Saturday, September 14, 2024
Saturday, September 14, 2024
HomeBusinessGovt Sets Aside Only Rs. 97 Billion for Education in Budget 2023-24

Govt Sets Aside Only Rs. 97 Billion for Education in Budget 2023-24

In a disappointing move, the government of Pakistan has allocated a mere Rs. 97.098 billion for Education Affairs and Services in the federal budget for the fiscal year 2023-24. This allocation represents a meager increase of around 5.5 percent compared to the revised allocation of Rs. 91.777 billion for the current fiscal year. With this minimal increase, the government’s commitment to prioritizing education comes into question.

Perhaps the most alarming aspect of this budget allocation is Pakistan’s public expenditure on education as a percentage of GDP, which is estimated at 1.7 percent for the fiscal year 2022-23. This figure is a slight improvement from the previous year’s 1.4 percent, but it remains the lowest in the region. It is disheartening to see that education, a sector crucial for the nation’s development and progress, is not receiving the attention and funding it deserves.

Breaking down the allocation, a significant portion of the budget, amounting to Rs. 76.589 billion, has been allocated for Tertiary Education Affairs and Services in the budget for 2023-24. This allocation accounts for approximately 79 percent of the total allocation under this category. While investment in higher education is important, it is equally vital to focus on primary and secondary education to ensure a strong foundation for the nation’s future.

For pre-primary and primary education affairs, the government has earmarked Rs. 4.468 billion for the fiscal year 2023-24, compared to Rs. 3.786 billion in the previous year. Similarly, for Secondary Education Affairs and Services, the allocation has been increased to Rs. 10.778 billion, up from Rs. 8.863 billion in the previous year. These figures indicate a nominal increase in funding for primary and secondary education, which may not be sufficient to address the pressing needs and challenges faced by these sectors.

Furthermore, the budget allocation for administration has been increased to Rs. 3.698 billion for 2023-24, compared to the revised allocation of Rs. 2.430 billion for the current fiscal year. While it is crucial to allocate funds for administrative purposes, it is equally important to ensure that the allocated budget is utilized efficiently and transparently to support the education system effectively.

It is important to note that after the 18th Constitutional amendment, education has been devolved to the provinces, and the federal government primarily focuses on financing higher education. Under the Public Sector Development Programme (PSDP), the Higher Education Commission (HEC) has been allocated Rs. 59.71 billion for 2023-24, compared to Rs. 44.718 billion in the previous year. While this increase is significant, it is imperative to strike a balance between funding higher education and providing adequate resources for primary, secondary, and vocational education.

Investing in education is an investment in the future of the country. It is the key to sustainable development, poverty reduction, and social progress. A strong education system can empower individuals, enhance their employability, and contribute to economic growth. Therefore, it is crucial for the government to prioritize education and allocate sufficient funds to ensure equitable access, quality education, and infrastructure development across all levels.

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In light of the low percentage of public expenditure on education as a percentage of GDP, it is clear that the government needs to reassess its priorities and commit to a more substantial investment in the education sector. Raising the allocation for education in the federal budget would send a strong message about the government’s dedication to building a brighter future for the nation. It is time to prioritize education and provide the necessary resources to nurture the young minds of Pakistan and equip them with the knowledge and skills needed to thrive in an ever-evolving world.

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