Last year, the government slashed the budget for IIMs by approximately half. This year's Union Budget continues this trend, with IIMs receiving ₹212.21 crore, marking a further reduction of ₹88 crore compared to the previous year.
Union Budget 2024: The Ministry of Finance has unveiled Budget 2024-25, revealing significant cuts in the budget allocation for Indian Institutes of Management (IIMs). According to Finance Minister Nirmala Sitharaman's budget document, the allocation for IIMs has been reduced to ₹212.21 crore.
Last year, the government slashed the budget for IIMs by approximately half. This year's Union Budget continues this trend, with IIMs receiving ₹212.21 crore, marking a further reduction of ₹88 crore compared to the previous year.
In 2022, the IIMs were allocated ₹353.92 crore less than the previous year's allotment of ₹653.92 crore, amounting to INR 300 crore.
Finance Minister Nirmala Sitharaman presented the Education Budget 2024-25 today, July, 2024, in Parliament.
Union Budget 2024: Allocation Details for IIMs
In the current budget allocations, the Gross Budgetary Support (GBS) for IIMs stands at ₹12 crore, down from last year's ₹15.17 crore. Additionally, the interest under HEFA Loan has increased to ₹60 crore, up from ₹29.79 crore in the fiscal year 2023-24.
Conversely, the allocation for repayment of the principal of HEFA Loan is set at ₹140.21 crore for this budget cycle. Last year, the amount allocated for this purpose was ₹255 crore in the budget for 2023-24.
*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 |
Earlier, the ministry released Interim budget 2024 as the general elections were due for April-May. The full Union Budget 2024 by the government reveals that no change has been made in the Union Budget. The Ministry of Finance has allocated ₹47619.77 Crore to the Department of Higher Education.
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