The World Bank has been supporting theUniversalization of Elementary Education (UEE)program forIndia through its support to the flagship program of theGovernment of India, theSarva Shiksha Abhiyan (SSA). TheBank's ongoing support to SSA is a little over $ 1billion.With reducing national level budgetary allocationand scarcity of resources for publicly-fundededucation, itis important to analyse the efficiency and effectiveness ofthe investments in thesector. It is critical that financialinvestments made have been used efficiently and yield ahighreturn in terms of children's access to educationand learning outcomes. With this objective, the World Bankas a part of its ongoing support to SSA, undertook a Valuefor Money (VFM) analysis that could assess the returns frompublic education expenditure. This paper attempts tocalculate and benchmark the economic value of any increasesin children’s access to schooling and in students'learning levels that may result from increases in publiceducation spending over time.