Budget 2023: Education Sector Gets Highest Ever Allocation. Read on to Find Out More!
Budget 2023: Education Sector Gets Massive Priority
One of the biggest casualties of the pandemic induced lockdown has been the education sector, especially in rural areas. The damage can be gauged from a startling fact recently revealed.
According to the Annual Status of Education Report, the basic reading ability of children dropped to pre-2012 levels.
Taking into this alarming situation and to counter the negative effects of the pandemic, the Government has earmarked its highest ever allocation towards the sector in Budget 2023.
The Union Budget has allocated Rs 1,12,898.97 crore for the education sector in Budget 2023. This denotes a rise of 8.2% from the previous year.
Now, let’s have a look at the focus areas where the budgeted amount is to expected to spent on.
Budget 2023: Highlights for the Education Sector
The major areas of focus for the Education Sector in Budget 2023 will be:
- Sarva Shiksha Abhiyan: Rs 37,453.46 crores (unchanged from last year)
- PM Poshan (Midday Meal Scheme): Rs 11,600 crores (up 13.36% from last year)
- Central Universities: Rs 11,528.90 crores (up 4.48% from last year)
- Research & Innovation: Rs 210.61 crores (down 3.68% from last year)
Some of the key takeaways for the Education Sector from Budget 2023 are:
- 38,000 teachers and support staff are to be recruited in the next 3 years. This will be for 740 Eklavya Model Residential Schools serving 3.5 lakh tribal students
- 157 new nursing colleges to be set up alongside 157 medical colleges that had been approved in 2014.
- A National Digital Library will be built with a repository of quality books across languages, genres, and geographies.
- 100 labs will be set up for developing apps using 5G services in engineering institutions.
- 30 Skill India International Centres will be set up across different States to impart market-specific skills to the youth.
- 3 Centres of Excellence for Artificial Intelligence will be set up in top educational institutions.
Budget 2023: Education Stocks Increase
Budget 2023 has been primarily positive for the education sector. With its highest ever allocation towards the sector, the Government has made its intentions clear that the education sector is certainly a priority. In such a scenario, the share prices of companies related to the education sector have been increasing for a while in anticipation. Let’s have a look.
| Name | Current Market Price | 1 Week Return |
| Aptech Limited | 358 | 3.2% |
| Linc Limited | 467.2 | 4.7% |
| MPS Limited | 1,049.8 | 5.6% |
| S. Chand | 172 | 4.5% |
(as of 2nd Feb, 2023)
This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.
What is the allocation for the education sector in Budget 2023?
The Union Budget of 2023-24 has earmarked an allocation of Rs 1,12,898.97 crore for the education sector in Budget 2023. This denotes a rise of 8.2% from the previous year.
What is the size of Indian e learning market?
Revenue in the Online Learning Platforms is projected to reach US$4.73bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 11.39%, resulting in a projected market volume of US$7.28bn by 2027.
What percentage of GDP is India's education?
Education comes under the social sector and the fall in its expenditure is despite the rise in the proportion of social sector expenditure during the same period. The expenditure on education is limited to below 3.5 per cent of India's GDP.