Increased allocation to education budget in FY 2023-24 a positive trend


New Delhi, 3rd February, 2023: Marwadi University, the youngest institution to be recognized as a Centre of Excellence (CoE) by the Government of Gujarat, today shares budget reactions by leadership and HoD’s at the university. According to documents released by the Ministry of Finance, the education budget for FY 2023-24 has been increased by approximately 8.26% to INR 1,12,898.97 Cr, with allocation for HEI’s increased to INR 44,094.62 Cr.

Increased allocation will only serve to the benefit of India which has the potential to capitalize on its growing demographic dividend. China is currently experiencing a shrinking workforce and ageing population, while according to a recent World Population Review (WPR) report India may have already surpassed China’s population, with half of India’s population under the age of 30. This only further cements the importance of grooming India’s youth and focusing on technological advancement, skilling and job creation in existing and upcoming sunrise sectors.

Dr. Sandeep Sancheti, Provost Marwadi University , says that,” The ambitious fast-track launch of PM Kaushal Vikas Yojana 4.0 with Unified Skill India Digital Platform, covering skilling in courses such as AI, robotics, mechatronics, IoT, 3D printing, drone tech is a progressive step for future job creation and skilling. Stipend to support more than 47 lakh youth via a national apprenticeship scheme is also an interesting development and should have a positive impact. With the introduction of 5G hailed to disrupt the entire digital ecosystem and augment the Digital India Initiative, focus on developing 100 labs within engineering institutions to develop apps and create a support network for 5G services will certainly bear fruits with better connectivity and educational outcomes. Establishing 3 centres for AI, development of the National Digital Library for children, reviving National Book Trust, initiating 157 new nursing colleges, promoting research culture through R&D in pharma, and teacher’s training would take the nation further towards the development and access to knowledge resources and reduce the information divide. While the Budget 2023-24 increase is definitely a welcome step, a large chunk of the funds would be consumed by the inflationary trends along with a few new initiatives with impetus on enhancing research, skilling and tech integration. We are hopeful the positive trend of increased allocation continues and reaches the overall recommendation of 6% stated in the NEP as soon as possible.” 

Focusing on inclusivity, new sector development, R&D, Dr. R B Jadeja, Dean, Faculty of Engineering and Technology & Research, Marwadi University, says that, “Focus on boosting education of tribal students by recruiting 38,800 teachers and support staff for the Eklavya Model Residential Schools (EMRS) is an inclusive move will ultimately have an incredible expansion of the new younger minds. This budget also focuses on giving equivalent significance to the world of research by providing a research grant to one of the IITs for five years to encourage the indigenous production of lab-grown diamonds.”

Commenting on India’s path to transforming into a knowledge- based economy, Dr. Sunil Jakhoria, Dean, Faculty of Management Studies, Marwadi University, adds that,“The thrust on teacher training and augmentation of educational resources through enhanced allocation to national digital library, national book trust and children book trust will contribute to a knowledge-based economy. The budget also provides a big relief to the middle class with a revision in income tax slabs. The announcements made in the budget will improve the ease of doing business and help the MSME sector. There is a clear focus on the agriculture sector with significant outlays, and a focus on urbanization and digitalization. Overall, Budget 2023 is balanced and progressive; one that gives primacy to inclusive growth.”

Also Read: TCO1 Receives The International Teaching Excellence Award

Linking academia to startup innovation, focusing on industry academia connect, Dr. Amit Sata, Associate Dean, MUIIR Centre, Startup incubator of Marwadi University, adds that, “Various initiatives including setting up special accelerator fund to promote innovations in agricultural sectors, providing access to anonymised data for research by startup, introducing Digi Locker facilities for startups, encouraging research in the domain of pharmaceuticals, is a welcome step. Extension of period to one more year to form incorporations for getting benefits of tax exemption is highly encouraging, and will increase DPIIT registrations of startups drastically in this year. However, it also requires close observations that how many of existing as well as new startups will work in the direction of replacing imports of India especially in the domain of high valued segments related to aerospace, bio-medical, chips manufacturing, defense, etc. that is still on very high side, and slowing the overall growth of economy. It was highly anticipated that the union budget might provide special incentives for startups working to reduce imports by indigenous innovations, and in turn contributing to grow the economy of the nation.”

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