New Delhi: The Centre earmarked Rs 94,853.64 crore outlay for the education sector for the fiscal 2019-20 in the Budget announced on Friday, an increase of over 13 per cent from the revised estimates of 2018-19 financial year.
In the last budget, the then finance minister Arun Jaitley had allocated Rs 85,010 crore for the education sector which was later revised to Rs 83,625.86 crore.
While a sum of Rs 38,317.01 crore has been set aside for higher education, Rs 56,536.63 crore has been earmarked for school education.
The government has made available Rs 30,000 crore using the Higher Education Financing Agency (HEFA) funding mechanism, the HRD ministry said.
The outlay for the University Grants Commission saw a decline as compared to 2018-19. A total amount of Rs 4,600.66 crore has been allocated for the UGC, as against the revised estimate of Rs 4,687.23 crore in 2018-19. The initial outlay was Rs 4,722.75 crore.
The budget outlay for Indian Institutes of Technology (IITs) is Rs 6,409.95 crore, while it is Rs 445.53 crore for the Indian Institutes of Management (IIMs) and Rs 899.22 crore for the Indian Institute of Science, Education and Research (IISERs).
The Centre also allocated Rs 400 crore for setting up world-class education institutes and announced ‘Study in India’ programme aimed at attracting foreign students to the country.