Historic Budget Boost: Rs 47,619 Crore Allocated to Transform Higher Education

The 2024-25 Union Budget, presented by Finance Minister Nirmala Sitharaman, sees a significant 8% increase in higher education funding, realigning finances within Central and Deemed Universities, and promoting economic growth with reforms in agriculture, employment, and skilling.

In a move prioritizing higher education, the government has allocated Rs 47,619 crores from the 2024-25 budget to the Ministry of Education, an 8% increase from last year. This budget focuses on three pivotal components: UGC, Central Universities, and Deemed Universities.

Starting from the financial year 2024-25, funding for specific colleges affiliated with Central Universities will shift from the UGC Budget line to the Central Universities Budget line. This shift will increase the Central Universities Budget from Rs 11,612 crores to Rs 15,928 crores, while decreasing the UGC Budget line.

Moreover, the budget for Deemed Universities promoted by the Central Government will rise from Rs 500 crores to Rs 596 crores. Overall, the UGC budget will see an increase from Rs 17,473 crores to Rs 19,024 crores, marking a 9% rise compared to the previous fiscal year.

Finance Minister Nirmala Sitharaman, in her record seventh consecutive Union Budget presentation, outlined key priorities aimed at economic growth and opportunity creation. These include enhancements in productivity and resilience in agriculture, employment and skilling, and services.

Sitharaman highlighted productivity and resilience in agriculture, employment and skilling, human resource development, social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research, and next-generation reforms as the government's nine priority areas.

In her speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. She announced significant income-tax reforms for 2024-25 to simplify laws, promote compliance, and drive economic growth.

Additionally, the Finance Minister proposed creating employment for approximately 4.1 crore youth over the next five years with a Rs 2 lakh crore allocation. For citizen skilling, she proposed Rs 1.48 crore and plans to skill 20 lakh youth over five years. A total of 1,000 industrial training institutes will be upgraded.