The government has allocated an amount of more than Rs 73,000 crore for the Department of School Education and Literacy in the Interim Budget for the fiscal year 2024 25. This marks the ever financial commitment to this sector.
The allocation has seen an increase reaching Rs 73,008.10 crore surpassing the Revised Estimates (RE) of Rs 72,473.80 crore from the previous fiscal year. This substantial growth reflects the governments increased focus on strengthening the education sector compared to the Rs 68,804.85 crore allocated in the year.
Highlighting the governments dedication to empowering individuals Union Finance Minister Nirmala Sitharaman emphasized that our prosperity depends on adequately equipping and empowering our youth. She also mentioned that transformational reforms are being introduced through the National Education Policy 2020. Additionally she emphasized the role played by PM Schools for Rising India (PM SHRI) an initiative by Ministry of Education (MoE) aimed at transforming government schools into model institutions.
There has been an increase in budget allocation for PM SHRI as well. It has risen from Rs 2,800 crore, in revised estimates for 2023 24 to a substantial sum of Rs 6,050 crore proposed for 2024 25 budget. This reflects an increase of Rs 3,250 crore.
The Finance Minister expressed confidence in the impact of the PM SHRI initiative stating that PM SHRI schools are making significant contributions to quality education and nurturing well rounded individuals.
This budgetary allocation is historic. Extends to important schemes like the Samagra Shiksha Abhiyan, Kendriya Vidyalayas and Navodaya Vidyalayas. These schemes have witnessed an increase in funding marking it as the highest ever budget outlay for school education according to the Ministry of Education (MoE). The allocated amount for the year 2024 25 is Rs 73,498 crore.
Additionally there has been an increased allocation of grants in aid, for state governments and union territories. State governments will receive a boost with grants increasing by over Rs 8,200 crore while union territories will experience a rise of Rs 308 crore. This financial commitment highlights the governments dedication to promoting quality education and facilitating development in the education sector.
—Input from Agencies