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Finance Minister Proposes to set up IITs and IIMs in the Union Budget 2015

Feb 28, 2015 15:40 IST

    In the much talked about, Union Budget 2015, Finance Minister Arun Jaitley proposed to set up Indian Institute of Tenchnology (IIT) in Karnataka, Indian Institute of Management (IIM) in Jammu & Kashmir & Andhra Pradesh and also to upgrade Dhanbad College to IIT.

    Finance Minister in his speech announced the setting up of AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Assam, AIIMS-like institution in Bihar. Centre for Film Production and Animation in Arunachal Pradesh.

    Arun Jaitley has proposed increasing the service tax rate and education cess to 14 per cent from the current 12.36 per cent, when presenting the government's full-year budget.

    None the less, a fully IT based student financial aid scheme under the PM Vidya Laxmi scheme for higher education has been proposed.

    Allocation for Education Sector in the Budget 2015-16

    Finance Minister allocated Rs. 68960 crores for the education sector in the Budget 2015-16.

    Arun Jaitley while presenting the Budget said, "We will set up an educational loan scheme for higher education. We will ensure no student misses on higher education due to lack of funds. We will set up an educational loan scheme for higher education."

    Important points:

    1. Rs. 68960 Crores allocated to education sector in Union Budget 2015
    2. Proposal to set up IIT in Karnataka and IIM in J&K
    3. Fully IT based student financial aid scheme under the PM Vidya Laxmi scheme announced
    4. Centre for Film Production and Animation in Arunachal Pradesh will be set up

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