Union Budget 2024: A Visionary Boost for India's Education Sector
The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman has garnered positive reactions from key education authorities such as the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE). UGC chief Mamidala Jagadesh Kumar expressed a strong commitment to advancing quality education, while AICTE chairman TG Sitharam hailed the budget as a 'visionary' step forward.
Kumar highlighted the budget's significant allocation of Rs 47,619 crore to higher education under the Ministry of Education, marking an 8% increase from the previous year. He emphasized UGC's pivotal role as a leading implementer of the National Education Policy (NEP) 2020, reaffirming its mandate to support high-quality higher education across India.
Discussing the specifics, Kumar noted that the UGC's budget for 2024 focuses on three key components: UGC itself, central universities, and deemed universities. Starting this fiscal year, funding for specific colleges affiliated with central universities will transition from the UGC's budget line to that of central universities, with enhanced funding for central universities rising from Rs 11,612 crore to Rs 15,928 crore, and a corresponding adjustment reducing the UGC budget by Rs 2,860 crore. Additionally, funding for deemed universities has seen a notable increase from Rs 500 crore to Rs 596 crore.
"The UGC's budget has seen a significant rise from Rs 17,473 crores to Rs 19,024 crores, reflecting a 9% increase compared to the previous fiscal year," Kumar explained. "This realignment of finances aims to strategically distribute resources across various schemes, aligning with specific educational needs and objectives."
Kumar affirmed UGC's commitment to collaborating with all stakeholders to ensure efficient utilization of allocated funds, thereby advancing higher education standards nationwide.
In parallel, AICTE chairman TG Sitharam highlighted the budget's holistic approach towards fostering a prosperous future for India. He praised the government's vision in addressing critical areas such as employment, skill development, support for MSMEs, and empowerment of the middle class. Sitharam emphasized that the budget lays a robust foundation for the nation's development by introducing well-structured schemes and financial allocations aimed at comprehensive growth and support for youth, women, and entrepreneurs.
"This budget," Sitharam added, "is poised to create numerous opportunities for young individuals, equipping them to excel globally. With a focused emphasis on innovation, research, and entrepreneurship, India is steadfastly progressing towards its goal of becoming a developed nation by 2047."
In summary, the Union Budget 2024 has been lauded for its strategic allocations and forward-looking initiatives in the education sector, reinforcing the government's commitment to transforming India's educational landscape and preparing the youth for future challenges and opportunities.
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