Union Budget 2024-25: Education Sector Sees Incremental Allocations with 4.3% increase, Emphasis on Youth, Skilling
Comparative Allocation Highlights
| Category |
Budget 2023-24 |
Budget 2024-25 |
|---|---|---|
| Total Education Budget |
₹1.16 lakh crore |
₹1.21 lakh crore |
| Department of School Education |
₹68,804 crore |
₹73,008 crore |
| Higher Education Department |
₹44,090 crore |
₹47,619 crore |
| Kendriya Vidyalaya Sangathan |
₹9,000 crore |
₹9,302.67 crore |
| Navodaya Vidyalaya Samiti |
₹5,600 crore |
₹5,800 crore |
| IITs, NITs, IISERs, Etc |
₹31,555 crore |
₹36,877 crore |
| Central Universities |
₹11,528 crore |
₹15,928 crore |
| Deemed Universities |
₹500 crore |
₹596 crore |
| IIMs |
₹300 crore |
₹212 crore |
| PM Poshan Shakti Nirman (PMPOSHAN) |
₹10,000 crore |
₹12,467 crore |
| PM Schools for Rising India (PMSHRI) |
₹5,500 crore |
₹6,050 crore |
| Pradhan Mantri Uchchatar Shiksha Abhiyan (PMUSHA) |
- |
₹1,814.94 cror |
Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2024-25 in the Parliament, marking her seventh consecutive budget presentation. This budget, the first under Prime Minister Narendra Modi's third term, focuses significantly on the education sector, with substantial allocations and initiatives aimed at enhancing education, employment, and skill development across the country.
Key Highlights from Union Budget 2024-25: Education Sector
Budget Presentation: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament, marking her seventh consecutive budget presentation.
Total Provision for Education, Employment, and Skilling: ₹1.48 lakh crore.
Youth Internship Initiative
1 crore youth to be provided internships in top 500 companies.
10% of training costs to be borne by industries through CSR funds.
Internship allowance: ₹5,000 per month.
One-time assistance: ₹6,000.
Financial Support for Higher Education
Financial support for loans up to ₹10 lakhs for higher education in domestic institutions.
E-vouchers to be provided to 1 lakh students annually.
Interest subvention of 3% on education loan amounts.
Skill Development and Employment
Launch of an internship scheme for 1 crore youths in over 500 firms.
Upgrading of 1,000 industrial training institutes.
The budget aims to significantly boost the education, employment, and skilling sectors, providing ample opportunities and financial support for the youth.
National Research Foundation:
India launched its own National Research Foundation called ‘Anusandhan,’ operationalized by the Department of Science and Technology under the Anusandhan National Research Foundation Act, 2023. This foundation seeks to act as an apex body to strengthen and promote the R&D ecosystem. The government will operationalize the Anusandhan National Research Fund.
Budget 2024-25 Compared with Budget 2023-24:
In Budget 2024-25, the Government allocated ₹1.21 lakh crore for the Education Ministry, compared to ₹1.16 lakh crore in Budget 2023-24, marking a 4.3% increase.
The Department of School Education has been allocated ₹73,008 crore, up from ₹68,804 crore in Budget 2023-24.
The Higher Education Department has seen a marginal increase, with ₹47,619 crore allocated, compared to ₹44,090 crore in the previous budget.
The budget earmarked for education remains nearly unchanged as it is still under 3% of GDP. The National Education Policy (NEP) advocates for an augmentation of the budgetary allocation to 6% of GDP for education. No budget allocation is foreseen for the creation of new IITs, IIMs, or Central Universities this year.
Allocation Highlights
School Education:
Total Allocation: ₹73,008 crore (up from ₹68,480 crore in Budget 2023-24).
Samagra Shiksha: Nearly the same at ₹37,500 crore (₹37,453.47 crore in 2023-24).
Kendriya Vidyalaya Sangathan: ₹9,302.67 crore.
Navodaya Vidyalaya Samiti: ₹5,800 crore.
Higher Education:
IITs, NITs, Central Universities, IISERs: Increased from over ₹31,000 crore to over ₹36,000 crore.
Central Universities: ₹15,928 crore (up from ₹11,528 crore).
Deemed Universities: ₹596 crore (up from ₹500 crore).
IIMs: Decreased to ₹212 crore (from ₹300 crore).
IITs: ₹10,324 crore.
NITs: ₹5,040 crore.
IIITs: Reduced to ₹515 crore (from ₹560 crore).
National Education Mission
RUSA Funding Abolished; PMUSHA Introduced: The Finance Minister has done away with funding under the Rashtriya Uchhatar Shiksha Abhiyan (RUSA) scheme, which was allocated ₹1,500 crore last year. This year, Pradhan Mantri Uchchatar Shiksha Abhiyan (PMUSHA) has been introduced with an allocation of ₹1,814.94 crore to support colleges and universities.
University Grants Commission (UGC): Funding halved from ₹5,200 crore to ₹2,500 crore.
All India Council for Technical Education (AICTE): Reduced from ₹420 crore to ₹400 crore.
Centrally Sponsored Schemes
Pradhan Mantri Poshan Shakti Nirman (PMPOSHAN): Allocated ₹12,467 crore.
PM Schools for Rising India (PMSHRI): ₹6,050 crore.
Pradhan Mantri Uchchatar Shiksha Abhiyan (PMUSHA): ₹1,814.94 crore.
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Abhay an alumnus of IIMC and Delhi University, has over a decade long experience of reporting on various beats of journalism. During his free time he prefers listening to music or play indoor and outdoor games.