On February 1, Nirmala Sitharaman, the union finance minister, presented the Interim Budget 2024. During her speech, she underscored that the total budget allocation for the Department of School Education and Literacy (DoSEL) amounts to Rs 73,008 crore for the upcoming fiscal year 2024-25. She emphasised that this marks the highest-ever allocation for this sector, reflecting a significant increase from the FY 2023-24 allocation of Rs 68,804 crore, representing a 6.11% rise in budgetary provisions. Additionally, revised estimates indicate that the FY 2023-24 budget allocation was further increased to Rs 72,473.80 crore. “The government is focusing on youth empowerment, particularly through the NEP 2020 and the PM SHRI initiative. Recognising education as a cornerstone for future prosperity, the allocations for establishing new institutions and advancing skill development via the Skill India Mission are promising indicators of a forward-looking approach,” Er.Koneru Satyanarayana, chancellor, KL Deemed to be University, told FE Education.
The Higher Education Department also experienced a rise in its budget allocation. The department’s outlay for the upcoming financial year stands at Rs 47,619.77 crore, up from Rs 44,094.62 crore allocated for the current financial year. In total, the Education Ministry has been allocated Rs 1,20,627.87 crore for FY24-25, showing a 6.84% increase from the Rs 1,12,898.97 crore allocated for the 2023-24 financial year. “We are committed to leveraging these opportunities to equip further and empower the next generation of leaders. As we collectively strive towards making India a ‘Viksit Bharat’ by 2047, we recognise the critical role of enhancing people’s capabilities and empowering them to drive meaningful change and create a brighter, more equitable future for all,” Dhruv Galgotia, CEO, Galgotias University, said.
Moreover, FM has also announced a 28% surge in female enrollment in higher education, with women now comprising 43% of students in STEM courses, marking one of the world’s highest rates. According to the Unified District Information System for Education Plus (UDISE+) report, in primary education, the Gross Enrolment Ratio (GER) (female) increased from 101.8% in 2018-19 to 104.8% in 2021-22. For upper primary, the GER (female) rose from 87.74% in 2018-19 to 94.9% in 2021-22. “The interim budget highlights the ongoing progress of women, emphasising their essential right to quality education for India’s complete transformation into a developed nation by 2047. This era belongs to India, with women positioned to lead the way into a new era of development. We are steadily advancing towards the goal of elevating Bharat into a fully developed $30 trillion economy by 2047,” Jeet Marwadi, board member, Marwadi University, said.