to enhancing the quality of learning, improving teachers professional skills, building robust infrastructure, and promoting skill development. It is recommended that at least Rs 1000 crore of the education budget should be earmarked for faculty training and continuous professional development of teachers. Likewise, the government should target allocating 6% of the GDP for education," Jaipuria said.

While elaborating upon special emphasis being given to vocational education and skill acquisition, Jaipuria said, "Additional initiatives should be undertaken for funding and aiding institutions to develop digital infrastructure and set up research and innovation centres. Special emphasis should be on promoting quality vocational education and skill acquisition."

"This shall help to bring some of the 20 million out-of-school children back into the fold of mainstream education and be a positive move towards realization of the vision of the National Education Policy 2020," Chairman of FICCI Arise added.

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