According to the Interim Union Budget 2024 document released by Finance Minister Nirmala Sitharaman, the budget allocation for IIMs has further decreased to 212.21 crore. Last year, IIMs received an allotment of INR INR 300.00 crore.
Indian Budget 2024: The Ministry of Finance has announced the interim Budget 2024. According to the Union Budget 2024 document released by Finance Minister Nirmala Sitharaman, the budget allocation for IIMs has further decreased to INR 212.21 crore.
Last year, the Ministry of Finance approximately halved the budget allocation for the Indian Institutes of Management (IIMs). The budget document presented by Finance Minister Nirmala Sitharaman revealed that under interim budget 2024, IIMs have been allotted INR 212.21 crore, which is further INR 88 Cr less than last year’s budget. Last year, the government had approximately halved the IIMs budget. The IIMs received INR 353.92 crore less than the 2022 allotment of INR 653.92 crore, i.e. INR 300.00 crore.
However, for Union Budget 2024, IIMs allotment stands at just INR 212.21 crore. Union finance minister Nirmala Sitharaman has released the Education Budget 2023 today, i.e. February 1, 2023, in Parliament.
Interim Union Budget 2024 Allocation for IIMs
According to the budget allocations, this year, IIMs’ Gross Budgetary Support (GBS) is INR 12 crore compares to last year’s INR 15. 17 crore. The interest under HEFA Loan has also gone up to INR 60 crore. This was INR 29.79 crore in the year 2022-23.
Meanwhile, the amount allotted for repayment of the principal of HEFA Loan is INR 140.21 crore. For the budget 2023-24, the amount allocated for repayment of the principal of HEFA Loan was INR 255 crore.
*All figures in Crores
| Details |
Budget 2023-24 |
Budget 2024-25 |
|---|---|---|
| Support from Gross Budgetary Support (GBS) |
15.17 |
12 |
| Interest under HEFA Loan |
29.79 |
60 |
| Repayment of Principal of HEFA Loan |
255.04 |
140.21 |
| Total- Support to Indian Institutes of Management (IIMs |
300.00 |
212.21 |
The ministry has released interim budget 2024 as the general elections are due for April-May. The full Union Budget 2024 will be released by the government selected after the elections. The Ministry of Finance has allocated INR 47619.77 Crore to the Department of Higher Education.
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