On Sunday, Union Budget 2013-14 organised by the VIT Business School of the VIT University here stressed the urgent need for increasing the budgetary allocation for education to at least 6% of the Gross Domestic Product (GDP).
VIT Chancellor G. Viswanathan,, said that despite the fact that India has more than 35,000 colleges and 600 universities. The requirement of 12 lakh, and only 12 lakh nurses as against the requirement of 36 lakh. Former MP Era. Sezhiyan said, that right from the Kothari Commission in 1960, several education commissions the budgetary allocation to education to 6% of GDP, but the allocation remained less than 4% till date.
S. Gurumurthy, the budgetary allocation for irrigation has come down by 66%, energy by 43%, atomic energy by 57%, village small industries by 36%, postal and telecommunication by 53% and education by 9%.The development spending has been cut by Rs. 92,000 crores in order to finance the fiscal deficit.
D. Raja, National Secretary of the Communist Party of India, said the budget mentions a whopping Rs. 5,73,630 core as taxes foregone, which is more than the fiscal deficit of Rs. 5,20,925 crore.
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