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Higher education schemes would soon get more support as the Cabinet has approved the creation of a corpus fund for secondary and higher education.
All the funds collected from the secondary and higher education cess would be credited to the Madhyamik and Uchchtar Shiksha Kosh (MUSK), an official statement said.
However, the funds from the scheme would only be utilised once the budgetary support is exhausted.
“In any financial year, the expenditure on ongoing schemes of the Department of School Education and Literacy and Department of Higher Education would be initially incurred from the gross budgetary support (GBS). Expenditure would be financed from MUSK only after GBS is exhausted,” the statement said.
Budgetary allocation for education has not witnessed an increase commensurate with the challenges of the sector.
As a percentage of GDP, in fact, the expenditure on education has dipped to 2.8 per cent in 2014-15, from 3.1 per cent during 2009-10 to 2013-14.
This new corpus fund would be used for funding ongoing schemes as well as programmes started in the future.
Meanwhile, the Cabinet has also given its nod for creation of posts in National Institute of Technology, Andhra Pradesh.
The post of a Director and three other non-teaching posts for Registrar, Librarian and Principal Student’s Activity and Sports Officer would be created at the institute now.
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