Budget 2019-20: Finance Minister Piyush Goyal allocated 10 percent more funds to the education sector compared to the previous year’s allocation. In this year’s Interim Budget, the sector received Rs 93,847.64 crore, against Rs 85,010 crore allocated by Arun Jaitley last year. For the higher education, Goyal has allocated Rs 37,461.01, while for school education he earmarked Rs 56,386.63 crore. The government also provided Rs 17,000 crore through the Higher Education Financing Agency (HEFA) funding mechanism. Another Rs 14,000 crore will be provided in the coming year through this window, according to Budget statement.
Higher Education Sector, therefore, would receive a total of Rs 69,193.68 crore in the year 2019-20. Therefore, the fund availability for the higher education sector in 2019-20 is almost double as compared to last year.
An additional equity of Rs 2,100 crore to HEFA has been provided by the government to enable it to mobilise the required funds for building high-quality infrastructure in higher education institutes.
The IITs have been allocated Rs 6,223 crore. Apart from this, projects valued at Rs 12,028 crore have been sanctioned from HEFA for the IITs. The Minister said that UGC has been allocated another Rs 4900 crore.
A total of Rs 130 crore has been allotted for research programmes such as IMPRESS, which is 37 percent increase from last year. Rashtriya Uchchatar Shiksha Abhiyan (RUSA) budgetary allocation has also been hiked from Rs 1,400 crore to Rs 2,100 crore, he said.
The HRD ministry said 70 per cent increase in budgetary allocation has been made for the Unnat Bharat Abhiyan, under which 10,000 villages have been adopted by the higher education institutions.
“There has been 245 percent increase in the allocation for quality improvement programme in Technical Education (TEQIP-III). The fund allocation for setting up new IIMs and new Schools of Planning & Architecture, World class institutions have been given very high increases in the budget allocations, Goyal said while presenting the Budget.
Total Budget allocation for the HRD Ministry enhanced by Rs 10,219 crore for the year 2019-20, the Minister said.