The Finance Minister of India, Nirmala Sitharaman presented the Union Budget 2024 on Tuesday, July 23, 2024, particularly outlined the government’s plan to prioritize India’s economy. The budget plan is also directed towards recovery and growth of the country’s economy in the face of international uncertainty. The comprehensive strategy of the Union Budget 2024 seeks to address major issues and establish the framework for long-term growth.
Union Budget 2024
The Ministry of Finance, Government of India has made significant changes in the Budget plan for the fiscal year 2024-25. For instance, the budget for Indian Institutes of Management (IIMs) has been substantially lowered as compared to previous years. The budget paper submitted by Finance Minister Nirmala Sitharaman indicates that the IIMs will receive ₹212.21 crore less than initially planned.
A decrease of ₹88 crore has been noticed from the previous year. The government cut the funding for IIMs by almost half. As per official data, the IIMs received ₹353.92 crore in the year 2022 and ₹653.92 crore the year before.
Union Budget 2024: IIM Allocation Details
The Gross Budgetary Support (GBS) for IIMs has decreased to ₹12 crore from ₹15.17 crore in the current budget allocations. In addition, the interest under the HEFA Loan has gone from ₹29.79 crore in the fiscal year 2023–24 to ₹60 crore in the fiscal year 2024-25. On the contrary, ₹140.21 crore has been allocated for the repayment of the principle of the HEFA Loan during this budget cycle.
Comparison of Budget of Present and Previous Fiscal Years | ||
| Details | Budget 2023-24 | Budget 2024-25 |
| Gross Budgetary Support (GBS) | 15.17 | 12 |
| Interest Under HEFA Loan | 29.79 | 60 |
| Repayment of HEFA Loan Principal | 255.04 | 140.21 |
| Total Support to IIMs | 300 | 212.21 |
NOTE: the figures mentioned in the table are to be calculated in crores.
Union Budget 2024: Education
The Education Budget 2024–25 was tabled in Parliament today in front of all the official dignitaries, by Finance Minister Nirmala Sitharaman. The budget allocated ₹1.48 crores in education, providing jobs, and skill development.
Higher education loans of up to Rs 10 lakh would be available to domestic university students. A completely novel centrally financed program would be introduced to train almost 20 lakh young people for five years in collaboration with business and state governments. The training materials and designs for all 1,000 ITIs will be revised to reflect the latest industry skill needs. Sitharaman added that one crore young people would receive stipended internships from the government.
Sitharaman announced during her Interim Budget 2024 speech on February 1st that more medical colleges will be established and a committee will be established to look into this goal.
The Ministry of Finance, Government of India announced the interim Budget 2024 earlier this year. This was because the country was all set to hold the Lok Sabha Elections 2024 in the months of April to June. There have not been many changes in the Complete Union Budget 2024.The Department of Higher Education has been given ₹47619.77 Crore by the Ministry of Finance.