Education Budget 2024: UGC chairman says ‘will ensure efficient use of allocated funds'

NEW DELHI: The University Grants Commission (UGC) chairman Mamidala Jagadesh Kumar welcomed the interim budget 2024 as the higher education department gets Rs 47,619.77 crore, an increase of Rs 3,525.15 crore compared to the budget estimates of 2023-24.

Increased funding for premier institutions like Indian Institutes of Technology (IITs), Indian Institutes of Science Education and Research (ISERs), and Indian Institute of Science (IISc), coupled with expansion plans, “signifies continued support for excellence in higher education,” the UGC chairman said in a statement.

The UGC saw a massive drop to Rs 2,500 crore from Rs 5,360 crore in 2023-24 budget, lowest in the last four years. The revised estimate for the statutory body was Rs 6,409 crore. Although the chairman did not comment on the fund cuts, he said the commission “will continue to work in synergy with all stakeholders to ensure the efficient use of allocated funds”.

Saying that the budget reinforces the spirit of Viksit Bharat, he said: “We are confident that the strategic distribution of resources and NEP's transformative vision will build a learner-centric higher education system in India”.

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Budget 2024: NRF, central universities

“We are pleased to see a rise in allocations for Central Universities, deemed universities promoted by the central government, research and innovation initiatives, the Pandit Madan Mohan Malviya National Mission on Teachers and Teaching, and PM Usha, demonstrating our commitment to these crucial areas,” Jagadesh Kumar on the interim budget 2024.

Further, he said scholarships have been merged for college and university students with PM-USP Yojna from the financial year 2023-24.

The National Research Foundation (NRF) will now receive an average of Rs 10,000 crore annually to support research endeavours. “In this context, a realignment of the financing within the higher education ecosystem is taking place, with resources strategically distributed across various schemes based on specific needs and goals,” he said.

The UGC chairman said that initiatives such as Skill India Mission focuses on training and upskilling, equipping youth for the evolving job market. “Attracting investments and schemes like Startup India and Startup Credit Guarantee will bring a golden era for tech-savvy youth, growing with entrepreneurial spirit,” he added.