In India's expenditure outlay it was mentioned that INR 44,528 crore would be invested for both school and higher education which is around 20 % more than the last fiscal. According to the union budget 2009-10 proposals, while school education gets over INR 29,099 crore, the higher education bags INR 15,429 crore . The figures include both planned and unplanned outlay. Last fiscal, the total budget outlay for education was INR37,366 crore. Finance Minister Pranab Mukherjee presenting the budget in parliament said the human resource development ministry has been provided an allocation of INR 36,400 crore (planned outlay). This includes an estimated receipt of INR 12,784.87 crore by way of proceeds from education process. The fund will be spent mainly for Sarva Shiksha Abhiyan and Midday Meal schemes. While budget hails both the schemes and allocates more money for strengthening them, it also has made provision of INR 350 crore to set up 6,000 model schools as benchmark of excellence.
An outlay of INR 750 crore has been kept for disbursing 100,000 scholarships for students in class 11-12 under the national means-cum-merit scholarship scheme. Keeping its promise to boost higher education, the government allocated the sector over INR 40 billion more than the last fiscal, including a package of over INR 10 billion for the implementation of quota for other backward castes (OBCs). The higher education budget for the current fiscal has been pegged at INR15,429 crore, including a planned allocation of INR9,600 crore. During the last financial year, the total allocation was INR 11,340 crore. However, Sushil Kumar, a former professor at IIM-Lucknow, is not impressed even as he hoped that higher education infrastructure will be improved. The University Grant Commission (UGC) has been provided an allocation of INR 4,374.95 crore, which includes expenditure for both central and deemed universities. The provision for the scheme Mission in Education through ICT has been substantially increased to INR 900 crore. Similarly the provision for setting up and upgradating polytechnics under the skill development mission has been increased to INR 495 crore.
Connect with decision-makers from 300+ Schools, 100+ Preschools, 20+ Government Dignitaries & 10+ Investors at power-packed Elets 6th School Leadership Summit on 24 February, 2018 in New Delhi.