The Finance Ministry has earmarked Rs. 1.12 lakh crore for the education sector in the fiscal year 2023-24, with Rs. 44,095 crore allocated specifically to the Department of Higher Education. This allocated funding supports central universities, IITs, NITs, and other centrally funded institutions. The Department of Higher Education utilizes the funds for various purposes, including supporting central universities, IITs, NITs, and other centrally funded universities. It also contributes to the funding of higher education regulators such as UGC and AICTE, as well as grants and scholarships for research.
Rajendra S Pawar, Chairman and Co-Founder of NIIT Group, expressed anticipation for the upcoming budget, expecting alignment with the National Education Policy (NEP) 2020. He emphasized the importance of a significant increase in budgetary allocation for education, from 2.9% to 6% of the GDP, to fully realize the potential of NEP 2020 and achieve national objectives on the path to global leadership.
In light of the goals outlined in NEP 2020, which aims for a 50% Gross Enrolment Ratio (GER) in higher education by 2035, institutional restructuring involving intensive changes in infrastructure, policies, and institutions is necessary.
