Education Budget 2024 Expectations: What Education Sector Seeks From This Budget

In the previous fiscal year 2023-24, the education sector was allocated Rs 1.12 lakh crore in the budget. Know what the education sector seeks from the Budget for the fiscal year 2024-25.

Union Finance Minister Nirmala Sitharaman will present the interim Budget for the fiscal year 2024-25 on February 1, 2024. As the Union Budget 2024 approaches, India is expecting significant reforms centred around tax reductions, incentives and the establishment of a favourable regulatory framework. The industry is eager to see transformative measures that will contribute to the enhancement of educational infrastructure, the incorporation of modern technologies and the promotion of innovation in line with the evolving needs of the workforce.

In the previous Budget for fiscal year 2023-24, the education sector received an allocation of Rs 1.12 lakh crore. This marked a noteworthy increase of around 8.26% compared to the allocation in the fiscal year 2022-23.

Anil Nagar, Founder & CEO of Adda247, a prominent player in the edtech sector, expressed high hopes for substantial support to the industry. Talking to ABP Live, Anil Nagar said, "With the Union Budget 2024 around the corner, we expect a strong focus on supporting the edtech sector. We are hopeful that the government will bring down the 18% Goods and Service Tax (GST) on online learning resources, a crucial step that will make educational services more affordable and accessible. With the rise of hybrid/online education, there's a need to increase investment in technology infrastructure at schools and colleges."

He added: ''We are also hopeful to see some government-backed accelerator programmes and innovation hubs that will encourage R&D and innovation in the sector. Under the Skill India Mission, the government has been focussing on upskilling programmes. We foresee increased cooperation of private players in skilling India, to make youth employable."

P J Narayanan, Director of IIIT Hyderabad stressed on the pivotal role of academic and innovation environments in shaping India's socio-economic landscape. He urged significant funding allocation for these sectors ahead of the Union Budget 2024–2025. 

Narayanan said, "India's socio-economic landscape hinges on its academic and innovation ecosystem, urging substantial funding in the upcoming Union Budget 2024–2025. With AI technology's increasing influence, calls for heavy investments, progressive policies and enhanced R&D are crucial for India to catch up globally. The government plays a pivotal role in fostering an AI innovation ecosystem, necessitating strategic investments to facilitate collaborative synergies. Acknowledging global challenges, the government's active involvement in framing policies becomes crucial for the "Make AI in India" initiative. Bold investments in education, healthcare and technology sectors in the upcoming budget can position India as a leader in AI, driving positive change across key sectors."

Sachin Jain, Country Manager, India and South Asia, ETS - Educational Testing Service, said, "As we look ahead to the upcoming Budget for 2024, ETS urges policymakers to allocate resources that accelerate global mobility of India’s young talent. This includes the promotion of language skills and internationally recognised work skill certifications in Indian classrooms. Skills development enterprises, both public and private, must leverage globally benchmarked and recognised skills framework and certifications as these are valued by employers internationally.”

He added: "Policymakers should also look at comprehensive merit scholarship programmes for deserving Indian students for postgraduate and research studies in foreign universities to drive research and innovation in India post-completion of their studies. We also urge policymakers to advance public-private partnership models that accentuate the “Study In India” initiative, which aims to reinforce India’s position as a Vishwa-Guru to the world."

Nandini Ghatak, Principal of Modern High School International in Kolkata, underscored the pivotal role of teachers in the ongoing restructuring of the country's education system. Ghatak said, "As India undergoes educational restructuring, the crucial role of teachers takes centre stage. Ongoing professional development becomes vital for upskilling and aligning educators with transformative education goals. To instil desired skills in students, a culture of learning within schools is imperative, requiring budgetary allocation for a significant operational shift. Establishing teacher networks, facilitating knowledge exchange, and creating clear pathways for professional development will foster a community-driven learning culture, contributing to the evolution of schools into effective learning organisations."

Education Loan Information: