Union Budget 2024: Grants to Central Universities Increases by INR 4400 Crore; Deemed University by INR 96 Crore

Union Finance Minister Nirmala Sitharaman has increased the budget for central universities to INR 15,928 crore in comparison to last year's budget of INR 11,528 crore during her seventh consecutive budget presentation. 

Union Budget 2024, announced by Finance Minister Nirmala Sitharam in the parliament has some of the remarking changes in her seventh consecutive budget presentation. With a significant focus on the education sector, the Union Budget for universities has proposed substantial allocations in order to increase education, employment and skill development across the country. 

Union Budget 2024: Central Universities To Get Allocation of INR 15,928 crore 

The Union Budget 2024 for universities highlights a budget of INR 15,928 crore. With an excess of INR 4,400 crores, the budget focused on providing adequate finance to the central universities ultimately boosting the academic power of the central universities across India. However, the Central University of Andhra Pradesh and Andhra Pradesh and Telangana Tribal Universities have not been allocated a budget for 2024. 

Deemed Universities to get INR 96 crore in Access to Previous Year Budget 

The Union Budget 2024 has allocated INR 596 crore to Deemed Universities (up from INR 500 crore). Meanwhile, the funding for the University Grants Commission (UGC) has been reduced to half from INR 5780 to INR 2900. 

Union Budget 2024: What Stakeholders Say?

Following are the verdicts of experts on the Union Budget 2024: 

Prof. M.S. Moodithaya, Vice Chancellor of NITTE Deemed to be University shared their delight saying " The proposal to provide INR 1.48 lakh crore for education, employment and skill development is most welcome.  Financial Support for loans up to Rs. 10 lakh to students aiming for higher education in domestic education is a good move. Another ambitious announcement is the proposal for providing internships for One crore youth, with a stipend of Rs. 5,000 and one-time assistance of Rs. 6,000."

Dr. Bijal Zaveri, Dean of FMS Parul University said "The importance of agility in courses and technology to enhance students' industry readiness; and, highlighting the need for collaboration between academic institutions, the government, and corporate giants to create opportunities in growing fields like Fin-Tech and Artificial Intelligence must be prioritized' was quoted following the presentation of the Economic Survey amid Budget."

Dr Yajulu Medury, Vice Chancellor of Mahindra University encouraged the budget allocation to the education sector. He stated "Many private institutions already support research-based education through substantial subsidies. The new internship scheme could also encourage industries to offer paid opportunities, addressing the issues of unpaid internships. While this budget reflects a hopeful step towards stabilizing and enhancing education, especially after the challenges posed by the pandemic, we look forward to more support in research and competency-building."

The Union Budget 2024-25 was also praised by Shishir Jaipuria, Chairman of Seth Anandram Jaipuria Group of Educational Institutions. He appreciated the decision to upgrade 1000 industrial institutes. The other factor of appreciation was availing loans up to INR 10 Lakh through e-vouchers. 'This initiative will also improve the gross enrolment ratio in higher education from its present 28.4% to the 50% target for 2035 proposed in the National Education Policy 2020.' The chairperson added. 

Dr. Latha Krishnan, Dean- MBA, School of Management of IILM University Gurugram said "The Centre will provide Rs 1.48 lakh crore for education and employment and skill. Financial support for loans up to Rs 10 lakh will be given to students aiming for higher education in domestic institutions. New centrally sponsored scheme for skilling in collaboration with state governments and industries. About 20 lakh youth will be skilled over a 5-year period."

Further, GD Goenka Group's MD Nipun Goenka encouraged the decision to allocate INR 1.48 lakh crore for education, employment and skilling of the young generation. 

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