New Delhi, Jan 7 (IANS) The government spending on education will be increased to $100 billion in the 12th Five Year Plan (2012-17) from the estimated $70 billion during the current plan period, the prime minister's advisor on education and innovation Sam Pitroda said Friday.

"We will be spending close to $100 billion on education in the 12th plan period. This will be in addition to around $20 billion investment on IT," Pitroda said at the ninth Pravasi Bharatiya Divas (PBD) here.

He said the government was taking measures to open up the education sector for more private and overseas investments.

"We have to liberalise the education system. What we did to the economy in 1991 needs to be done to the education now," said Pitorda, who is also the head of National Innovation Council.

He said the government had shown commitment to revolutionise the education system but the pace of development was not satisfactory.

"We have made recommendations. Minister has to act. So far, they have not acted to my satisfaction," Pitroda said, referring to the recommendations of the National Knowledge Commission.

He asked the Indian diaspora to invest in India's education sector.

"There is huge opportunity for private investment in this sector. There is opportunity for locals as well as diaspora."

More than 1,500 members of the Indian diaspora are taking part in the ninth edition of the Pravasi Bharatiya Divas. This is 20 percent more than last year.