Exploring the Crucial Sectors: Education, Health, and Defense
As Finance Minister Nirmala Sitharaman presents the interim budget today, the anticipation is palpable. This budget, crucially unveiled ahead of the upcoming Lok Sabha elections, is deemed as one of the defining budgets of Prime Minister Narendra Modi’s second term, shaping the trajectory for the general elections. Let’s delve into the details of the interim budget, examining its impact on three pivotal sectors: education, health, and defense.
Education Expenditure: A Comparative Analysis
Britain boasts some of the world’s premier educational institutions, from Oxford to Cambridge University, making its education system globally acclaimed. According to the ‘Institute for Fiscal Studies,’ the education budget for the financial year 2023-24 in Britain stood at a staggering 116 billion pounds (approximately 11.6 lakh crore rupees).
In contrast, India allocated a budget of 1.12 lakh crore rupees for education in 2023, witnessing a notable 13% increase compared to the previous fiscal year 2022-23. Despite this growth, India’s education budget remains approximately ten times lower than that of Britain.
Healthcare Spending: A Comparative Outlook
Post the global surge in healthcare spending due to the COVID-19 pandemic, both Britain and India have witnessed an uptick in their health budgets. In the financial year 2023-24, Britain allocated a substantial 187 billion pounds (about 18.7 lakh crore rupees) to healthcare, with plans to escalate it to 190 billion pounds in the coming year.
In contrast, India’s healthcare budget for 2023-24 was 89,155 crore rupees, reflecting a significant 13% increase from the previous fiscal year. While India has taken strides to open numerous medical colleges, its healthcare budget still lags behind Britain’s by a considerable margin.
Defense Expenditure: A Financial Overview
According to the official website of the British government, the defense budget for the financial year 2023-24 amounted to 54.8 billion pounds (around 5.4 lakh crore rupees), with an additional 5 billion pounds allocated, considering the ongoing Ukraine conflict. The defense budget constituted 5.7% of the total government expenditure.
On the other hand, India’s defense budget for the financial year 2023-24 stood at 5.9 lakh crore rupees, accounting for 13.18% of the country’s total expenditure. India’s defense budget has been consistently on the rise, primarily fueled by the continuous acquisition of modern weaponry.
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