Budget 2014: Allocation to the Education Sector

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Budget 2014: Allocation to the Education Sector

New Delhi, July 10: The Finance Minister, Arun Jaitley is now announcing the Budget 2014 in the Lok Sabha.

All eyes are on the much-awaited Budget of 2014. The BJP government's Budget 2014 promises to give importance to the education sector.

How much would they allocate to the education sector?

Here are the highlights of the Budget 2014:

  • Finance Minister proposes 5 IITs in Jammu, Chhatisgarh, Goa, Andhra Pradesh and Kerala - Rs 500 crores to be assigned.
  • Proposed to set up 5 new IIMs in Himachal Pradesh, Bihar, Odisha and Maharashtra.
  • 12 new medical colleges proposed across the country.
  • Proposed to set up 4 more AIIMS in Andhra Pradesh, West Bengal, Vidharba and Purvanchal, Rs. 500 crore to be set aside for this.
  • National Rural Internet and Technology Mission; Rs. 500 crores allocated; 2 institutes to get national importance status.
  • To spend Rs 28,635 cr for Sarva Siksha Abhyaan (SSA).
  • Proposed to set up Agricultural Universities in Andhra Pradesh and Rajasthan and Horticultural Universities in Haryana and Telangana.
  • Rs 200 crore is allocated for setting up new agricultural and horticultural institutes.

Also, Irani confirms that the budget 2014 would promote education, without a doubt.

Few opinions on Budget 2014, from the education sector:

Fr. E. Abraham., SJ, Director XLRI, Jamshedpur says:

"We welcome the Finance Minister's proposal to easen and simplify norms to facilitate higher education loans for higher studies. This is a step in the right direction as it will encourage students to dream and aspire to take up professional programs. The proposal to set up 5 new IIMs and 5 more IITs will definitely bolster the professional education ecosystem in the country and also help the respective states in their economic progress. It is heartening to note that the govt will be spending around Rs. 28,000 crores for sanitation in primary schools. The state of sanitation and hygiene in many of our primary schools is quite below par and definitely needs a lot of improvement. The proposal to establish Rs. 10,000 crores fund for encouraging entrepreneurship in the MSME sector is a bold move and will certainly encourage youth to take greater risk and undertake new ventures and thereby cater to needs of underserved sections of society."

Mr. Shantanu Prakash, CMD, Educomp Solutions Ltd., on the budget:

"Educomp welcomes the Union Budget specifically in terms of allocations made towards skill development and online education. The Skill India programme is an encouraging signal indicating priority for a much needed thrust in this area. We also congratulate the Finance Minister for making a strong pitch for online education to bypass the limitations of access to schools. It is expected that both these thrust areas will receive incremental allocations in the budgets to follow and that these small beginnings in these critical areas will convert to a long term policy with budgetary allocations to match".

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