Finance Minister Nirmala Sitharaman Increases Budget for Higher Education and Employment
Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, allocating Rs 47,619 crores to higher education, an 8% increase from last year. The budget for UGC, Central Universities, and Deemed Universities has been realigned and increased.
Starting from the financial year 2024-25, funding for specific colleges affiliated with Central Universities is realigned from the UGC Budget line to the Central Universities Budget line. This realignment comes with enhanced funding under the Central Universities Budget line, which will increase from Rs. 11612 crores in the previous budget to Rs. 15928 crores and reduction under the UGC Budget line. Furthermore, the budget for Deemed Universities promoted by the Central Government sees a noteworthy increase from Rs. 500 Crores to Rs. 596 Crores. Looking holistically, compared to the previous fiscal year, the UGC budget has been augmented from Rs 17473 crores to Rs 19024 crores, which represents a significant increase of 9 percent.
Sitharaman also announced income-tax reforms and proposed creating 4.1 crore jobs and skilling 20 lakh youth over five years, with significant funding for these initiatives. A total of 1,000 industrial training institutes will be upgraded.
In her budget speech, Sitharaman introduced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. She outlined key priorities aimed at fostering economic growth and creating ample opportunities, including productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
Doubts Revealed
Finance Minister -: The Finance Minister is a government official in charge of managing the country’s money and budget. In India, this person decides how much money will be spent on different things like education, health, and defense.
Nirmala Sitharaman -: Nirmala Sitharaman is the current Finance Minister of India. She is responsible for presenting the Union Budget and making financial decisions for the country.
Union Budget -: The Union Budget is a detailed plan of the government’s income and expenses for a year. It shows how much money will be spent on different sectors like education, health, and infrastructure.
Higher Education -: Higher education refers to education beyond high school, like colleges and universities. It includes undergraduate, postgraduate, and doctoral studies.
UGC -: UGC stands for University Grants Commission. It is an organization in India that provides funds and sets standards for universities and colleges.
Central Universities -: Central Universities are universities that are established and funded by the central government of India. They offer higher education and research opportunities.
Deemed Universities -: Deemed Universities are institutions that are given the status of a university by the government. They have the autonomy to set their own courses and fees.
Income-tax reforms -: Income-tax reforms are changes made to the rules and rates of income tax. These changes can affect how much tax people and businesses have to pay.
4.1 crore jobs -: 4.1 crore jobs means 41 million jobs. The government plans to create this many job opportunities over the next five years.
20 lakh youth -: 20 lakh youth means 2 million young people. The government plans to provide skills training to this many young people over the next five years.