During the announcement of the interim budget 2024, it was observed that the University Grants Commission (UGC) experienced a substantial decrease of 60.9% in funding, with an allocation of Rs. 2500cr as compared to the previous year's Rs. 6409cr.
In a recent press conference chaired by UGC Chairman Prof. M Jagadesh Kumar at Mumbai University, significant insights were shared regarding the budget allocation for the education sector for the financial year 2024.
Addressing the drop in allocations of the funds to the UGC, Prof. Kumar pointed out that the overall funds have decreased, but emphasized that there has been a significant rise in the funding given to the UGC.
No Reduction In UGC Funds?
Contradicting the misconceptions, Prof. Kumar stated, "There is no reduction of funds for UGC. In 2024-25, the funding for colleges has come under Central Universities (CU). This means there is a realignment of the funding which entails a shift in funding from the UGC head to the CU head, particularly for colleges affiliated with institutions like Delhi University and Banaras Hindu University."
Prof. Kumar further emphasized the financial situation for the education sector and said, "The restructuring aims to streamline funding processes without diminishing support for educational institutions. Under this new framework, the budget allocation for central universities has seen a notable surge."
Funding Increased For CU
He further revealed that the funding has increased from Rs. 11,000cr to Rs. 15,000cr for central universities.
Additionally, there has been a significant increase in funding for Graduate Management-Trainee Programs (GMTP) universities. Prof. Kumar pointed out that the budget allocated to these universities has risen from Rs. 500 cr to Rs. 596 cr.
In regards to total funding, the UGC has seen an 8% rise in fund allocation. The overall funding received by UGC, for the GMTP university, has increased from 17,470 crores to 19,024 crores.
