The University Grants Commission (UGC) has faced huge budget cuts this year, with the Center cutting its budget by more than 60 percent, while the allocation for IIMs has been cut for the second time in a row. At the same time, the budget for school education has been increased by more than Rs 500 crore this time, but the budget for higher education has been reduced by more than Rs 9600 crore from the Revised Estimate (RE) of the last financial year. In the interim Budget 2024-25 announced by Finance Minister Nirmala Sitharaman on Thursday, funding for the UGC has been reduced to Rs 2500 crore from Rs 6409 crore last year, a decline of 60.99 per cent.
IIM’s budget reduced for the second year
Let us tell you that IIM, which is counted among the renowned business schools of the country, has faced budget cuts for the second consecutive year. Last year, the budget of IIM was reduced from Rs 608.23 crore (RE) to Rs 300 crore. This year the revised estimate of the budget has been reduced from Rs 331 crore to Rs 212.21 crore. At the same time, the budget of IIT has also seen a slight decline from last year’s RE. The grant to the top technical institute has reduced from RE of Rs 10,384.21 crore to Rs 10324.50 crore. However, the grants-in-aid for Central Universities have increased by more than 28 percent.
Budget of Central Universities increased
Let us tell you that the budget of Central Universities has been increased from RE of Rs 12000.08 crore to Rs 15472 crore. At the same time, the budget of school education has increased from Rs 72473.80 crore (RE) to Rs 73008.10 crore. However, the budget for Higher Education has reduced from Rs 57244.48 crore (RE) to Rs 47619.77 crore. In school education, an increase has been seen in the budget allocation for Kendriya Vidyalaya, Navodaya Vidyalaya, NCERT, PM Shri Schools and grants-in-aid to State Governments and Union Territory Governments.
Many new institutions were formed in the country
Presenting the interim budget, Sitharaman said that since 2014, a large number of new institutions of higher education, 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been established, while 3000 new ITIs have been established. . The Finance Minister said, “Our prosperity depends on adequately enabling and empowering the youth. The National Education Policy 2020 is ushering in transformational reforms. PM Schools for Rising India (PM SHRI) are providing quality education and holistic And making all-round development.”
Further said that Skill India Mission has trained 1.4 crore youth, trained and re-skilled 54 lakh youth and established 3000 new ITIs. A large number of new institutions of higher education, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been established.
read this also:
Railway Budget 2024: Government announced three rail corridors, know how the general public will benefit
Latest Business News