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What amount of fund allocation has been announced in the Union Budget 2020 - 21 for education sector?
1. Rs. 90,200 crore 
2. Rs. 95,600 crore
3. Rs. 99,300 crore 
4. Rs. 110,800 crore

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Correct Answer - Option 3 : Rs. 99,300 crore 

The correct answer is Rs. 99,300 crores.

  • The total Budget allocation for the Human Resource Development (HRD) Ministry is Rs.99,300 crore.
  • The total Budget allocation for the HRD Ministry increased to Rs. 4457.88 crore in 2020-21 in comparison of 2019-20.

  • The Union Budget was structured on the overall theme of “Ease of Living".
  • The nominal growth rate of GDP is expected to be 10% in 2020-21.
  • A total of Rs. 64,180 crores to be spent on healthcare.
  • Defense gets Rs 3.37 lakh crore as the defense budget.
  • The allocation for higher education is Rs. 39466.52 crores, up from Rs. 38317.01 crore the previous year. As compared to the previous year, there has been a rise of around Rs.1149.51 crore.
  • A new scheme named, Education Quality Up-gradation and Inclusion Program (EQUIP), has been envisaged by the Department of Higher Education, MHRD.
  • TEQIP, the World Bank assisted Technical Education Quality Improvement Program, has been allocated Rs. 650 crore.

  • Union Budget:
    • A budget is an annual statement of the government's estimations of income and expenditure.
    • Constitution of India does not use the word Budget, instead, it uses the term Annual Financial Statement.
    • Under Article 112 of the Constitution, the President shall in respect of every financial year cause Annual Financial Statement to be laid before both the House of Parliament.
    • Every Budget gives the figures for the 3 years.
      • Actual figures for the preceding year.
      • Budget estimates and revised estimates for the current year.
      • Budget estimates for the coming year.

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