Ministry of Education Outlays 8000 Crores in Grants for IITs in Education Budget 2023
IITs bags around INR 9,600 crores in the Union budget 2023. Out of which, around INR 8,000 crores have been allocated in grants. The union budget 2023 was unveiled on Feb 02, 2023.
Union Finance Minister Nirmala Sithraman presented the Union Budget 2023 on Feb 01 in the parliament. Per the union budget 2023, around INR 9,600 crores have been allocated to the IITs. Out of which, around INR 8,000 crores have been allocated in grants. Compared to last year's financial budget, IITs have received around INR 1000 crore more this year. The rise in financial support will significantly boost the overall development of IITs across the country.
Budgetary support for the Education Ministry increased this year from INR 1.04 lakh crore to INR 1.12 lakh crore, a marginal 8% increase. Out of this, it is anticipated that the Department of School Education will receive INR 68,804 crore, and the Department of Higher Education will receive INR 44,094 crore. As previously mentioned, most of the funds allocated to IIT goes into grants to support the top engineering and technology universities. Just for grants, a total of INR 8791.50 crores have been allotted.
Also Read: New India Literacy Programme: HEIs to Instruct Students to Mandatorily Teach 5 Illiterates Annually
Education Budget 2023 - Distribution of Budget Allocated to IITs
The union government allocated around INR 9,600 crores to IITs for their overall development. Refer to the table below to know the detailed distribution of the fund received by IITs:
|Funds received as grants||INR 8791.50 crore|
|Interest under HEFA loan||INR 270 crore|
|Repayment of Principal of HEFA loan||INR 300 crore|
|Total funds received by IITs||INR 9361.50 crore|
|Total Outlay||INR 9661.50 crore|
Furthermore, Union Finance Minister Nirmala Sithraman stated that around 100 labs would be constructed in various engineering institutes across the country for developing apps using 5G services. Three centres of excellence for artificial intelligence (AI) will be set up to enable 'Make AI for India' and 'Make AI work for India.'
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