The Budget allocation for the University Grants Commission (UGC) has been cut by almost 55 per cent, from Rs 9315.45 crore in 2015-16 to Rs 4286.94 crore in 2016-17.
The funding for the UGC has declined with the setting up of a Higher Education Financing Agency and increased focus on the Rashtriya Uchchatar Shiksha Abhiyan.
Finance Minister Arun Jaitley in his Budget speech said that the Higher Education Financing Agency would be set up with an initial capital base of Rs 1,000 crore. The agency will leverage funds from the market and supplement them with donations.
UGC's funding role halved has been for the Rashtriya Uchchatar Shiksha Abhiyan, a provision of Rs 1,300 crore has been made in the Budget, up from Rs 1,155 crore in the current financial year. The centrally sponsored scheme launched in 2013 aims at providing strategic funding to eligible state higher educational institutions.
Overall, the allocation for the department of higher education has climbed to Rs 28,840 crore from Rs 25,399 crore. This amount includes provisions for various technical institutions. A sum of Rs 190 crore has been earmarked for setting up of new Indian Institutes of Technology (IITs). Similarly, Rs 695 crore is available for Indian Institutes of Management (IIMs).
The previous budget had set aside Rs 300 crore for IIMs and Rs 1,000 crore for setting up new IITs and IIMs. No new IITs or IIMs were, however, announced this year, reported BS.
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-- The funding for the UGC has declined with the setting up of a Higher Education Financing Agency and increased focus on the Rashtriya Uchchatar Shiksha Abhiyan.
Finance Minister Arun Jaitley in his Budget speech said that the Higher Education Financing Agency would be set up with an initial capital base of Rs 1,000 crore. The agency will leverage funds from the market and supplement them with donations.
UGC's funding role halved has been for the Rashtriya Uchchatar Shiksha Abhiyan, a provision of Rs 1,300 crore has been made in the Budget, up from Rs 1,155 crore in the current financial year. The centrally sponsored scheme launched in 2013 aims at providing strategic funding to eligible state higher educational institutions.
Overall, the allocation for the department of higher education has climbed to Rs 28,840 crore from Rs 25,399 crore. This amount includes provisions for various technical institutions. A sum of Rs 190 crore has been earmarked for setting up of new Indian Institutes of Technology (IITs). Similarly, Rs 695 crore is available for Indian Institutes of Management (IIMs).
The previous budget had set aside Rs 300 crore for IIMs and Rs 1,000 crore for setting up new IITs and IIMs. No new IITs or IIMs were, however, announced this year, reported BS.
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