According to the new National Education Policy, public investment in the education sector will be increased to 6 per cent of the GDP "very soon". According to the MHRD, the investment is currently around 4.43 per cent of the GDP. This was announced by the High Education secretary Amit Khare while explaining the major reforms in the sector brought in by the NEP. The expenditure on the education sector had increased from 2.8 per cent in 2014-15 to 3.1 per cent in 2019-20, which is around Rs 5.6 Lakh Crore. India currently ranks 62nd in total public expenditure on education per student, according to IMD. The union budget of 2020 had allocated around Rs 94,000 crore for education and this was expected to increase the expenditure by about 5 per cent.
The union cabinet on July 29, approved the National Education Policy. The details of the policy were later announced in a web conference by the HRD Minister Ramesh Pokhriyal 'Nishank' and Minister of Environment, Forest and Climate Change Prakash Javadekar. The policy, which was drafted by an 11-member committee, headed by the former ISRO Chairman Dr K Kasturirangan was submitted to the HRD Ministry on May 31, 2019. The policy was open to suggestion and the ministry had received around 2 lakh inputs on it. The earlier NEP was formulated in 1986. It was later modified in 1992.
"The cabinet under Prime Minister Narendra Modi has given approval to new education policy for the 21st century. It is important, as for 34 years there were no changes in the education policy," said Union Minister Prakash Javadekar during the announcement.
