Finance Minister Pranab Mukherjee have announced to allocate a whopping Rs.52,057 crore (Rs.520 billion/$11.5 billion) on education in the year 2011-12 to ensure "inclusive growth" for all.
While presenting his third consecutive budget in the Lok Sabha, Mukherjee said,"Education is the tool of empowerment to reap the benefit of India's demographic dividend of a young population.Therefore, he announced a hike of 24 percent for education sector.
He said,"Our demographic dividend, a relatively younger population compared to developed countries, is as much of an opportunity as it is a challenge. Over 70 percent of India will be of working age by 2025. In this regard, making easy access to secondary education, increasing percentage of our scholars in higher education and providing skills training is necessary," he said.
The hike in the allocation under Sarva Shiksha Abhiyan by 40 percent and the revised Vocationalization of Secondary Education scheme are steps in the right direction.The minister also declares a pre matric scholarship schemefor Scheduled Caste and Scheduled Tribe students studying in Class 9 and 10.