The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman has presented today Union Budget 2019 in the parliament and an amount of Rs. 400 crore has been provided for FY 2019-2020 to create "World Class Institutions" in the field of education. Interestingly, this year’s education budget is more than three times the revised estimates for the previous year.

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.

Highlights of Union Budget 2019 for Education

• An amount of Rs. 400 crore has been provided for FY 2019-20 to create "World Class Institutions"
• To bring in a New National Education Policy to transform India's higher education system to one of the global best education systems
• To achieve the objectives of research and innovation, the Finance Minister also announced setting up of a National Research Foundation (NRF) to fund, coordinate and promote research in the country.
• The programme 'Study in India' will focus on bringing foreign students to study in our higher educational institutions.
• A draft legislation for setting up the Higher Education Commission of India (HECI) would be presented in the year ahead.
• 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 to popularize sports at all levels.

“While there was not a single Indian institution in the top 200 in the world university rankings five years back, there are three institutions now - two IITs and IISc Bangalore - in the top 200 bracket” said by the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman.

According to Union Minister of Finance and Corporate Affairs, this new Policy proposes major changes in both school and higher education among others, better Governance systems and brings greater focus on research and innovation.

Source: NDTV