Budget 2024: Five things the education sector is expecting | Education

Finance Minister Nirmala Sitharaman is all set to present the interim budget 2024. Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership. Education Budget 2024 Live Updates

Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership.(File)
Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership.(File)

Here are the top 5 expectations from the Budget 2024 for the education sector:

Catch the complete coverage of Budget 2024 only on HT. Explore now!

AI Integration

With the influence of AI gripping stronger, it is imperative to include AI, AR, VR, metaverse, etc technologies integrated into the education sector which aligns with the National Education Policy (NEP) 2020.

NEP 2020 underlines the importance of learning and skill development. With the help of AI, learning methods and ways to enhance skills can be transformed in a way that aligns with the objectives of the education policy.

“ With hybrid education that is an amalgamation of traditional and tech-driven learning approaches here to stay, increased investment in tech and AI initiatives for K12 will be a game-changer for the sector. While the ‘Make AI Work for India’ and centers for excellence in higher education institutes are high on the Government’s agenda, 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.

Reduction in GST rates

Stakeholders are hoping that the education sector gets a relief in the GST tax rates which they believe can help in making services more affordable and student-friendly. Tax benefits can also make the sector vying for more investments, especially in the Edtech sector.

“ The government must use ed-tech platforms to provide e-learning, which can lessen inequality and be cost-effective. Lowering the GST on ed-tech platforms can make quality education more accessible,” says Dr Raghukumari Suresh, Associate Professor, Finance and Law at K J Somaiya Institute of Management.

Strengthen Digital Infrastructure

Edtech is here to stay and strengthening the digital infrastructure can give our learning as well as teaching methodologies a new face that aligns with the goals of the National Education Policy, 2020. For Edtech and digital learning to thrive, structural capabilities like internet access in rural regions, digital classrooms and trained educators need resources to back them up.

“ In the upcoming Union Budget for 2024, ed-tech startups can anticipate substantial support for the educational sector. The government’s commitment to the National Education Policy (NEP) 2020 signals a clear intent to drive reforms and embrace digital education. With the edtech sector set to reach a USD 4 billion mark by 2025, the budget is likely to introduce measures that encourage innovation, skill enhancement, and quality learning. The surge in edtech 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.

Research and Innovation

Research and innovation will step up our game in pushing our education sector as a global study destination. In the 2023-24 fiscal year, the total expenditure budget for Research and Innovation was Rs. 210.61 crore. Experts hope that funds are pushed for research purposes so that R&D can take centre stage in the global arena.

“ In anticipation of the upcoming budget, I propose a few key areas of focus. Establishing a National Design Research Fund will support innovation and attract talent, improving faculty development and infrastructure. Addressing the faculty shortage by incentivising the hiring of foreign faculty members can enhance the quality of design education. Encouraging collaboration between design institutions and industries through tax incentives will provide valuable opportunities for students. Additionally, increasing scholarships and grants is crucial for making design education accessible to diverse backgrounds, ensuring that talent from all walks of life contributes to our creative landscape. Additionally, creating an innovation ecosystem, leveraging cultural heritage, and aligning India’s design policy with global trends are vital,” says Dr Sanjay Gupta, Vice Chancellor, World University of Design.

Vocational Training

With NEP setting targets of achieving 50% GER in higher education, employment and job opportunities for the graduates will have to be addressed. This is where vocational training for students comes into play.

“ The government’s efforts in implementing skill development programs have set the stage for positive change. However, there is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritising financial support for Academic-Industry Collaboration is crucial, as it serves to forge robust connections between educational institutions and industries. This strategic emphasis ensures that academic curricula stay abreast of the ever-evolving demands of the industry, thereby nurturing a workforce equipped with agility, adaptability, and preparedness for future challenges. Additionally, it’s important to extend 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, Vivekanand Education Society’s College of Architecture.

