IIM funding slashed by 50% in Union Budget 2023-24
India TodayThe Centre cut the Indian Institutes of Management's grant in half this year, resulting in a major budget slash for the renowned business schools in the nation. This reduction of 50.67% was carried out even though the higher education sector's net budget for the fiscal year 2023–24 increased by 8% to a total of Rs 44,094 crores. "The cut in budget allocation for the IIMs may hurt the newer IIMs, the latest IIM is about seven years old though," Banerjee told PTI. The finance minister's discussion of a National Data Governance framework was one of the highlights of the budget, according to Ajit Parulekar, Director of the Goa Institute of Management, even if there may not be anything specifically related to business school education in India. Ashutosh Dash, Associate Professor, Accounting and Finance, Management Development Institute, Gurugram said, "Though the provisions made in the budget will improve the education infrastructure in the country as a whole, the reduction of gross budgetary support from 323.5 crores in 2022-23 to 15.17 crores in 2023-24 might have a huge impact on the growth and development of newly established IIMs."
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