Budget 2024 Updates: IIMs Face Budget Cuts

Education Budget 2024 Updates: The school education budget has been increased by over Rs 500 crore, but the grant for higher education has been reduced by over Rs 9600 crore from the Revised Estimate (RE) of the last financial year. Funding for UGC has been reduced to Rs 2500 crore from last year’s RE of Rs 6409 crore, a decline of 60.99 per cent.

Finance Minister Nirmala Sitharaman in her speech for the Union Budget 2024 reiterated that the number of women in higher education institutions and STEM courses has increased in the last 10 years. He further said that the National Education Policy is heralding transformational reforms.

The budget of the Indian Institutes of Technology (IITs) has also seen a slight decline from last year’s RE. Grants to top technology institutes have reduced from RE of Rs 10,384.21 crore to Rs 10,324.50 crore. However, the grants-in-aid for central universities have increased by more than 28 percent. The budget of Central Universities has been increased from RE of Rs 12000.08 crore to Rs 15472 crore.

Meanwhile, the allocation to the Indian Institutes of Management (IIMs) has also been cut for the second consecutive year. The school education budget has been increased by over Rs 500 crore, but the grant for higher education has been reduced by over Rs 9600 crore from the Revised Estimate (RE) of the last financial year. – PTI

“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,” Nirmala Sitharaman said.

The Finance Minister noted a 28 percent increase in female enrollment in higher education. She also said that in STEM courses, women now make up an impressive 43 per cent of the total enrolment, one of the highest figures globally.

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