Budget 2020: What education sector wants Nirmala Sitharaman to deliver on
Budget 2020 Expectations: The Education sector is expecting the fund allocation to the education sector to go up to 10 per cent of the GDP.
Budget 2020: As Nirmala Sitharaman is going to present the Union Budget (#BudgetOnZee) in a few hours from now. The education sector is looking at her with freat hope, especially after the Economic Survey of India note that says the expenditure on health, education and other social services by the Centre and States as a portion of GDP went up from 6.2 per cent in 2014-15 to 7.7 per cent in 2019-20. They are expecting the fund allocation to the education sector to go up to 10 per cent of the GDP. Apart from that GST rationalisation and putting the education sector under the priority sector lending, etc. are some more demands that they are expecting to be met today when Nirmala Sitharaman tables the Budget 2020.
Asking for increase in budget allocation to the education sector Dr. DK Aggarwal, President, PHD Chamber said, "The Economic Survey notes that the expenditure on social services (health, education and others) by the Centre and States as a proportion of GDP increased from 6.2 per cent in 2014-15 to 7.7 per cent in 2019-20 (BE). Going ahead, we expect a further increase in health and education expenditure to the level of 10 per cent of GDP by 2022."
See Zee Business Live TV streaming below:
Sharing his expectations from the upcoming Union Budget 2020 Rustom Kerawalla, Edupreneur and Chairman, Ampersand Group, said, "We hope that the Finance Minister will consider two significant changes in Union Budget 2020. The first one is to make GST applicable to school fees and other receivables of the school. In the current regime, GST credit for the purchase of various materials and services is not being set off and becomes a cost that is passed on to the parents. The second important reform is to get the 'Education and related services' classified under the definition of priority sector lending. This change will enable the much-needed access to lower interest rates, longer tenure of loans and other benefits for fueling the growth of the Education sector in India in line with Agriculture, MSME and others."
Raj Mruthyunjayappa, SVP – APAC & EMEA, Campus Management Corporation said, "While the interim budget 2019 announced an increase of 10 per cent in the education budget, this year we are hoping to see increased financial support specifically in the areas of technical development, reskilling and new age education. This will see focused efforts in decreasing the education-employability gap and contribute towards nation-building. This will encourage the education sector to invest in technology-enabled solutions and take advantage of opportunities created by the Digital Revolution, Employability, Research and Multi-disciplinary Learning."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.