Budget 2024-25: Cuts Hit UGC, Higher Education In India

Budget 2024-25: Cuts Hit UGC, Higher Education In India

The University Grants Commission (UGC) has faced a budget cut this year with the Centre reducing its grant by over 60 per cent while allocation for school education has been increased in the interim budget for 2024-25.

PTIUpdated: Friday, February 02, 2024, 09:53 AM IST
article-image
Budget 2024-25: Cuts Hit UGC, Higher Education In India | Twitter | ANI

New Delhi: The University Grants Commission (UGC) has faced a budget cut this year with the Centre reducing its grant by over 60 per cent while allocation for school education has been increased in the interim budget for 2024-25.

The allocation for Indian Institutes of Management (IIMs) has been slashed for the second consecutive year.

The budget for school education has been increased by over Rs 500 crore but the grant for higher education has been reduced by over Rs 9600 crore from the previous fiscal year's Revised Estimate (RE).

Budget drops for IIMs, IITs

In the interim budget for 2024-25 announced by Finance Minister Nirmala Sitharaman on Thursday, the funding for UGC has been brought down to Rs 2500 crore from the previous year's RE of Rs 6409 crore, a 60.99 per cent drop.

However, the support grant for Central Universities has increased by over 28 per cent.

The IIMs, counted among the noted business schools in the country, have faced a cut in the budget for the second year in a row. Last year, the budget for IIMs was slashed from Rs 608.23 crore (RE) to Rs 300 crore.

This year, the budget has been brought down further to Rs 212.21 crore from the Revised Estimate of Rs 331 crore.

The budget for Indian Institutes of Technology (IITs) has also seen a marginal dip from the RE last year. The grant to the top technology institutions has dropped from RE of Rs 10,384.21 crore to Rs 10324.50.

Budget for school education has increased

The budget for school education has increased from Rs 72473.80 crore (RE) to Rs 73008.10 crore while the allocation for higher education has dropped from Rs 57244.48 crore (RE) to Rs 47619.77 crore.

The budget for Central Universities has been increased to Rs 15472 crore from RE of Rs 12000.08 crore.

In school education, Kendriya Vidyalaya, Navodaya Vidyalayas, NCERT, PM Shri schools and Grants-in-aid to state governments and governments of Union Territories have seen a rise in the budget allocation.

While the grants to state governments increased by over Rs 8200 crore, the allocation for Union Territories is up by Rs 308 crore.

"The Budget allocation for the FY 2024-25 of Rs 73,498 crore is the highest ever for the Department of School Education and Literacy," a statement by the education ministry said.

PM SHRI

The budget for PM SHRI - an education ministry scheme that upgrades existing government schools into model schools - has risen by Rs 3250 crore, from Rs 2800 crore in 2023-24 (RE) to Rs 6,050 crore in 2024-25.

Presenting the interim budget, Sitharaman said that a large number of new institutions of higher learning, namely seven IITs, 16 IIITs, seven IIMs, 15 AIIMS and 390 universities have been set up since 2014 while 3000 new ITIs have been established.

"Our prosperity depends on adequately equipping and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM Schools for Rising India (PM SHRI) are delivering quality teaching and nurturing holistic and well-rounded individuals," the finance minister said.

Skill India Mission

"The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3000 new ITIs. A large number of new institutions of higher learning, namely seven IITs, 16 IIITs, seven IIMs, 15 AIIMS and 390 universities have been set up," she added.

Giving a boost to entrepreneurship, Sithraman announced setting up a corpus of Rs one lakh crore with 50-year interest-free loans to encourage the private sector to scale up research and innovation in sunrise domains.

"A corpus of Rs 1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates," the minister said.

"This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology," she added.

Union Education Minister says budget will be game-changer

Union Education Minister Dharmendra Pradhan said the policy will turn out to be a game-changer.

"India's youth has now reached the stage where it has the strength and capability to meet the challenges and requirements globally besides fulfilling India's requirements.

"The research corpus fund will be a game-changer policy. The fund will be of great help in meeting the requirements for making India an economic superpower," Pradhan told PTI.

"Prime Minister Narendra Modi has taken great interest in innovation and has always stressed upon research...it has also been highlighted in the recommendations made in the New Education Policy (NEP)," he added.

RECENT STORIES

Madhya Pradesh: Constable Physical Test In September, Result Likely In December

Madhya Pradesh: Constable Physical Test In September, Result Likely In December

Study In South Korea: Explore Top 10 Universities For International Students

Study In South Korea: Explore Top 10 Universities For International Students

BHU 2024-25 Registration Process Starts For UG Course: Apply Now!

BHU 2024-25 Registration Process Starts For UG Course: Apply Now!

IBPS Clerk Recruitment 2024: Last Day to Apply! Direct Link Here

IBPS Clerk Recruitment 2024: Last Day to Apply! Direct Link Here

CTET Results 2024: Central Teacher Eligibility Test Answer Key Awaited; Scorecards To Be OUT Soon!

CTET Results 2024: Central Teacher Eligibility Test Answer Key Awaited; Scorecards To Be OUT Soon!