In order to provide qualitative education for all, total budget allocation for the HRD Ministry in interim budget 2019-20 is Rs 93,847.64 crore which is more than 10,000 crore from previous year budget allocation.
The total budget allocation proposed in the BE 2019-20 for higher education is Rs 37,461 crore. This is 7 per cent compared to allocation of Rs 35,010 crore for this sector in BE 2018-19. The government has therefore enhanced allocation to the higher education by Rs 2,450 crore.
Apart from this, government has made available more than Rs17,000 crore using the HEFA funding mechanism. It is anticipated that another Rs 14,000 crore will be made available in the coming year through this window. The overall fund availability for the higher education sector for 2019-20 would therefore be Rs 69,193.68 crore (Rs 37,461.01 + Rs 17,732.67 crore HEFA sanctioned projects + Rs 14,000 crore anticipated new sanctions through HEFA). Therefore the fund availability for 2019-20 is almost double as compared to the last year.
Government has provided an additional equity of Rs.2,100 crore to HEFA to enable it to mobilise the required funds for building high quality infrastructure in higher educational institutions.
Also, the budgetary allocation for BE 2019-20 in respect of Department of School Education and Literacy has been increased by Rs 6,386.63 crore.