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XLRI views on Interim Budget-2014

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February 17, 2014 6:35 IST | India Infoline News Service
The government presented the interim budget (or “vote on account”) today. A vote on account is a special constitutional provision by which the government has Parliament vote to secure funds for essential expenditures for part of the next financial year. The final budget will be presented sometime in June/July when the next government is in place (after the elections). Below are Fr. E. Abraham, S.J, Director of XLRI views on Interim Budget-2014.
It is heartening to note that expenditure on education has increased almost eight-fold in the last 10 years to reach Rs.79, 251crores this year. Whilst the number of schools, colleges and universities have increased manifold in the last decade it is definitely a matter of grave concern that a large number of the new educational institutions in the government sector have major lacunae vis-a-vis governance resulting in gross misapplication and wastage of public funding. It is high time that the audit of the education sector is done with more rigor by the Comptroller and Auditor General (CAG) of India and corrective measures be implemented to stem the public funds leakage.


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