With Budget 2024 just around the corner, the education sector in India waits with bated breath. From students and parents to educators and institutions, everyone has their hopes and expectations pinned on the government’s financial roadmap for the year. Here are five key areas where the education sector expects significant attention in Budget 2024:
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Here are the top 5 expectations from the Budget 2024 for the education sector:
Given how strongly AI is influencing education, it is essential to integrate AI, AR, VR, metaverse, and other technologies into the field in accordance with the National Education Policy (NEP) 2020.
NEP 2020 emphasizes the value of education and skill building. AI can be used to change teaching strategies and skill-building activities so that they better support the goals of education policies.
Increased investment in tech and AI projects for K12 will be a game-changer for the sector, as hybrid education—a blend of traditional and computer-driven learning approaches—is here to stay. While the government’s priorities include “Make AI Work for India” and “Centres of Excellence” in higher education, progressive inclusion of tech and AI in K-12 and early education will require a national framework with a targeted implementation plan.
This also aligns with NEP as it advocates the appropriate use of tech to foster quality education,” says Devyani Jaipuria, Chairperson, Dharav High School, Jaipur.
2. Lowering of the GST rates
A reduction in the GST tax rates for the education industry is something stakeholders are hoping would help make services more accessible and affordable for students. The industry may compete for increased investments due to tax incentives, particularly in the Edtech sector.
“Ed-tech platforms must be used by the government to deliver e-learning, as it can reduce inequality and be economically viable. Quality education can be more widely available if the GST on ed-tech platforms is lowered, according to Dr. Raghukumari Suresh, an associate professor of finance and law at the K J Somaiya Institute of Management.
3. Bolster the digital infrastructure
Edtech is here to stay, and bolstering the digital infrastructure can modernize our teaching and learning approaches to better meet the objectives of the 2020 National Education Policy. Resources are needed to support structural capabilities like internet connection in remote areas, digital classrooms, and qualified educators in order for Edtech and digital learning to flourish.
Edtech companies should expect significant funding for the education sector in the next Union Budget for 2024. The government’s endorsement of digital education and reform is seen in its commitment to the National Education Policy (NEP) 2020. Given that the tech industry is expected to generate $4 billion in revenue by 2025, the budget is probably going to include initiatives that promote creativity and expertise enhancement, and quality learning.
The surge in tech during the pandemic underscores its crucial role in shaping India’s global education standing. As the government continues its proactive approach witnessed in the past year, ed-tech startups can look forward to a budget that aligns with the evolving needs of the sector, contributing to the nation’s educational growth and competitiveness,” says Kavita Sharma, Co-founder and CEO, Ziyyara Edutech.
4. Investigation and Originality
Our efforts to promote the education industry as a top study destination worldwide will be bolstered by research and innovation. The entire budget for research and innovation in the fiscal year 2023–2024 was Rs. 210.61 crore. It is the goal of experts that funding for research would be prioritized so that R&D can become a major player in the global arena.
In advance of the next budget, I suggest a few major areas of attention. The creation of a National Design Research Fund will encourage creativity, draw in talent, and enhance infrastructure and faculty growth. The quality of design education can be improved by addressing the faculty shortage by offering incentives for the recruiting of international faculty members.
Students will benefit greatly from opportunities created by tax incentives that promote collaboration between design schools and industry. Furthermore,
5. Career Education
NEP’s targets for reaching 50% GER in higher education necessitate addressing jobs and job possibilities for graduates. This is where students’ occupational training becomes relevant.
“Skill development initiatives put in place by the government have created the conditions for positive change. To better match academic curricula with the changing labour market, industry-academia cooperation must be strengthened. Furthermore, it is imperative to give financial support for Academic-Industry Collaboration top priority because it helps to establish strong ties between industries and academic institutions.
This strategic focus makes sure that educational programs keep up with the always-changing needs of business, which helps to develop a workforce that is flexible, agile, and ready to take on new challenges. Furthermore, it’s critical to expand support to COA-approved Institutes with larger research grants akin to those provided to AICTE. This will foster innovation and excellence in education,” says Dr Prof Anand Achari, Principal, of Vivekanand Education Society’s College of Architecture.
Will education receive more funding in Budget 2024?
It’s likely! Increased budgetary allocation is a major expectation, especially considering the National Education Policy (NEP) 2020’s ambitious goals. This could mean more resources for infrastructure, teacher training, and technology integration.
Will Budget 2024 prioritize NEP implementation?
Most likely, yes. Implementing NEP requires significant resources, so expect announcements concerning teacher training, infrastructure development, and curriculum reforms aligning with the policy’s vision.