Union budget 2024 ‘visionary’, lays foundation for prosperous future; UGC, AICTE hail initiatives

NEW DELHI: The University Grants Commission and All India Council for Technical Education welcomed the Union Budget 2024 presented by the union finance minister Nirmala Sitharaman today, July 23. UGC chief Mamidala Jagadesh Kumar expressed his commitment to supporting quality education while AICTE chairman TG Sitharam called it a ‘visionary’ approach.

Kumar said, “In a deep commitment to prioritize higher education, an allocation of Rs 47,619 crore is made to higher education, MoE, representing a significant increase of 8% over last year's budget. UGC, being one of the leading implementation agencies of the NEP 2020, remains committed to its core mandate of supporting quality higher education.”

The UGC chairman explained that the education budget 2024 for the commission 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 11,612 crore in the previous budget to Rs 15,928 crore and reduction under the UGC budget line ( -2,860 crore).

Moreover, the budget for deemed universities saw a noteworthy increase from Rs 500 crore to Rs 596 crore this financial year. “Looking holistically, compared to the previous fiscal year, the UGC budget has been augmented from Rs 17,473 crores to Rs 19024 crores, which represents a significant increase of 9%. 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 continue to work in synergy with all stakeholders to ensure the efficient use of allocated funds, furthering its mission of advancing higher education standards nationwide,” Jagadesh Kumar further said.

Higher education budget 2024

AICTE chief iterated that the Indian budget 2024 lays foundation for a “prosperous” future by addressing the crucial areas such as employment, skilling, MSMEs, and the middle class.

“The Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Parliament today exemplifies the government's visionary approach and steadfast commitment to transforming India into a developed nation by 2047. By addressing crucial areas such as employment, skilling, MSMEs, and the middle class, the budget lays a robust foundation for a prosperous future,” he said.

The former IIT director said the central budget 2024 focuses on all-round growth and development by providing comprehensive support to youth, women, and entrepreneurs by introducing ‘well-structured’ schemes and financial allocations.

This budget, he believes, will open several opportunities for young individuals, enabling them to explore new horizons and excel in their careers. “The government's relentless efforts to elevate the standards of skilling and education will ensure that our youth are equipped to compete on a global scale. With a concerted focus on innovation, research, and entrepreneurship, India is well on its way to achieving its goal of becoming a 'Viksit Bharat' before 2047,” he added.