Union Budget 2024: In the Union Budget 2024-25 , the Ministry of Finance has significantly reduced the budget for Indian Institutes of Management (IIMs). Finance Minister Nirmala Sitharaman announced that IIMs will receive ₹212.21 crore, which is a further cut of ₹88 crore from the previous year’s allocation.
This continues the trend of reduced funding, following last year’s substantial decrease from ₹653.92 crore to ₹300 crore. The Education Budget was presented in Parliament by Finance Minister Sitharaman in July 2024.Union Budget 2024: Allocation Details for IIMs | ||
Details | Budget 2023-24 | Budget 2024-25 |
Support from Gross Budgetary Support (GBS) | 15.17 | 12 |
Interest under HEFA Loan | 29.79 | 60 |
Repayment of Principal of HEFA Loan | 255.04 | 140.21 |
Total- Support to Indian Institutes of Management (IIMs | 300.00 | 212.21 |