The Union Budget 2010-11 was presented today in the Parliament by Union Finance Minister Mr. Pranab Mukherjee. Although the budget speech did not mention anything about higher education sector, there was good news for the school and elementary education sectors.

Addressing the members of the Parliament Mr. Mukherjee said, “About 98 per cent of habitations are now covered by primary schools. I propose to increase the plan allocation for school education from Rs.26,800 crore in 2009-10 to Rs.31,036 crore in 2010-11. In addition, States will have access to Rs.3,675 crore for elementary education under the Thirteenth Finance Commission grants for 2010-11.”

This announcement is a welcome news as the Union HRD Minister Mr. Kapil Sibal has plans to make education all inclusive.

MBAUniverse.com brings to you the reactions to the Union Budget 2010-11 from the academia, experts and students:

Reactions from the Academia

Reacting to the Union Budget 2010-11 the Director of IIM Lucknow Dr. Devi Singh said, “The FM has presented a very balanced budget. While the focus has been on infrastructure development and rural development, education has also retained its ‘importance’. The increase in budgetary allocations for school education and the special grant from the centre for elementary education are very positive signs for the sector. The curtailment of fiscal deficit is a step in the right direction and we are happy that the FM is committed to creating policies to facilitate a double digit GDP growth for the near future.”

Mr. CS Venkata Ratnam, Director, International Management Institute (IMI), New Delhi said, “The budget rightly has focused on development of social and physical infrastructure both in rural and urban areas. The budget is kind to the salaried class. Personal income tax slabs have been broadened. In the given circumstances, the Finance Minister has done a good job and he can get 6 on a 10-point scale.”

Reaction from the Corporate world

According to Sanjeev Duggal, CEO and Executive Director, Centum Learning Limited  “The interest subsidy for student loan in the higher education space is a step in the right direction but there is a lack of focus on incentivizing corporates to train fresh graduates and involve corporates in graduate level education which can increase the employability of students substantially. The government will have to encourage participation of private sector in higher education and motivate corporates to partner government in its skill building mission if it has to create 50 crore skilled workers by 2022."

Reactions from MBA experts

Mr. Ravi Pokharna, Director, PT Education expressing his dissatisfaction with the budget said, "With HRD ministry always harping on the need for improving the quality of higher education in country, increasing research in IITs and IIMs and the last budget’s promise of increase in higher education opportunities in the country had set the expectations of the Indian youth looking for better and increased higher education options. This year’s budget has been a setback for all such aspirations. While government’s 16% increase in spend in elementary and primary education is commendable but ignoring higher education totally was unexpected.”

Reactions from students

Purnima Kataria, student of PGDM 2009-11 at International Management Institute said, “Budget 2010-11 has come across as a mixed bag, scoring well on some aspects, while missing out on some others. The revision of income tax slabs, expected to benefit 60% taxpayers, is a welcome move. The increased allocations for infrastructure, women and child development, slum development, health and family welfare, school education, NREGA and other flagship schemes is required for inclusive growth and holistic development; however, there needs to be a system in place that tracks the utilization of the allocated funds to make sure that they benefit the target beneficiaries. The decision to set up National Social Security is another significant step. The long delayed implementation of the GST and the DTC can finally come to fruition from April 2011, which is another welcome move. The four-pronged strategy for agriculture once again strikes the right chord.”

Karan Arora, student of IMI said, “The government for ‘aam aadmi’ disappointed the common man by increasing excise duty by Re 1 per litre on petrol and diesel that would lead to rise in prices. The increase in prices of cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver due to a hike in excise duty as part of a partial roll back of stimulus has definitely hurt the sentiments of commoners.”

Stay tuned to MBAUniverse.com for more news on education reforms!