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Finance Minister Nirmala Sitharaman, while presenting the 2024 Union Budget, allocated Rs 47,619 crore to the higher education sector under the Ministry of Education. This marks an 8 per cent increase compared to the previous year’s allocation.
The budget for the University Grants Commission (UGC) is divided into three key areas: the UGC itself, central universities, and deemed universities.
Beginning with the financial year 2024-25, funding for certain colleges associated with central universities will be shifted from the UGC budget to the Central Universities budget.
This adjustment results in a significant increase in funding for Central Universities, rising from Rs 11,612 crore in the previous budget to Rs 15,928 crore, while the UGC budget will see a reduction.
Additionally, the Budget allocated for Deemed Universities under the Central Government has seen a notable increase from Rs 500 crore to Rs 596 crore.
The UGC budget for the current financial year has risen from Rs 17,473 crore to Rs 19,024 crore, marking a substantial 9 per cent increase compared to the previous year.
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The financial strategy within the higher education sector is being realigned, with resources being strategically allocated across various initiatives to meet specific needs and objectives. The UGC will focus on the effective utilisation of these funds to further its mission of enhancing higher education standards across the country.
Finance Minister Nirmala Sitharaman delivered her seventh consecutive Union Budget for 2024-25 on July 23 during the Budget Session of Parliament. In her Budget speech, FM Sitharaman highlighted key priorities aimed at stimulating economic growth and creating opportunities, including employment and skilling, and productivity in various service sectors. She also emphasised innovation, research and development, and next-generation reforms.
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