New Delhi, July 23
In a commitment to prioritize higher education, an allocation of Rs 47,619 crores from the budget has been made to Higher Education under the Ministry of Education, representing a significant increase of 8 percent over last year's budget.
The budget for UGC comprises three pivotal components: UGC, Central Universities, and Deemed Universities.
Starting from the financial year 2024-25, funding for specific colleges affiliated with Central Universities is realigned from the UGC Budget line to the Central Universities Budget line.
This realignment comes with enhanced funding under the Central Universities Budget line, which will increase from Rs. 11612 crores in the previous budget to Rs. 15928 crores and reduction under the UGC Budget line.
Furthermore, the budget for Deemed Universities promoted by the Central Government sees a noteworthy increase from Rs. 500 Crores to Rs. 596 Crores.
Looking holistically, compared to the previous fiscal year, the UGC budget has been augmented from Rs 17473 crores to Rs 19024 crores, which represents a significant increase of 9 percent.
Realigning financing within the higher education ecosystem is taking place, with resources strategically distributed across various schemes based on specific needs and goals.
UGC will work to ensure the efficient use of allocated funds, furthering its mission of advancing higher education standards nationwide.
Finance Minister Nirmala Sitharaman presented her record seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament. She makes history as the first finance minister to present seven consecutive budget speeches, surpassing former Prime Minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964.
FM Sitharaman, in her seventh consecutive Union Budget for 2024-25, outlined key priorities aimed at fostering economic growth and creating ample opportunities. The priorities include Productivity and Resilience in Agriculture, Employment and Skilling and services.
She listed productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms as nine priority areas for the government.
In her budget speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Sitharaman announced a significant set of income-tax reforms for the fiscal year 2024-25, aimed at simplifying tax laws, promoting compliance, and fostering economic growth.
Sitharaman, in her budget speech, proposed the creation of employment for about 4.1 crore youth over the next five years. Towards this, the finance minister has made an allocation of Rs 2 lakh crore.
Similarly, for skilling the citizens so as to generate job opportunities, she proposed Rs 1.48 crore. 20 lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded.