Anu Parthiban|Dec 2, 2022
- Centre, states to increase public investment in education to reach 6% of GDP: Government
Centre, states to increase public investment in education to reach 6% of GDP: Government
This year, the total budget allocation for the ministry of education, school and higher education, is Rs 1.04 lakh crore, a 11.85% increase.
NEW DELHI: The ministry of corporate affairs informed the Parliament that the Centre and the states will work together to increase the public investment in education sector to reach 6% of Gross Domestic Product (GDP). Union minister of state for corporate affairs Rao Inderjit Singh said in a written reply in the Lok Sabha today.
The minister was responding to a question on whether any data is available on the amount India spends on education from its GDP and the amount that is required to be invested in this sector.
As per the survey conducted by the National Statistical Office (NSO) on Household Social Consumption: Education, the estimates of various indicators relating to participation of the persons of age 3 to 35 years in the education system, expenditure incurred on education of the household, etc. were obtained.
“Besides, for persons of age 5 years and above, information was collected on ability to operate computers, ability to use the internet and use of the internet during the last 30 days. On the basis of data collected in the 75th round, a report "Household Social Consumption on Education in India" has been released and the same is available on the Ministry's website,” the ministry informed.
As per the report ‘Analysis of Budgeted Expenditure on Education 2017-18 to 2019-20’ of ministry of education, India’s total expenditure on education as percentage of GDP in 2019-20 was 4.39%.
“As per New Education Policy 2020, in order to attain the goal of education with excellence and the corresponding multitude of benefits to this Nation and its economy, this Policy unequivocally endorses and envisions a substantial increase in public investment in education by both the Central government and all State Governments,” the official statement read.
During the Union Budget 2022 speech, finance minister Nirmala Sitharaman proposed to significantly step up the public investment by raising capital expenditure by 35.4 per cent to Rs 7.5 lakh crore or 2.9 percent of the GDP in the next financial year. This year, the total budget allocation for the two departments of the Ministry of Education -school and higher education is Rs 1,04,277.72 crore, a 11.85% increase.
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