Some major highlights from the education budget of India in 2023
- This education budget was 1.12 lakh crore which has been the highest-ever allocated budget to date in the Indian union budget history.
- In order to improve access to educational opportunities for all students, the federal government has put forth a number of proposals, from increasing financial aid to funding EdTech programmes.
- Additional money for research and development in the industry has also been mentioned in the budget, which could lead to additional inventions and scientific breakthroughs in the years to come.
- The Union Budget 2023 offers fresh and exciting prospects for people engaged in EdTech as India’s economy continues to grow and change.
- The overall expenditure on education remained at 2.9% of the GDP
The Union Budget 2023 was unveiled on February 1 by Finance Minister Nirmala Sitharaman, and many visionaries predicted that the country’s edtech landscape is going to alter forever after the announcement.
The budget focuses on developing new opportunities for sector growth and improvement and is expected to help both students and people working in the EdTech industry.
The education sector has been given a budget of INR 1,12,898.97 crores. This would advance India’s overall growth and position it as a global leader in education.
EdTech Industry
The education budget of India 2023 has Artificial Intelligence (AI) as a very big focus. The National Digital Library for Children and Adolescents’ announcement will surely help the ed-tech industry. In the field of education, it will create a digital ecosystem, education.
A proposal to encourage industrial collaboration in this area will assist EdTech in playing a crucial role by providing training in AI and related fields to create AI talent that is prepared for the future.
In order to prepare youngsters for Industry 4.0, the Pradhan Mantri Kaushal Vikas Yojana 4.0 will debut in the next three years. The flagship programme will provide courses in coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and more thanks to a steady industrial partnership.
Union Budget 2023 for Edtech and Higher Education
This budget intends to support an education system that is more inclusive and egalitarian throughout India. The government of India wants artificial intelligence to be a key part of the Indian economy, as seen by the unveiling of three centres of excellence for the technology and ongoing business partnerships.
A must-read: Does the lack of AI policies hinder educational innovation?
The digitization of education is the way of the future, and NEP is laying the foundation for e-education in India. In order to expand accessibility, more money will be distributed to support online and digital education.
The enhanced financing has been designated for a number of projects, including the creation of new research and educational institutions, the development of new digital infrastructures, and the provision of scholarships for students from low-income backgrounds. These programmes are anticipated to greatly enhance access to higher education in India, enabling more people to take advantage of the expanded prospects.
Following funding distribution speaks all about the government’s intentions
The National Book Trust and the Children’IITs would donate volumes to physical libraries for INR 8000+ crore, an increase of INR 1246 crore.IIITs: INR 560 billion, NITs: INR 4,820.60 billion, up INR 456.6 billion.
IISERs: INR 1,462 billion.
The total budget aspires to transform India into a knowledge-based economy in the following 25 years, and according to Ambrish Sinha, “we are hoping that these initiatives would favourably benefit the growth of the EdTech industry as well.”
Related: How AI is transforming education?
Wrap Up
The Edtech industries and higher education are expected to undergo good and revolutionary developments as a result of the Union education budget of India 2023. It has enabled significant infrastructure improvements and educational technology developments. All are awaiting to get benefits of this year’s budget which will change the face of India. Major upskilling, job opportunities and entrepreneurship is our country’s future.
