Union Budget 2023: Funding for IIMs slashed by 50%
Last year, IIMs received an allotment of INR 653.92 crore. However, for Union Budget 2023, IIMs allotment stands at just INR 300.00 crore. Last year, the budget recorded an approximate increase of 37 per cent as compared to 2021-22 financial year’s INR 476 crore.
Indian Budget 2023: This year, the Ministry of Finance has approximately halved the budget allocation for the Indian Institutes of Management (IIMs). The budget document revealed that IIMs have been allotted INR 353.92 crore less than last year’s budget. Last year, IIMs received an allotment of INR 653.92 crore. However, for Union Budget 2023, IIMs allotment stands at just INR 300.00 crore. Last year, the budget recorded an approximate increase of 37 per cent as compared to 2021-22 financial year’s INR 476 crore. Union finance minister Nirmala Sitharaman has released the Education Budget 2023 today, i.e. February 1, 2023, in Parliament.
With the allotment of over INR 112899.47 crore to the two departments of the education ministry, the budgetary allocation witnessed an increase of INR 8,621.75 crore.
According to the budget allocations, this year, IIMs’ Gross Budgetary Support (GBS) is INR 15.17 crore compares to last year’s 323 crore. The interest under HEFA Loan has also gone down to INR 29.79 crore. This was INR 50 crore in the year 2022-23.
Meanwhile, the amount allotted for repayment of the principal of HEFA Loan is INR 255.04 crore. For the budget 2022-23, the amount allocated for repayment of the principal of HEFA Loan was INR 250 crore.
*All figures in Crores
| Details |
Budget 2022-23 |
Budget 2023-24 |
|---|---|---|
| Support from Gross Budgetary Support (GBS) |
323.5 |
15.17 |
| Interest under HEFA Loan |
50.00 |
29.79 |
| Repayment of Principal of HEFA Loan |
280.42 |
255.04 |
| Total- Support to Indian Institutes of Management (IIMs |
653.92 |
300.00 |
While presenting the Budget 2023, the ministry has allocated INR 112899.47 crore to the two departments of the education ministry, up by over INR 8621.75 crore from the 2022-23 budget estimates. According to the allocation made by the finance ministry, the department of school education and literacy has gone up by INR 5355.48 crore i.e. to INR 68804.85 crore.
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