Education Budget 2024: Significant Allocations for Higher Education

In the recently unveiled Education Budget 2024, Finance Minister Nirmala Sitharaman allocated a substantial ₹47,619.77 crore for the Higher Education Department in the fiscal year 2024-25. This marked a noteworthy increase of ₹3,525.15 crore compared to the previous fiscal year's allocation of ₹44,094.62 crore.

During the budget presentation, the Finance Minister emphasized the positive strides in higher education, highlighting a 28 percent increase in female enrollment and a remarkable 43 percent enrollment in STEM courses, positioning India among the global leaders in these statistics.

The Higher Education Department's allocation for the fiscal year 2024-25 saw a marginal increase from the previous year, with revised estimates standing at ₹57,244.48 crore. The overall Education Ministry budget for the year reached ₹1,20,627.87 crore, with ₹73,008.10 crore earmarked for the Department of School Education and Literacy (DoSEL).

Key highlights from the Higher Education Budget 2024 include a dip in allocation for Statutory and Regulatory Bodies like UGC and AICTE, reducing from ₹5,780 crore in FY 23-24 to ₹2,900 crore in FY 24-25. Interestingly, Andhra Pradesh and Telangana Tribal Universities received no allocation in this interim budget, in contrast to the ₹37.67 crore allocated in FY 23-24. On the other hand, the National Digital University, which had no funds allocated in FY 23-24, has been granted ₹100 crore in FY 24-25.

Under the student financial aid category, certain schemes, including the Scholarship for College and University students and the Special Scholarship Scheme for Jammu and Kashmir, received no allocation for the current fiscal year.

The Education Budget 2024 reflects a strategic focus on enhancing higher education, with increased allocations and specific attention to key areas. It underlines the government's commitment to fostering growth and development in the education sector, ensuring that it remains at the forefront of India's progress.