The Interim Budget featuring a substantial cut of over 60% in allocations to the University Grants Commission (UGC) serves as a scathing reminder of Jacob J. Lew’s proposition that “the budget is not just a collection of numbers, but an expression of our values and aspirations”. The grant for higher education has suffered a ruthless reduction of ₹9,600 crore from the preceding fiscal year’s revised estimate, with a second consecutive year of slashes in allocations for institutions such as the Indian Institutes of Technology and and the Indian Institutes of Management.
This budgetary trend raises questions about its alignment with the overarching objectives of ‘Education 2023: Incheon Declaration,’ championed by India, seeking inclusive, equitable, and quality learning for all though a targeted allocation of 4-6% of the nation’s GDP. The Interim Budget marks a retrenchment from the lofty ambitions of the Incheon Declaration, with the current allocation standing at approximately 2.8% of the GDP.
