Education budget and socio economic development

An analytical study

Abstract

A country with higher literacy rate performs better in terms of employment social development and people standard of living. Education plays a vital role in socio-economic development. Education raises people productivity and helps to the robust growth of social and economic development. The government of Maharashtra is seriously focusing towards the growth of education. In the allocated budget for the year 2020-21 the government infuses 19.7% in the total budget which is previously 15.8% in the year 2019-20. The research is based on secondary data. The result of this study shows that the government of Maharashtra focuses on improving the education policy and also increased its education budget by 6% from the last year budget i.e 2019-20. The government if Maharashtra is sponsoring the tuition fees of students who are taking admissions in the Indian institute of medical services, Indian institute of technology and Indian institute of improving the standard of living and generate employment, and helps in socio economic development management. The result of this study shows that the government of Maharashtra focuses on improving the education policy and also increased its education budget by 6% from the last year budget i.e 2019-20. In future this research will help in finding that how infusing proper education expenditure will always help in socio economic development of the state.