BACKGROUNDER
State funding of
education sector, despite best efforts, has been inadequate and
it has not so far been possible to set apart 6% of the GDP
for education. State funding alone may not, therefore, be
sufficient to meet the challenge ahead. A whole-hearted
national effort both in the public and private sectors would be
necessary for the country to emerge as a fully literate and economically
vibrant nation in the new country.
The Government has
decided to enlist the support of all concerned and mobilise extra
budgetary resources to fill in the gap between actual requirements
and the available budgetary support. It has, therefore,
been decided to constitute a ‘Bharat Shiksha Kosh’ to receive
donations/contributions/endowments from individuals and corporates,
Central and State Governments, NRIs and PIOs for various educational
purposes. Contributions to the Kosh can be both in cash
and kind. It would also permit sponsorship under which any
organisation or individual can become sponsors of the educational
activities in a particular village, town, city, school, college
or even a child through the payment of a specified amount.
A school or college or a building/block may be named after the
sponsor on payment of a prescribed amount. Similarly, prizes,
scholarships and chairs in educational institutions could also
be instituted in the name of the sponsors.
Contributions, donations
etc. to the Kosh would qualify for hundred per cent deduction
under the Income Tax Act, 1961 and also exempted from the provisions
of FCRA.
The Government has
made an initial contribution of Rs.1 crore to the Kosh. Government
expects individuals and corporates to generously contribute to
the educational development of the country.
