Prasanna TA, executive director, Ernst and Young, says, “Establishment of the Higher Education Financing Agency to fund infrastructure in top institutions could go a long way in developing India as an education hub. Budget allocations to skill development are also positive.”
There were no particular announcements related to existing educational institutions but an effort to increase the quality of education in coming years will be made through the following things:
- Creation of world-class institutions
- Enhancing quality of primary education
- Funding higher education
- Upskilling Indian youth
- Job creation.
“The overall allocation has unfortunately remained less than 4% of GDP (Similar developing nations have at least 6% of GDP as education allocation). The overall spend has increased from Rs 68,306 crore (revised budget 2015-16) to Rs 73,943 crore for the ministry of human resource development. The allocation for the ministry of skill development and entrepreneurship has increased from Rs 1,038 crore to Rs 1,804 crore,” says Narayanan Ramaswamy, partner and head of education and skill development, KPMG in India.
The Government has a dream to make the education sector of India flawless by:
- Setting up world class institutes
- 1,500 multi skill training institutes
- The digital literacy mission
- Funding agency for higher education.
Table that shows the changes.
|Particulars||Budget 2015-16||Revised Budget 2015-16||Budget 2016-17|
|Skill Development & Entrepreneurship||1,543||1,038||1,804|