New Delhi, Feb 3: An amount of Rs 93,847.64 crore has been earmarked by the Union government in the interim budget for the education sector for the 2019-20 fiscal.
Of the total amount allocated, Rs 37,461.01 crore is for higher education and Rs 56,386.63 crore is for school education.
The Human Resource Development (HRD) ministry said this is an increase of over 10 per cent from the last budgetary allocation in which the then finance minister Arun Jaitley had earmarked Rs 85,010 crore for the education sector.
Overall fund availability for higher education sector for 2019-20 is Rs 69,193.68 crore
The Centre has provided over Rs 17,000 crore through the funding mechanism of the Higher Education Financing Agency (HEFA). According to the HRD ministry, another Rs 14,000 crore is likely to be made available in through the HEFA the coming year. Therefore, the higher education sector in 2019-20 would get an overall fund of Rs 69,193.68 crore, which is almost two-fold as compared to the previous year’s budgetary allocation for the sector, the ministry said.
The HEFA has been provided an additional equity of Rs 2,100 crore by the Union government to mobilise the required money to set up state-of-the-art infrastructure in institutes of higher education.
IITs get Rs 6,223 crore, IIMs Rs 415,41 crore
Rs 6,223 crore has been allocated to the Indian Institutes of Technology (IITs). The HEFA has also sanctioned projects worth Rs 12,028 crore for the prestigious technology colleges. However, there is a dip in the fund allocated to the IITs. In 2018-19, the IITs were allocated Rs Rs 8,337.21 crore.
Similarly, the budgetary allocation for the Indian Institutes of Management (IIMs) also declined this year by a massive 59.9 per cent. The budget outlay for the IIMs this fiscal is Rs 415.41 crore, as against Rs 1,036 crore the previous financial year.
Budgetary allocation for UGC, AICTE also declined
The government earmarked Rs 4,600.66 for the University Grants Commission (UGC) in the interim budget. In 2018-19, the amount was Rs 4,722.75 crore. Similarly, the All India Council for Technical Education (AICTE) is allocated Rs 466 crore, which is a dip from Rs 485 in 2018-19.
The budgetary allocation for the Indian Institute of Science, Education and Research (IISERs) in the 2019-20 interim budget is Rs 660 crore, which is a decrease from Rs 689 crore in the previous year.