Finance Minister Nirmala Sitharaman is all set to present the interim budget 2024. Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership. Education Budget 2024 Live Updates

Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership.(File)
Stakeholders are pinning their hopes on the fiscal decisions which will be a deciding factor to propel the journey of the education sector towards global leadership.(File)

Here are the top 5 expectations from the Budget 2024 for the education sector:

Catch the complete coverage of Budget 2024 only on HT. Explore now!

AI Integration

With the influence of AI gripping stronger, it is imperative to include AI, AR, VR, metaverse, etc technologies integrated into the education sector which aligns with the National Education Policy (NEP) 2020.

NEP 2020 underlines the importance of learning and skill development. With the help of AI, learning methods and ways to enhance skills can be transformed in a way that aligns with the objectives of the education policy.

“ With hybrid education that is an amalgamation of traditional and tech-driven learning approaches here to stay, increased investment in tech and AI initiatives for K12 will be a game-changer for the sector. While the ‘Make AI Work for India’ and centers for excellence in higher education institutes are high on the Government’s agenda, 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.

Reduction in GST rates

Stakeholders are hoping that the education sector gets a relief in the GST tax rates which they believe can help in making services more affordable and student-friendly. Tax benefits can also make the sector vying for more investments, especially in the Edtech sector.

“ The government must use ed-tech platforms to provide e-learning, which can lessen inequality and be cost-effective. Lowering the GST on ed-tech platforms can make quality education more accessible,” says Dr Raghukumari Suresh, Associate Professor, Finance and Law at K J Somaiya Institute of Management.

Strengthen Digital Infrastructure

Edtech is here to stay and strengthening the digital infrastructure can give our learning as well as teaching methodologies a new face that aligns with the goals of the National Education Policy, 2020. For Edtech and digital learning to thrive, structural capabilities like internet access in rural regions, digital classrooms and trained educators need resources to back them up.

“ In the upcoming Union Budget for 2024, ed-tech startups can anticipate substantial support for the educational sector. The government’s commitment to the National Education Policy (NEP) 2020 signals a clear intent to drive reforms and embrace digital education. With the edtech sector set to reach a USD 4 billion mark by 2025, the budget is likely to introduce measures that encourage innovation, skill enhancement, and quality learning. The surge in edtech 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.

Research and Innovation

Research and innovation will step up our game in pushing our education sector as a global study destination. In the 2023-24 fiscal year, the total expenditure budget for Research and Innovation was Rs. 210.61 crore. Experts hope that funds are pushed for research purposes so that R&D can take centre stage in the global arena.

“ In anticipation of the upcoming budget, I propose a few key areas of focus. Establishing a National Design Research Fund will support innovation and attract talent, improving faculty development and infrastructure. Addressing the faculty shortage by incentivising the hiring of foreign faculty members can enhance the quality of design education. Encouraging collaboration between design institutions and industries through tax incentives will provide valuable opportunities for students. Additionally, increasing scholarships and grants is crucial for making design education accessible to diverse backgrounds, ensuring that talent from all walks of life contributes to our creative landscape. Additionally, creating an innovation ecosystem, leveraging cultural heritage, and aligning India’s design policy with global trends are vital,” says Dr Sanjay Gupta, Vice Chancellor, World University of Design.

Vocational Training

With NEP setting targets of achieving 50% GER in higher education, employment and job opportunities for the graduates will have to be addressed. This is where vocational training for students comes into play.

“ The government’s efforts in implementing skill development programs have set the stage for positive change. However, there is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritising financial support for Academic-Industry Collaboration is crucial, as it serves to forge robust connections between educational institutions and industries. This strategic emphasis ensures that academic curricula stay abreast of the ever-evolving demands of the industry, thereby nurturing a workforce equipped with agility, adaptability, and preparedness for future challenges. Additionally, it’s important to extend 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, Vivekanand Education Society’s College of Architecture.

, Budget 2024: Five things the education sector is expecting | Education

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