: Rs 44,094.62 crore allocated for higher education #FinanceIndia #StockMarketNEWS #Business 3 centres of excellence, 100 labs will be set up New Delhi: Three centres of excellence for artificial

@StockMarketNEWS Wed 08 Feb, 2023

Posted in: #FinanceIndia #StockMarketNEWS #Business

Rs 44,094.62 crore allocated for higher education #FinanceIndia #StockMarketNEWS #Business
3 centres of excellence, 100 labs will be set up

New Delhi: Three centres of excellence for artificial intelligence in top educational institutions and 100 labs in engineering institutions for developing applications using 5G services will be set up, union finance minister Nirmala Sitharaman announced on Wednesday.

The finance minister made the announcement in her budget speech in the Lok Sabha, and announced the biggest ever budgetary allocation of `1,12,899 crore for the education sector.

Re-envisioning teacher training through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, ICT implementation and a research and development grant for indigenous production of Lab Grown Diamond (LGD) seeds and machines to one of the IITs for five years were among other major announcements for the education sector.

The education budget for 2023-24 is an increase of `13,018 crore from the current fiscal, with `38,953 being the budget estimate for the core National Education Mission. However, estimated expenditure on education by the Centre would be 2. 5% of total allocations, down from 2. 6% in the period 2021-22.

In the budget allocation for school education, there has been an overall increase of `9752. 07 crore (16. 51%) and for higher education, an amount of `44,094. 62 crore has been made as compared to `40,828. 35 crore in 2022-23, an increase of 8%. “For realising the vision of ‘Make AI in India’ and ‘Make AI work for India’, three centres of excellence for Artificial Intelligence will be set-up in top educational institutions.

“Leading industry players will partner in conducting interdisciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities. This will galvanise an effective AI ecosystem and nurture quality human resources in the field,” she said.

Sitharaman said a total of 100 labs will be set up in engineering institutions in collaboration with various authorities, regulators, banks and other business for developing applications using 5G services.

“One hundred labs for developing applications using 5G services will be set up in engineering institutions to realise a new range of opportunities, business models, and employment potential. The labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems, and health care applications,” she added.

To address learning loss incurred during the pandemic years, a national digital library for children and adolescents will be set up for facilitating availability of quality books across geographies, languages and genres, the Finance Minister announced.