The current BJP led union government shall end in the coming months, and a full budget shall be presented for 2024-2025 in July, after the new government comes to action.
Union Finance Minister Nirmala Sitharaman presented the interim budget 2024 on Thursday ahead of the Lok Sabha elections. Ending at “58 minutes”, Sitharaman’s shortest budget speech so far. The current BJP led union government shall end in the coming months, and a full budget shall be presented for 2024-2025 in July, after the new government comes to action.
In her speech, she mentioned that the educational landscape takes a pivotal flight with Nirmala Sitharaman’s unveiling of the interim budget 2024. Followed by some measures to aim at bolstering education in India, the interim budget 2024 suggests a commendable surge in female enrolment in higher education, registering an impressive 28 percent growth.
Notably, the representation of women in STEM (Science, Technology, Engineering, and Mathematics) courses reached an outstanding 43 percent, marking a noteworthy achievement on the global stage.
UGC gets a blow
However, Union Budget for the fiscal year has delivered a significant blow to the University Grants Commission (UGC), with funding plummeting by a staggering 60.99 percent. The allocation has been slashed from the previous year's Revised Estimate (RE) of Rs 6409 crore to a mere Rs 2500 crore. This substantial reduction raises concerns about the potential ramifications on higher education institutions and the quality of academic programs they can offer.
IITs witnesses a decline in budget
Institutes of Technology (IITs) has witnessed a marginal decline. The grant to these premier technology institutions has dwindled from the RE figure of Rs 10,384.21 crore to Rs 10,324.50 crore. This dip, while not as drastic as the UGC funding cut, prompts questions about the government's approach to nurturing excellence in technology and innovation.
Government’s intention to upgrade medical education
The finance minister uplifted the expansion of medical education in India. Sitharaman emphasized the government's intention to leverage existing hospital infrastructure for the establishment of new medical colleges. This move is poised to address the increasing demand for qualified medical professionals in the country, particularly as the youth aspire to contribute to improved healthcare services.
Propelling the initiative, the finance minister while presenting the interim budget announced the formation of a dedicated committee tasked with examining pertinent issues and presenting recommendations. This strategic approach underscores a commitment to strengthening the healthcare sector by ensuring a steady influx of well-trained doctors, aligning with the broader objective of enhancing the overall quality of healthcare services in India.
Highlights government’s achievement
Sitharaman lauded the success of PM SHRI schools. These institutions, she noted, have been instrumental in delivering quality education while fostering the development of well-rounded individuals. This recognition underscores the government's focus on holistic education, aiming not only at academic excellence but also at the overall personal and character development of students.
Skill India initiative
The program has successfully trained a staggering 1.8 crore youths, with 54 lakh individuals benefiting from upskilling and reskilling initiatives. In addition, the establishment of 3,000 new Industrial Training Institutes (ITIs) signifies a concerted effort to address the evolving demands of the job market and equip the workforce with relevant skills.
Sitharaman also highlighted the establishment of several prestigious higher education institutions, including 7 Indian Institutes of Technology (IITs), 16 Indian Institutes of Information Technology (IIITs), 7 Indian Institutes of Management (IIMs), 16 All India Institutes of Medical Sciences (AIIMS), and 390 universities. This ambitious expansion of higher education institutions underscores the government's commitment to providing diverse educational opportunities and fostering innovation and excellence across various disciplines.
