New Delhi: The University Grants Commission (UGC) is facing a significant budget cut this year, as the Centre has reduced its grant by over 60 percent, while the allocation for school education has been augmented in the interim budget for 2024-25. In the latest budget, the funding for UGC has been slashed to Rs 2500 crore from the previous year’s Revised Estimate (RE) of Rs 6409 crore, marking a 60.99 percent decrease. Conversely, the support grant for Central Universities has witnessed an increase of over 28 percent. Similarly, Indian Institutes of Management (IIMs) have encountered a reduction in budget for the second consecutive year. The budget for IIMs has been diminished to Rs 212.21 crore from the previous year’s Revised Estimate of Rs 331 crore, as reported by news agency PTI.
Moreover, the budget for Indian Institutes of Technology (IITs) has also experienced a slight decline from the RE of the preceding year. The grant for these top technology institutions has dropped from the RE of Rs 10,384.21 crore to Rs 10,324.50 crore. While the budget for school education has been enhanced from Rs 72,473.80 crore (RE) to Rs 73,008.10 crore, the allocation for higher education has seen a decrease from Rs 57,244.48 crore (RE) to Rs 47,619.77 crore.
Furthermore, the budget for Central Universities has been raised to Rs 15,472 crore from the RE of Rs 12,000.08 crore.
In school education, various segments such as Kendriya Vidyalaya, Navodaya Vidyalayas, NCERT, PM Shri schools and Grants-in-aid to state governments and Union Territories have observed an increase in budget allocation. Grants to state governments have risen by over Rs 8200 crore, while the allocation for Union Territories has climbed 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.
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.
Also Read: Education Budget 2024: How Educationists Reacted To The Interim Budget
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.
“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.
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