Education Budget 2024: Key Changes in Education Allocations ₹47619.77 cr for FY 2024-2025

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By vibhuti 6 Min Read

The budgetary allocations for FY 2024-25 unveil shifts in funding priorities for education, impacting schemes, projects, and prestigious institutions. Here’s a concise overview of the key changes.

New Delhi, February 02, 2024 – In a significant move, the Finance Minister, Nirmala Sitharaman, unveiled the budget for the fiscal year 2024-25, allocating a substantial ₹47,619.77 crore for higher education. This marks a noteworthy increase of ₹3,525.15 crore compared to the previous fiscal year’s allocation of ₹44,094.62 crore.

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Emphasizing the government’s commitment to education, Sitharaman highlighted key achievements in her Interim Budget presentation. Notably, there has been a commendable 28 percent rise in female enrollment in higher education, with a striking 43 percent enrollment in STEM courses, placing India among the global leaders in this regard.

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The Higher Education Department’s budgetary allocation for the upcoming fiscal year reflects a positive trajectory, showcasing a marginal increase of ₹3,525.15 crore over the previous year, with revised estimates standing at ₹57,244.48 crore.

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In a holistic view, the Education Ministry’s budget for the fiscal year 2024-25 stands at a substantial ₹1,20,627.87 crore. The Department of School Education and Literacy (DoSEL) has been allocated ₹73,008.10 crore, underlining the government’s dedication to fostering education at all levels.

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This budget allocation is anticipated to pave the way for further advancements in the education sector, empowering students and institutions alike for a brighter future.

The Higher Education Budget for 2024 has brought about some noteworthy shifts in allocation, outlining key changes that merit attention.

One significant change is the reduction in allocation for Statutory and Regulatory Bodies, including the UGC and AICTE, which has seen a dip from ₹5,780 crore in the fiscal year 2023-24 to ₹2,900 crore in the upcoming fiscal year 2024-25. This adjustment signals a shift in priorities and resource distribution within the higher education landscape.

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Surprisingly, the Tribal Universities in Andhra Pradesh and Telangana find themselves without any allocation in this interim budget, a departure from the previous fiscal year where they received ₹37.67 crore. This decision raises questions about the future support for these institutions and the potential impact on tribal education in the region.

On a positive note, the National Digital University, which was left without funds in the fiscal year 2023-24, is now set to receive ₹100 crore in the upcoming fiscal year 2024-25. This allocation reflects a commitment to advancing digital education initiatives, signaling a recognition of the evolving landscape of higher education.

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However, not all aspects of student support have received positive news. Under the student financial aid category, the Scholarship for College and University students and the Special Scholarship Scheme for Jammu and Kashmir have once again received no allocation in the budget for the upcoming fiscal year. This absence of funds raises concerns about the accessibility of higher education for students in these categories.

Education Budget 2024: Allocation in FY 2023-2024

Here’s a breakdown of the allocations for various schemes, projects, bodies, and institutes for the fiscal years 2023-24 and 2024-25:

Schemes, Projects, Bodies, InstitutesAllocation in FY 2023-24 (in cr)Revised Allocation 2023-24 (in cr)Allocation in FY 2024-25 (in cr)
PM Research Fellowship400330350
Digital India-e-learning420415505
Research and Innovation210.61193355
UGC536064092500
AICTE420400400
AP & Telangana Tribal Universities37.6740.670
IIT9661.5010384.2110324.50
IIM300331.01212.21
NITs and IIEST4820.64820.605040
IISER146215091540
IISc815.4863.37918.27
IIITs560486.55515.91
Education Budget 2024: Allocation in FY 2023-2024.

These figures illustrate the allocations for key entities, showcasing changes and priorities in funding across the spectrum of educational initiatives and institutions.

In summary, the Higher Education Budget for 2024 presents a mixed bag of changes, with alterations in allocations for various entities, prompting discussions on the future trajectory and inclusivity of higher education in the country.

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