What union budget 2023 can do in education sector

The government has the chance to make significant improvements to the Indian Education system in the Union Budget 2023. Despite having the second-largest population in the world, India’s educational system has encountered numerous difficulties, including a lack of proper funding, subpar infrastructure, and a shortage of qualified professors. Poor student achievements and a high dropout rate have resulted from these problems, especially for children who are economically and socially disadvantaged.

To upgrade the facilities and teacher preparation, increase financing for primary and secondary education. The World Bank reported that India’s public spending on education, at roughly 3% of GDP, is among the lowest in the world. Increasing funding in this sector could help improve the quality of education and reduce the dropout rate.

Introduce a federal scholarship programme to encourage low-income students to attend college. In India, only about 27% of students from economically and socially disadvantaged households are able to pursue higher education, according to a survey from the All-India Survey on Higher Education (AISHE). A national scholarship programme might make it easier for these youngsters to enroll in higher education.

To encourage innovation and raise educational quality, increase funding for research and development in the industry. The National Science and Technology Management Information System (NSTMIS) reported that India’s R&D investment as a percentage of GDP, at roughly 1%, is among the lowest in the world. Increasing funding in this area might assist raise the standard of instruction and make it more in line with business demands.

Union budget 2023

Introduce tax breaks for businesses that finance CSR initiatives related to education. The Confederation of Indian Industry (CII) said that only 2% of Indian businesses use CSR cash for initiatives that support education. Tax incentives might entice more businesses to make investments in this field.

Increase funding for programmes that provide vocational training to close the skills gap and boost employment. Only around 2% of the Indian workforce has received formal skill training, according to a survey by the National Skill Development Corporation (NSDC). Vocational training programmes could benefit from increased funding as a way to close the skills gap and boost employability.

In conclusion, the government has a crucial opportunity to make significant improvements to the Indian education system in the Union Budget 2023. By increasing funding for primary and secondary education, implementing a national scholarship programme for low-income students, increasing allocation for research and development, introducing tax incentives for companies that invest in education-related CSR activities, and increasing allocation for vocational training programs, the government can address the major challenges facing the Education Sector and create a more equitable and high-quality education system for all. These measures will not only improve student outcomes, but also bridge the skills gap, improve employability and promote innovation in the education sector. Investing in education is investing in the future of the nation and its citizens.

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