Indian Institutes of Technology, IIT has got a major boost with the unveiling of the Union Budget 2023. As per the Budget 2023, IIT has received a total outlay of around Rs 9,600 crores. Out of this, around Rs 8,000 crores have been allocated to the institutes as grants.
Ministry of Education has a total outlay of Rs 1.13 lakh crores approximately. Out of these, the Department of Higher Education has received a total of Rs 44,094.62 crores. Under the outlay for the Higher Education Department, the budget for IIT stands at Rs 9,661.50 crores.
| Grants to IIT | Rs. 8791.50 crores |
| Interest under HEFA loan | Rs. 270 crores |
| Repayment of Principal of HEFA Loan | Rs. 300 crores |
| Total support to IIT | Rs. 9361.50 crores |
| IIT Hyderabad (EAP) | Rs. 300 crores |
| Total Outlay | Rs. 9661.50 crores |
As mentioned, the majority of the funds allocated to IIT are towards the grants allocated to support the leading engineering and technology institutes. A total of Rs. 8791.50 crores have been allocated just to grants.
What will these funds be used for?
With IITs getting a major boost in funds, questions arise as to where these funds will go and how would they be utilised. It is expected that the budget allocated to IIT would likely work towards promotion and support towards enhancing Research and Development at these institutes.
During her speech, Finance Minister Nirmala Sitharaman also shared details regarding the Lab Grown Diamonds scheme, which would be given to one IIT over a period of five years. Hence, the boost in funds is expected to be directly in relation with growth of R&D.
Another way these funds could be utilised would be to promote engineering and technical education amongst India and abroad. The government has revealed plans to set up IITs abroad in countries such as United Arab Emirates, Malaysia and Jamaica.
While they remain one of the top institutes, IITs tend to be short staffed. Hence, the funds are also expected to be used for recruitment of teachers and professors at IITs across India.
Union Budget 2023 was presented on February 1, 2023 by Finance Minister Nirmala Sitharaman in the Lok Sabha. Under this new budget for ‘Amrit Kaal’, Education has received the maximum outlay.