Union Education Budget 2023: Here's How Much Union Government Granted for Education Sector

Union Education Budget 2023: Here's How Much Union Government Granted for Education Sector

The Union Budget 2023 was released today, on February 1, 2023, at 11:00 am. During the pandemic era, the education sector was badly affected. The Union Education Budget 2023 is expected to propel the education sector for becoming future-ready. There is an unequivocal need to upgrade the Indian education system, especially in the higher education sector. To improve higher education, there is a need for budgetary impetus. The education sector has been considered the most underfunded sector for a long time. The expectations from the Union Education Budget 2023-24 were very high to bring the Indian education system back on its feet as well as prepare the nation for the upcoming changes in the industrial sector. 

According to Union Budget 2023-24, Rs 1.12 lakh crore has been allocated for the education sector, which is the highest ever and it is an increase of around 8.2% from what was allocated for 2022-23. 

Rs. 68,804.85 crore was allocated for school education and Rs. 44,094.62 crore has been allocated for higher education. It is seen that allocations have risen in most cases but, some schemes and institutions along with scholarship schemes for minority students and IIMs have seen steep cuts. 

The Central Government's flagship programme, Samagra Shiksha Abhiyan remained the same as last year and was allocated ₹37,453.46 crore. The midday meal scheme which is renamed PM Poshan saw an increase from from ₹10,233 crore in 2022-23 to ₹11,600 crore in 2023-24.

According to the Union Budget, the government will enable self-help groups so that they reach the next level of economic empowerment. A new programme will be launched to promote R&D in pharma. 57 medical colleges have been established in India since 2014. 115 new nursing colleges in core areas are to be set up along with the existing 57 medical colleges. To skill lakhs of Indian youth, Kaushal Vikas Yojana 4.0 will be launched. Around 30 Skill India International Centres will be set up across states.

Union Education Budget 2023-24: Allocation

The allocation set for different programmes/ schemes in the Union Education Budget 2023-24 hasve been given below:

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