During the Budget presentation in the Lok Sabha today, Tuesday, July 23, Finance Minister Nirmala Sitharaman announced several schemes aimed at upskilling the country's youth and bridging the gap between industry demands and the existing skill sets.
As per CNBC TV18, the allocation of Rs 1.48 lakh crores for the Ministry of Education is only 4.6% of its total Gross Domestic Product (GDP), which is subsequently less than the recommendation of the National Education Policy (NEP), which is 6%.
Reduction in funds for IITs/AIIMS/IIMs/IIITs
The report by CNBC TV18 further stated that the funding for Indian Institutes of Technology (IITs) has been reduced to Rs 10,324 crore. According to Sitharaman, the Narendra Modi-led government has established seven Indian Institutes of Technology (IITs), 16 Indian Institutes of Information Technology (IIITs), seven Indian Institutes of Management (IIMs), 15 All Indian Institutes of Medical Sciences (AIIMs), and 390 universities since 2014.
It further mentioned that the budget allocation for the University Grants Commission (UGC) was also reduced by about 60% from the previous year to Rs 2,500 crore.
Good news
While the budgetary allocation to these elite institutions suffered a blow, the funding for Prime Minister's Schools for Rising India (PM SHRI), an initiative to modernise government schools, was more than doubled from the FY 2024 (Financial Year) revised estimates, reaching Rs 6,050 crore for FY 2025.
Additionally, the budget for Samagra Shiksha Abhiyan increased by Rs 4,500 crore, bringing the total to Rs 37,500 crore.
Today, Tuesday, July 23, Finance Minister (FM) Nirmala Sitharaman presented the 2024-25 Budget. This, thus, marks her seventh consecutive budget presentation and surpasses the previous record held by former Prime Minister Morarji Desai.
While presenting the budget, she said in Lok Sabha that the people of India have reinforced their faith in the government led by Prime Minister Narendra Modi, for the third consecutive term.