As the Interim Union Budget 2024-25 approaches, anticipations and expectations are high in the Education sector and among the Higher Education Institution (HEI)s.
Budget 2024 is expected to boost in terms of allocation of Funds for Technology driven education with robust improvements in Infrastructure, research facilities and the development of digital teaching and learning resources which helps in creating world class institutes and Universities.
We reached out to the thought leaders seeking their ‘Point of View’ for the upcoming Union Budget 2024.
According to Dr. Ravi Kumar Jain, Director Sparsh Global Business School, an Educationist, Institution Builder and erstwhile Director of Symbiosis Institute of Business Management, Symbiosis University Hyderabad, “The predominating theme of this interim budget (vote on account) would be policy continuity and fiscal consolidation. No major announcements expected apart from a few measures to boost rural growth, operating within the targeted fiscal deficit at the same time maintaining Capex to fuel growth.
For the Education sector this budget shall provide for boosting research and development in advanced technologies, digitalisation and edtech platform, localisation of content and delivery harnessing new age technologies such as AI. Major focus would be on providing affordable education in regional languages.
Allocations might be increased marginally, though ideally the expectation would be of doubling of allocation at 2.25 Lac cr as against 1.12 lac cr in 2023-24.
Further, it is expected that provisions will be made to encourage foreign and private investment in education, especially edtech and education platforms.
Supporting flagship schemes like Samagra Siksha Abhiyan, integrating Anganwadis with elementary schools, Eklavya Model residential schools, skill India program, PM Poshan, Swayam platform, capacity building for NEP implementation etc.”
Dr. Prashant Gupta, Professor in the Finance area and Dean (Faculty, Academics & Alumni Affairs) at Indian Institute of Management Nagpur (IIM Nagpur) expects the budget to chart out the path for actual deployment and implementation of policies for achieving desired GDP spending in education.
According to him, “The allocation of funds for education needs a substantial increase. NEP implementation requires a lot of improvement in physical infrastructure and also the development of digital infrastructure. To increase inclusivity and accessibility of quality education for all, a lot of government support is needed not only in terms of financial assistance to needy students but also by offering less interest on education loans.
Since access to education can be enhanced by leveraging technology, a substantial investment is also required to develop a comprehensive digital infrastructure so that students get the benefit of this.
We have seen impressive growth in GST collection for almost the whole year, which will continue and I expect further increase in GST collection due to robust growth expectations. Looking at that, I expect some reduction in GST levied on online education and executive education, which will bring the cost of online education down to improve access to education.
For effective implementation of NEP, massive capacity building is planned in terms of teacher training. Some budgetary allocation for funding Teacher’s training would be a welcome step.”
Dr. P Srinivas Subba Rao, Dir VJIM Hyderabad, summarises well :
Skill Development and Technological Advancements: There is a significant focus on skill development programs and technological enhancements in education, especially in the hospitality sector. The expectation is that the budget will allocate funds to empower educational institutions to produce industry-ready professionals, fostering innovation and global competitiveness.
Industry-Academia Collaboration: The need for strengthening industry-academia collaboration is highlighted, emphasising better alignment of academic curricula with the job market’s evolving demands. Financial support for such collaborations is crucial as it ensures that academic curricula stay abreast of industry requirements, thereby nurturing a workforce equipped for future challenges.
Support for Tech-Enabled Learning: Experts anticipate the government prioritising technology-assisted learning to enhance educational access and quality. This includes allocating funds for Information and Communication Technology (ICT) infrastructure improvements and the development of digital teaching and learning resources.
Global Mobility of Indian Talent: There is an urge for policymakers to allocate resources that accelerate the global mobility of India’s young talent. This includes the inclusion of language skills and internationally recognized work skill certifications in Indian classrooms.
Financial Support for Higher Education and Research: The expectation includes increasing fund allocation, especially to the higher education sector, and providing financial support for deserving Indian students for postgraduate and research studies in foreign universities.
Public-Private Partnership Models: The budget is expected to advance public-private partnership models to enhance the “Study In India” initiative, attracting more international students to Indian educational institutions.
Focus on Modernizing the Education System: To improve the gross enrolment ratio and make the education system more attractive to international students, substantial investments are anticipated, particularly emphasizing higher education.
Keep watching this space for more on Budget 2024 as experts analyse and share their thoughts.
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