Education Sector Budget 2021 Expectations: Push For Innovation In Ed-Tech Sector, Data Protection Laws To Help The Sector Upgrade Offerings

Education Sector Union Budget 2021 Expectations: The government should help corporates introduce new scholarship schemes, and ease of funding through bank can help fulfill dreams of several students

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Education Sector Budget 2021 Expectations: The annual Budget to be presented on 1st February will be held under the shadow of pandemic, and it does holds a special significance. Education sector in particular has its hope set high. Thanks to the extended lockdown, eLearning has found acceptance in today’s world. It will be interesting to watch the pace of implementation for the recently announced National Education Policy 2020. Overall, Budget 2021 could prove to be a game-changer for India’s young population. Let us discuss the key expectations:

A shot in arm for EdTech : 2020 has been a mostly indoors. The edtech space has done exceptionally well to ensure students of all ages continued their learning uninterrupted. The government will be looking to appreciate this achievement and recognize their role in nation building. The government must encourage innovation within this field and could look to award a tax-incentive to companies within this domain. At the same time, India needs to build a strong foundation by introducing clear data protection laws. In a challenging year, edtech industry in India received an estimated $ 2 Billion funds. This indicates edTech is a strong growth sector for next few years. With the right support, we will experience upgraded product offerings that will change the way students learn. State and Central governments are already setting-up collaborations with few edtech firms to ease out knowledge delivery towards students.

Improve infrastructure & research facilities: Almost 10 months back, India had to import even PPE Kits. A couple weeks ago, the Indian vaccine received approval for inoculations. Many nations have placed orders for this vaccine. Future strength of India lies in the due we accord to research and development. Budget must reward educational institutions to set-up research facilities either individually or among themselves or in partnership with corporates. Initiate research-linked degree curriculum, which enables our students to challenge today’s problems and find solutions against them. Government must create an ecosystem that makes ‘research’ part of student curriculum across the country. Offering a safe and clean learning space for students will discourage parents from pulling out their wards from schooling. Implementing compulsory upskilling programmes for faculty through various incentive schemes will uphold quality of education delivered and in turn improve the quality of students passing out of our educational institutions.

Ease of education: This decade we should aim for 90% literacy. In order to make this a reality, every effort must be made to eradicate school drop-outs. Introducing special initiatives for young children, on line with Sukanya Samridhi Yojana; can stem the attrition rate. With education moving online, it is time to bring the uneducated within ambit of learning. Introduce assistance to low-income group to buy laptops, smartphones necessary for education of their children. A budgetary allocation to the banks will bring in the funds necessary to fund such schemes. As one studies further, the cost of education becomes high. Banks must be sensitive towards funding dreams of students at a reasonable rate of interest. Even today, most Indian parents fund education of their children through personal savings. Government should help corporates introduce new scholarship schemes. Loans offered by banks remain minimalistic in nature. Ease of funds and a friendlier bank can help fulfill dreams of many students.

Come Monday, all eyes will be upon Madam Finance Minister to lead & direct the implementation of many key initiatives, key among them would be the National Education Policy 2020.

[Author Nilesh Gaikwad is Country Manager (India region) for EDHEC Business School-France.  He is also Vice-President of the Higher Education Committee at Indo-French Chamber of Commerce and Industry.]

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