The Union Budget 2023-2024 was presented to the parliament on February 1 by Finance Minister Nirmala Sitharaman. According to budget records, the Ministry of Education will get a staggering ₹1,12,898.97 crore from the centre for the upcoming fiscal year.Notably, this is the largest budgetary allocation ever given to the ministry.The expenditure for the department of School Education is ₹68,804,85 crore, while the expenditure for the department of Higher Education is ₹44,094.62 crore. The expenditure budget for the fiscal year 2022-2023 allotted ₹1,04,277.72 crore to the Ministry of Education. According to the updated figures, the Higher Education Department received ₹40828.35. According to the updated forecasts for 2022-2023, the School Education Department received ₹59052.78.
Being a part of the world’s fifth-largest economy, which has fostered a growing ecosystem for startups, is a source of great pride. An optimistic view of the future informs the government’s plan to transition to a knowledge and technology-based economy. In addition to providing a significant boost to growth and job creation, the economic agenda for this year also includes the commendable announcement of the establishment of a national digital library for children and adolescents, which will go a long way toward recouping the educational ground lost during the pandemic. In India, overall youth employability has grown to 48.7% over the previous year. The most employable age group was determined as 22-25 years old. However, what we are overlooking is that 51.3% of students are still trying to find suitable work. Yet, 88.4% of students are seeking internships, guidance & upskilling to kick-start their careers. We, at Veative Group, are proud to have played an integral role in India’s ongoing digital transformation by providing innovative tools that broaden and deepen students’ access to education and skill-building. As advocates for the use of technology in the classroom, we have built the largest library of immersive and interactive educational content in the world and are pushing to install virtual reality (VR) laboratories in classrooms across India. Our goal as educators is to prepare students for the future, so we’re excited about the new initiatives funded by the federal budget for education.– Ms, Sushma Sharma, Director – Career Success Strategy, Veative Group