The University Grants Commission (UGC) has experienced budget cuts this year, with the Centre decreasing its grant by more than 60%, while the allocation for Indian Institutes of Management (IIMs) has been reduced for the second consecutive year.
The budget for elementary education has been boosted by over Rs 500 crore, but the grant for higher education has been lowered by more than Rs 9600 crore from the previous fiscal year’s Revised Estimate (RE).
Finance Minister Nirmala Sitharaman unveiled the interim budget for 2024-25 on Thursday, and the allocation for UGC has been reduced to Rs 2500 crore from Rs 6409 crore the previous year, a 60.99 percent cut off.
For the second year in a row, the IIMs, which are among the country’s most prestigious business schools, have seen their budgets reduced. Last year, the IIMs’ funding was reduced from Rs 608.23 crore (RE) to Rs 300 crore.
This year, the budget has been reduced to Rs 212.21 crore from the revised estimate of Rs 331 crore.
The funding for Indian Institutes of Technology (IITs) has similarly suffered a small decrease from the previous year. The funding to the top technological institutes has been reduced from Rs 10,384.21 crore to Rs 10324.50.
However, the assistance funding for Central Universities has grown by more than 28%.
The budget for Central Universities has been increased to Rs 15472 crore from RE of Rs 12000.08 crore. The budget for school education has increased from Rs 72473.80 crore (RE) to Rs 73008.10 crore.
However, the budget for higher education has dropped from Rs 57244.48 crore (RE) to Rs 47619.77 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.
Presenting the interim budget, Sitharamansaid 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.
“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 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up,” she added.
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Source: Business Standard
