The budget 2019 is out. The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman has done some major announcement with the release of 2019 budget. THe Minister informed that an amount of Rs. 400 crore has been provided for FY 2019-20 to create ‘World Class Institutions’ in the field of education which is more than three times the revised estimates for the previous year.
The released budget show that, the Government has allocated a total of Rs 94853.64 crore for both the schools and higher educational institutions. This figure is 10,000 crore more than the 2018-19 Budget. Further, the government has allocated Rs. 56,536.63 for Schools education and Rs. 38,317.01 crore for higher education.
New policy to be introduced
The Finance Minister assured that the Government will also bring in a New National Education Policy to transform India‟s higher education system to one of the global best education systems. The new policy proposes major changes in both school and higher education among others, better Governance systems and brings greater focus on research and innovation.
Research and innovation
To achieve the objectives of research and innovation, the Finance Minister announced setting up of a National Research Foundation (NRF) to fund, coordinate and promote research in the country. The funds available with all Ministries will be integrated in NRF and would be adequately supplemented with additional funds.
Study in India, a new initiative
Nirmala Sitharaman announced the programme ‘Study in India’, which will focus on bringing foreign students to study in our higher educational institutions. The Finance Minister disclosed that a draft legislation for setting up Higher Education Commission of India (HECI) would be presented in the year ahead. This will help to comprehensively reform the regulatory system of higher education to promote greater autonomy and focus on better academic outcomes.
Expansion of Khelo India Scheme
Further, Sitharaman said that the Khelo India Scheme will be expanded to provide all necessary financial support and a National Sports Education Board for Development of Sportspersons would be set up under Khelo India Scheme. This will done to popularize sports at all levels.