12 essential Principles of Educational Finance



(i) All allocation of funds to education should be determined by the educational budget and priorities to various sectors should be made within the sphere of education itself.

(ii) Improvement of education should be made within the financial and human resources available in the country.

(iii) Through careful analysis, trends in economy, allocations should be made to important educational sectors in accordance with the projected man power requirements. As a result of which maximum returns will be ensured and the wastage of human and physical resources of the country will be eliminated.

(iv) Education cannot be purchased like a commodity according to the desire of the individuals, who can pay the full cost. Attempts should be made to provide education free or at a much lower cost than the real one to help the young and immature member of the society to develop.

(v) Education should be duly financed to provide equality of oppor­tunity for the development of the individuals. It can develop their capacities and talents and leaders can spring up from all ranks and conditions of life. Men and women can develop intellectual initiative, judicious invention, foresight of consequences ingenuity of adoption and capacity for making moral choices.

(vi) For demoralization of educational opportunities in our country, a large number of scholarships, stipends and free studentship should be given to the students.

(vii) Special grants for physical activities, libraries and reading rooms, expenses on special programmes like mid-day meals etc., should be given.

(viii) The allocation of funds to education purely from the economic point of view- should be decided by the future needs of skilled man power in various sectors of national life.

(ix) Craft in our school be taught with zeal to produce commodities of high quality and marketability.

(x) Cottage industries be introduced in our schools. This will certain­ly help in recovering some expenditure on education.

(xi) Attempts should be made to reduce the cost of equipment by improvisation etc. Teachers should be given incentives to do so.

(xii) As Kothari Commission desires that utmost economy should be used in the construction of the school building. It should be constructed at war-footing. That will enhance the prestige of education.