Education Budget- Rs 1.12 lakh crore allocated for 2023-24

Education Budget 2023- Rs 1.12 lakh crore allocated for Education Ministry

Education Budget 2023: Finance Minister Nirmala Sitharaman unveiled a brand-new pharmaceutical programme. Let us see about Education Budget in Union Budget 2023.

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Education Budget 2023

On February 1, 2023, Finance Minister Nirmala Sitharaman unveiled a brand-new pharmaceutical programme. The Indian Finance Minister delivered India’s budget specifics at the 2023–2024 education budget session. He also mentioned that the newly announced pharmaceuticals programme will be started with the intention of promoting general development in the pharmacy and health sciences fields.

She also said that students will have access to the necessary medical services. In a few labs run by the Indian Council of Medical Research (ICMR), students will have the tools they need to undertake research. Various public and private medical schools will have access to this.

Education Budget 2023: Domestic Pharma Industry

The domestic pharmaceutical industry has requested assistance with fuel innovation and R&D in the Union Budget 2023–24, according to the official declaration (R&D).

The speed of the pharmaceutical industry’s expansion will ultimately be decided by how well the pharmacy standards are met. Prestigious institutions or centres will initiate the process of introducing new programmes. R&D teams will also be given access to medical lab facilities in order to foster innovative research and collaboration.

Education Budget 2023: Objectives based on Research in Medical Sciences

The Organisation of Pharmaceutical Producers of India had urged the government to promote change for a discovery-oriented and science-driven strategy by providing financial incentives in addition to awarding supportive legislation. The organisation added that this is necessary so that the bio sciences industry can effectively support the goals of the Aatmanirbhar Bharat mission, commonly known as the Self-Reliant India Campaign.

Accordingly, Charu Sehgal, Partner of Deloitte India, declared that the announcement of providing investment and creating centres of excellence intends to promote research and development in the pharmaceuticals sector and is essential in assisting the country to elevate the value chain in the Life Sciences Sector.

According to Charu Sehgal, the main emphasis would be on making skilled labour available for advanced production and research procedures in the medical technology industry. This will lessen India’s existing significant reliance on imports and contribute to the country being more self-sufficient.

Education Budget 2023: Labs for Engineering Schools

Sitharaman also disclosed the opening of 100 labs at engineering schools for the creation of applications utilising 5G services. The labs will include, among other things, applications like smart classrooms, precision farming, intelligent transport systems, and healthcare applications, she said, in order to realise the new variety of options, business models, and job potential.

Schools will receive 68,804.85 crore of the total budget, while higher education would receive 44,094.62 crore.
The allocation for higher education climbed by 7.9% from 40,828 crore (Budget estimate) in 2022–23, while the budget for schools saw an increase of 8% from 63,449 crore.
The updated budgets for the departments of K–12 and higher education were maintained at 59,052.78 crore and 40,828.35 crore, respectively, for 2022–23.

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Education Budget in Union Budget 2023

The amount allotted for education in the Union Budget 2023, which was unveiled on Wednesday by Finance Minister Nirmala Sitharaman, is the highest amount ever and represents an increase of almost 8.2% above the amount estimated for 2022–2023.

The Union government will redesign teacher education, create centres of excellence at the district level, and establish a national digital library to provide children and youth with high-quality books on a variety of subjects to help them recover from the learning losses brought on by the Covid-19 pandemic.

The launch of a new programme in the pharmaceutical industry for research purposes with the goal of the general growth of the pharmacy and health sciences sector was announced by Finance Minister Nirmala Sitharaman as part of the Education Budget 2023–24. The Minister delivered the Education Budget today, February 1, 2023.

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FAQs

When budget will be presented in 2023?

On February 1, 2023, the Finance Minister Nirmala Sitharaman delivered the final full-fledged Union Budget of the Modi administration before the 2024 Lok Sabha elections.

Will 80C limit increase in 2023?

Nirmala Sitharaman, the finance minister, has not made any declarations regarding modifications to the section 80C limit of the Income-tax Act of 1961.

What is higher education policy 2023?

For instance, the completion of a one-year vocational or professional field course will result in a certificate for the students. They will, however, receive a diploma after two years and a bachelor's degree after three. The time allotted for PG courses will be between one and two years.

What are the highlights of Budget 2023?

To increase regional air connection, 50 more airports, helipods, water aero drones, and sophisticated landing grounds will be revived. The roads sector will have an increased outlay of Rs 2.70 lakh crore under the Union Budget 2023–24. For 2023–2024, the amount allotted to NHAI increased by 13.90% to Rs 1.62 lakh crore.