India recognises that accountability in financing of education is critical to achieve SDG4 and associated targets. It involves accountability in financing of education on the part of both the development partners and individual countries. Accountability on the part of development partners relates to the commitment to enhance funding that is needed to implement SDG4-Education 2030 agenda. The latest Global Education Monitoring Report released recently points out that“at the global level, international commitments to finance the education sector, remains weak”. The Report indicates that “only 6 of 28 OECD-DAC countries met their commitment to allocate 0.7% of national income to aid.” Therefore, OECD developed countries must fulfil their commitment. Ultimately, investing in education is investing in peace and sustainable future.
Accountability on the part of individual countries relate to the commitment to set nationally appropriate spending targets for education, mobilising financial resources and achieving in a progressive manner the international benchmarks of allocating at least 4% to 6% of gross domestic product (GDP) to education; and/or allocating at least 15% to 20% of public expenditure to education. Accountability on the part of individual countries also relates to efforts aimed at ensuring that the available funds are used efficiently and effectively.
The Government of India recognises that achieving the education development goals and targets set in the context of SDG4-Education 2030 agenda requires increased and well-targeted financing and effective and efficient utilisation of allocated funds. Government of India is investing nearly 4.5 % of GDP on education, despite competing demands on resources. The Central and State/ UT governments have been making efforts to provide adequate and equitable financing to educational priorities. There has been a broad consensus that investment on education be gradually increased to reach a level of six per cent of the Gross Domestic Product (GDP). Efforts are being made to step up the outlay on education by facilitating substantial increase in both public and private sector investment in education. Furthermore, improved coordination, monitoring and evaluation processes have been attempted to ensure that the available funds are used efficiently and effectively, and with measurable education outcomes and impacts for children and youth, especially in terms of attainment of expected learning outcomes.