The higher education department of the education ministry is given priority in the budget, which has Rs 47,619 crore allocated to it, an increase of 8% compared to last year.
The University Grants Commission (UGC) budget can be divided into three main parts: UGCcentral university and recognized university.
It is expected that specific affiliated colleges will receive separate funding from the 2024-25 fiscal year. Central university budget line from UGC budget line to central university budget line.
This adjustment entails increasing below-the-line funding in the central universities’ budgets from Rs. It was previously Rs 11,612 crore, Rs 15,928 crore and decreased UGC budget items.
Moreover, the government-funded deemed universities have also seen a significant increase in their budgets from Rs.500 Crores to Rs.596 Crores.
Compared to previous fiscal years, this fiscal year’s UGC budget increased significantly by 9%, rising from INR1747.3 crores last year to INR1902.4 crores.
Financing of higher education is being redefined with resources strategically allocated among programs based on their respective needs and objectives within the ecosystem.
The UGC will ensure that funds are properly used as planned for effective implementation of its mission towards improving the quality standards of higher education across India.
Nirmala Sitharaman presented Union Budget 2024-25 on July 23rd covering her seventh consecutive term as finance minister since assuming office during the day’s parliamentary session. This has been characterized by continuity in following delivery of seven successive budget speeches but none other person matches former Prime Minister Morarji Desai who made six straight speeches during his term as finance minister between 1959 and1964.
Under FM Sitharaman’s seventh straight speech for Union Budget FY24–25 she outlined major areas that would fuel economic growth and provide abundant opportunities like agricultural productivity & resilience; employment skills & services.
In her budget speech, the finance minister listed nine priority areas for the government which include agricultural productivity and resilience, employment and skills, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms.
Sitharaman used her budget speech to announce the expanded standard deduction as well as new tax rates in the case of salaried individuals under the alternative taxation system. For Financial year 2024-25 Sitharaman has made some major changes in income tax through her Budget Speech that are aimed at simplifying tax laws thus promoting compliance as a way towards economic growth.
During her budget presentation today Sitharaman announced creation of opportunities for employment for about 4.1 billion youth in five years’ time. The FM has allocated INR 2 billion for this purpose.
Similarly she suggested an allocation of Rs 148 crore to create skill sets among citizens to provide job opportunities. Two million young people will be trained over a period not exceeding five years. Upgrade and renovate 1000 industrial training institutions.
