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July 05, 2019 Friday 10:14:27 AM IST

India's Education Spend Rises to 3% of GDP: Economic Survey

Financial by mohamed hassan in Pixabay.com

India's Educational spending has risen to 3 percent of GDP in 2018-19 from 2.8% earlier, according to The Economic Survey, 2018-19 tabled in Parliament.
The survey points out the importance of investments in social infrastructure such as health, housing and connectivity for inclusive development. Substantial progress in both quantitative and qualitative indicators of education is reflected in the improvements in Gross Enrolment Ratios, Gender Parity Indices and learning outcomes at primary school levels.

The government intends to encourage Skill Development by: 
-Introduction of the skill vouchers as a financing instrument to enable youth obtain training from any accredited training institutes.
-Involving industry in setting up of training institutes in PPP mode; in curriculum development; provision of equipment; training of trainers etc.
-Personnel of Railways and para-military could be roped in for imparting training in difficult terrains.  
-Create a database of Instructors, skill mapping of rural youth by involving local bodies to assess the demand-supply gaps are some of the other initiatives proposed.  
-Net employment generation in the formal sector was higher at 8.15 lakh in March, 2019 as against 4.87 lakh in February, 2018 as per EPFO.


Finance and Economy
India is the fastest growing economy with a moderated GDP growth of 6.8% in 2018-19 from 7.2% in 2017-18.
-Inflation contained at 3.4 per cent in 2018-19.
-Non-Performing Assets as percentage of Gross Advances reduced to 10.1 per cent at end December 2018 from 11.5 per cent at end March 2018.
-Investment growth recovering since 2017-18: 
-Growth in fixed investment picked up from 8.3 per cent in 2016-17 to 9.3 per cent next year and further to 10.0 per cent in 2018-19.
-Current account deficit manageable at 2.1 percent of GDP. 
-Fiscal deficit of Central Government declined from 3.5 percent of GDP in 2017-18 to 3.4 percent in 2018-19.


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