Finance Minister to Present Budget 2024-25 Today, Interim Budget Allocated Rs 1.24 Lakh Crore for Education

Union Finance Minister Nirmala Sitharaman to Present Budget 2024-25 Today, Marking the First Budget of Modi Government 3.0

Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 in Parliament today at 11 AM. This will be the first budget of the Modi Government's third term and comes with high expectations, especially for the education sector.

During the Interim Budget presented in February, Finance Minister Sitharaman allocated a substantial portion of the education budget to the Department of School Education, with Rs 73,008 crore, while the Higher Education sector received Rs 47,619 crore. The total allocation for the Education Ministry stands at Rs 1,24,638 crore, marking a 10% increase from the previous year’s Rs 1.16 lakh crore.

Despite the increased allocation, the education budget remains under 3% of GDP, falling short of the 6% advocated by the National Education Policy (NEP). This has raised concerns within the education sector, as no funds have been earmarked for new IITs, IIMs, or Central Universities this year.

Boost for Central Schemes and Higher Education

Key centrally sponsored schemes have seen significant boosts, with the Pradhan Mantri Poshan Shakti Nirman scheme (formerly the Mid-Day Meal Scheme) allocated Rs 12,467 crore, and the PM Schools for Rising India (PMSHRI) scheme receiving Rs 6,050 crore. Additionally, the newly introduced Pradhan Mantri Uchchatar Shiksha Abhiyan (PMUSHA) has been allocated Rs 1,814.94 crore to support colleges and universities.

However, the funding for the Rashtriya Uchchatar Shiksha Abhiyan (RUSA) has been abolished, and allocations for the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE) have been significantly reduced.

Funding for Premier Institutions

The budget allocation for premier institutions such as IITs, NITs, and IIITs has increased, with a total allocation rising from Rs 31,000 crore to Rs 36,000 crore. However, funding for IIMs has been cut by over 20%, and allocations for IIITs have been slightly reduced.

School Education and Literacy

The Department of School Education and Literacy has received Rs 73,008 crore, up from Rs 68,804 crore last year. The allocation for Samagra Shiksha remains almost unchanged at Rs 37,500 crore. Central government-run school chains like Kendriya Vidyalaya Sangathan (KVS) and Navodaya Vidyalaya Samiti (NVS) have been allocated Rs 9,302.67 crore and Rs 5,800 crore, respectively.

Looking Ahead

As the Modi Government presents its first budget of the third term, stakeholders across the education sector and beyond are keenly watching the proceedings. The budget’s impact on nearly 24 lakh students who appeared for various exams, and on the broader educational infrastructure, will be closely analyzed in the coming days.

• Economic Survey 2023-24: Higher Education Enrolment Reaches 4.33 Crore, Female Participation Up by 31.6%
• SC Resumes NEET UG 2024 Hearing; Rahul Gandhi Criticizes Govt in Parliament Monsoon Session
• NEET UG 2024 Hearing: Supreme Court to Decide fate of 24 Lakh Students Today Amid Paper Leak Allegations