BUDGET 2015-16: KEY HIGHLIGHTS & OVERVIEW FOR THE EDUCATION & TRAINING SECTOR
India's Union Budget 2015-16 was presented by the Hon'ble Finance Minister Shri. Arun Jaitley in the Lok Sabha on February 28. This was the first full year budget presented by the Centre since it came to power in 2014.
The Government proposed to set aside Rs. 69,074.76 crore for the education sector, out of which there was an increase in the Higher Education Budget from Rs. 23,700 crore in 2014-15 to Rs. 26,855.26 crore in 2015-16, indicating a shift in focus from school to higher education in the national budget presented in Parliament.
While the spending on School Education & Literacy has been marginally reduced to Rs. 42,219.5 crore, the Government is stressing on Skill Development with an allocation of Rs. 1,543.46 crore to the newly formed Ministry of Skill Development and Entrepreneurship. Additionally, the total spending for Ministry of Labour & Employement has been proposed for Rs. 5,315.22 crore in 2015-16.