Q.Name the boom?A.It's Education

The budget is knocking door and at the very moment the most awaited census are in hand,the most awaited boom of the most emerging economic giant of the world and one of the most fast forward developing economy it's none but India.

The courtesy image||Reflecting the fact behind we're living in the state||Shooting to Mars & Moon at the cheapest.

And,here we go revealing the fact sheet of Indian Economy's most welcoming boom.....

The Ministry of Human Resource Development (MHRD), which handles school/higher education and adult literacy, grows richer every year, but it still accounts for only 5% of the government’s expenditure of over Rs 17 lakh crore ($289 billion).

Last financial year, the MHRD was ranked 5th, with only 4.6% of the total central government budget set aside for education.

MHRD has two departments – the department of school education and literacy and the department of higher education. The department of school education is also responsible for adult literacy programmes. All universities and technical/professional schools come under the department of higher education.

Let us now look at the allocations for MHRD vis-a-vis total government expenditure.

Source: Union Budget 2014-15

IndiaSpend has previously discussed the low quality of school education, based on theAnnual State of Education Reports (ASER); gaps between public and private schools andacross classes; how school education in India stutters on enrolment, teachers and infrastructure and higher education.

We also found 38% vacancies in central government universities across India. With these state of affairs, the question we must pose: Are we spending enough on education?

The simple answer: No.

Average public spending on education across the world was 4.9% of GDP in 2010 while India spent only 3.3% of GDP, according to World Bank data.

Let us compare the spending of some countries with India.

Source: World Bank, UNDP

The low spending on education is clearly reflected in India’s low literacy rate in India. For the purpose of this report, we have selected two developed countries with high human development ranks and the BRICS nations (recent data for China is not available).

Literacy continues to be a huge challenge for India, after six decades of independence. The literacy rate has steadily improved, but too many people are still illiterate, as the chart below shows.

Source: Census of India

The BRICS economies are similar to India, but in terms of education, they are closer to more developed economies with literacy rates of more than 90%.

Since the government is expected to focus on skill development, the challenge is to improve the education infrastructure and monitor outcomes. While we have witnessed some success stories from states in terms of outcomes in primary education, there is still a long way to go.

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