Of the total outlay of ₹47.65 lakh crore in the interim Union Budget 2024, education's share is 2.6 percent.
The Union government has announced an increase of 14.47 percent in the education budget for the 2024-25 fiscal year.
Union Finance Minister Nirmala Sitharaman, while presenting the budget in the Lower House, announced an estimate of ₹1,24,638 crore for 2024-25 from the ₹1,08,878 crore (revised estimates) in the previous year’s budget.
This means that of the total outlay of ₹47.65 lakh crore in the budget, education’s share is 2.6 percent.
In comparison, China spends 3.3 percent of its GDP on education, the US 5.4 percent, and the UK 5.5 percent, as per the World Bank.
In the 2023-24 budget, the estimate was ₹1.12 lakh crore — ₹68,804 crore for school education and ₹44,094 crore for higher education.
This year, the allocation is ₹1.20 lakh crore, which comprises ₹73,008 crore for school education and ₹47,619 crore for higher education.
Under the PM Schools for Rising India (PM Shri) initiative, the government allocated a hike of 116.07 percent — ₹6,050 crore for the year 2024-25 as compared to ₹2,800 crore in 2023-24 (revised estimates).
For PM USHA, the government allocated an amount of ₹1,815 crore for 2024-25.
The Union Education Ministry introduced the Pradhan Mantri Uchchatar Shiksha Abhiyan (PM-USHA) in October 2023 for the development of higher education.
It aims at enhancing access, equity and excellence in higher education across states and Union Territories (UTs).
Under the Strengthening Teaching-Learning and Results for States (STARS) initiative, the allocated budget is ₹1,250 crores this year compared to ₹700 crores from 2023 to 2024 — a hike of 78 percent.
Carved out of Samagra Shiksha, the STARS programme focuses on those elements of the scheme that will most directly support school education enhancement.
For research and development (R&D) projects, a total ₹1,200 crore was estimated in 2024-25’s interim budget compared to ₹1,178 crore in 2023-24 .
The PM Uchchatar Shiksha Protsahan (PM-USP) Yojna received an allocation of ₹1,558 crore this year as compared to ₹1,054 crore in 2023-24.
The National Apprenticeship Training Scheme (NATS) has been given ₹600 crore in this interim budget against ₹460 crore in 2023-24.
For World Class Institutions, an allocation of ₹1,800 crore has been made in 2024-25 as compared to ₹1,300 crore in the previous fiscal.
In the Capacity Building and Skill Development Scheme, the amount stands at ₹538 crore in 2024-25 against ₹454 crore in 2023-24.
Sitharaman, while presenting the budget for a record sixth time, said, “Over the past decade, there has been a 28-percent increase in female enrolment in higher education. In STEM courses, girls and women now constitute 43 percent of total enrolment, marking one of the highest ratios globally. These advancements are evident in the growing representation of women in the workforce.”
The government in the last 10 years placed a particular emphasis on advancing higher education, resulting in the establishment of seven new IITs, 16 IIITs, seven IIMs, 15 AIIMS, and 390 universities, Sitharaman noted.
Additionally, she said the National Education Policy (NEP) 2020 seeks to initiate transformative reforms in schools to contribute to the progress of India.
“The government aims to establish a fund designed to offer long-term financing and refinancing for education loans, featuring low interest rates,” the finance minister said.
Sitharaman also said the Skill India Mission has trained 1.4cr youth upskilled, reskilled 54 lakh youth, and established 3,000 new Industrial Training Institutes (ITIs).
“Our prosperity depends on adequately equipping and empowering the youth. The NEP 2020 is assuring transformational reforms. PM Schools for Rising India (PM Shri) is delivering quality teaching and nurturing holistic and well-rounded individuals,” she said.
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