Union Budget 2024: The Finance Minister Nirmala Sitharaman will present the seventh consecutive central budget today. This budget is expected to focus on anticipated relief for education, healthcare, and the middle class. There is hope that 6% of the total Gross Domestic Product (GDP) will be allocated for the public education system.
The Finance Minister will present the Union Budget 2024-25 on July 23, 2024, at 11 am, one day before presenting the education budget. During the interim budget on February 1, the total allocation for schools and higher education for the financial year 2024-25 was announced to be ₹1,20,627.87 crore.
A day before presenting the education budget, the Finance Minister presented the Economic Survey 2023-24 in Parliament, which highlighted that India's school education system, including public and private schools, caters to approximately 26 crore students from diverse socio-economic backgrounds.
The objective of the National Education Policy launched in 2020 is to provide high-quality education to all students aged 3-18 years and establish India as a global knowledge powerhouse.
The Union Budget for 2024 allocates ₹1,20,627.87 crore for the overall education sector, with ₹47,619.77 crore specifically designated for higher education. These figures represent the planned budget estimates for the respective financial years, focusing on enhancing educational infrastructure and accessibility across the country.
Union Budget 2024: Key highlights
| Financial Year | Total Education Budget (in crore ₹) | Higher Education Budget (in crore ₹) | Budget Estimate (in crore ₹) |
|---|---|---|---|
| 2020-21 | 99,300 | 39,466.52 | 59,845 |
| 2021-22 | 93,224.31 | 38,350.65 | 54,873.66 |
| 2022-23 | 1,04,277.72 | 40,828.35 | 63,449.37 |
| 2023-24 | 1,12,899.47 | 44,094.62 | 68,804.85 |
| 2024-25 | 1,20,627.87 | 47,619.77 | 73,008.10 |
