The NEP 2020 and Financial Resource Management in higher education: A Case Study of the University of Mumbai

Abstract The National Education Policy (NEP) 2020 transforms India’s higher education system through multidisciplinary learning, digitalization, skill development, research, autonomy, and equitable access. This study examines its financial implications for the University of Mumbai, focusing on resource mobilization, public funding, Pradhan Mantri Uchchatar Shiksha Abhiyan PM-USHA support, expenditure priorities, GER, and the financial challenges faced by rural and semi-urban affiliated colleges. The study adopts a theoretical and documentary research design using official records of the University of Mumbai, Government of Maharashtra, Ministry of Education and AISHE. The period 2019-20 to 2025-26 is considered, with 2019-20 representing the pre-NEP baseline, 2020-23 the transition period, and 2024-26 the initial implementation period at undergraduate level. Documentary evidence indicates that the University of Mumbai has increasingly aligned financial planning with NEP priorities. Its 2024-25 budget explicitly provides resources for student support, industry linkages, vocational and skill development, internships, internationalization, quality, inclusivity, digital and green-campus initiatives. The University also became a beneficiary of PM-USHA funding, with Maharashtra approving ₹20 crore for the University under the strengthening-universities component. The study argues that the principal financial challenge is not merely resource adequacy but equitable, diversified, sustainable and outcome-oriented resource allocation. This is particularly important for rural affiliated colleges, where the financial capacity to implement NEP may differ substantially from that of metropolitan institutions. The paper proposes a conceptual model of NEP-oriented financial resource management based on adequacy, diversification, equity, efficiency and accountability.