Union Budget 2024 is eagerly anticipated by stakeholders in the education sector, with a focus on diverse expectations. They are looking forward to initiatives that will help in more effective implementation of NEP, greater emphasis on the R&D of design education, higher allocation to boost technology and more. Read on to know what these experts are expecting from the Interim Budget 2024.
The Interim Budget 2024 may lay the groundwork for NEP’s vision
“The budget for education needs to empower our youth to be ready for a fast-evolving world. The interim budget can lay the groundwork for NEP’s vision and objectives with IC2: infrastructure, capacity and collaboration. In order to increase the Gross Enrolment Ratio (GER) in higher education, including vocational education, from 26.3% (2018) to 50% by 2035, we require investments and capacity addition. Plans such as integrating Anganwadis with elementary schools and including a ‘Preparatory Class’ or ‘Balavatika’ before Class 1 require additional infrastructural facilities, building teacher capacities and hiring additional teachers in elementary schools. Similarly, extending health check-ups and growth monitoring and schemes such as PM Poshan and Swayam require budgetary support. We may also see a trend towards increased international collaborations through Multi-disciplinary Education and Research oriented Universities, along with EdTech and other private institutions through internships and training.
There is less likelihood of a significant increase in budgetary allocation in the education sector due to the wider aim to narrow the fiscal deficit, coupled with modest aggregate domestic demand and the implementation of the Model code of conduct before the general elections. Post elections, we hope that leveraging India’s demographic dividend by increased spending in the education sector is considered a priority.”
— Ms. Shashi Banerjee, Director of Education, Shiv Nadar School
Emphasis should be on the R&D of design education
“As we await the upcoming budget, it’s crucial to improve India’s design sector. Key measures should include establishing a National Design Research Fund, annual budgets for design education, and incentives for Design Faculty development. Collaboration with industries and more scholarships will make design education more accessible. Emphasizing the importance of nurturing youth talent for the digital economy, the budget should also focus on infrastructure building for design labs. Supporting co-funded research projects and providing grants for advanced tools will drive innovation. The ‘Design In India’ initiative, with targeted campaigns and scholarships, can attract global talent, enrich the learning environment, and showcase India’s design capabilities globally. This holistic approach will integrate design into the nation’s economic and educational framework.”
— Dr. Sanjay Gupta, Vice Chancellor, World University of Design, Sonipat
Increased allocation for the education sector should be on the cards
“I look forward to the forthcoming budget with the expectation that it will align with the National Education Policy (NEP) 2020. A substantial increase in budgetary allocation for education, from 2.9% to 6% of the GDP, is crucial for the policy to deliver its full potential and attain national objectives on the path to global leadership.”
— Mr. Rajendra S Pawar, Chairman & Co-Founder, NIIT Group
Allocations should boost educational infrastructure and technology
“As we sail into this year, our focus remains on bridging the social gap, providing quality education and enhancing the learning outcomes of students. With the upcoming union budget 2024, we eagerly anticipate allocations that boost the educational infrastructure, including cutting-edge technologies, enhanced accessibility across diverse regions and a conducive regulatory environment for education technology players. These initiatives will play a key role in accomplishing the objectives of NEP 2020 and moving our nation towards a competitive global standing. I am confident that this budget will serve as a driving force, steering India towards a future where education becomes the cornerstone of progress and prosperity for all.”
— Mr. Gaurav Goel, Co-founder and CEO, Toprankers
A thoughtful GST policy will empower EdTech companies
“The transformative NEP 2020 and an elaborate NCF 2023 have mandated holistic and experiential learning for school students. It also involves intervention at the infrastructure level, digitalization being the key. This will involve an even higher level of engagement of schools with the EdTech companies. As we await the upcoming budget, a thoughtful GST policy, coupled with incentives will empower EdTech companies like ours to innovate and create tools and techniques for schools to implement these key mandates.”
— Mr. Amit Kapoor, Co-founder and CEO, Eupheus learning
The Interim Budget 2024 may lay the groundwork for NEP’s vision
“The budget for education needs to empower our youth to be ready for a fast-evolving world. The interim budget can lay the groundwork for NEP’s vision and objectives with IC2: infrastructure, capacity and collaboration. In order to increase the Gross Enrolment Ratio (GER) in higher education, including vocational education, from 26.3% (2018) to 50% by 2035, we require investments and capacity addition. Plans such as integrating Anganwadis with elementary schools and including a ‘Preparatory Class’ or ‘Balavatika’ before Class 1 require additional infrastructural facilities, building teacher capacities and hiring additional teachers in elementary schools. Similarly, extending health check-ups and growth monitoring and schemes such as PM Poshan and Swayam require budgetary support. We may also see a trend towards increased international collaborations through Multi-disciplinary Education and Research oriented Universities, along with EdTech and other private institutions through internships and training.
There is less likelihood of a significant increase in budgetary allocation in the education sector due to the wider aim to narrow the fiscal deficit, coupled with modest aggregate domestic demand and the implementation of the Model code of conduct before the general elections. Post elections, we hope that leveraging India’s demographic dividend by increased spending in the education sector is considered a priority.”
— Ms. Shashi Banerjee, Director of Education, Shiv Nadar School
Emphasis should be on the R&D of design education
“As we await the upcoming budget, it’s crucial to improve India’s design sector. Key measures should include establishing a National Design Research Fund, annual budgets for design education, and incentives for Design Faculty development. Collaboration with industries and more scholarships will make design education more accessible. Emphasizing the importance of nurturing youth talent for the digital economy, the budget should also focus on infrastructure building for design labs. Supporting co-funded research projects and providing grants for advanced tools will drive innovation. The ‘Design In India’ initiative, with targeted campaigns and scholarships, can attract global talent, enrich the learning environment, and showcase India’s design capabilities globally. This holistic approach will integrate design into the nation’s economic and educational framework.”
— Dr. Sanjay Gupta, Vice Chancellor, World University of Design, Sonipat
Increased allocation for the education sector should be on the cards
“I look forward to the forthcoming budget with the expectation that it will align with the National Education Policy (NEP) 2020. A substantial increase in budgetary allocation for education, from 2.9% to 6% of the GDP, is crucial for the policy to deliver its full potential and attain national objectives on the path to global leadership.”
— Mr. Rajendra S Pawar, Chairman & Co-Founder, NIIT Group
Allocations should boost educational infrastructure and technology
“As we sail into this year, our focus remains on bridging the social gap, providing quality education and enhancing the learning outcomes of students. With the upcoming union budget 2024, we eagerly anticipate allocations that boost the educational infrastructure, including cutting-edge technologies, enhanced accessibility across diverse regions and a conducive regulatory environment for education technology players. These initiatives will play a key role in accomplishing the objectives of NEP 2020 and moving our nation towards a competitive global standing. I am confident that this budget will serve as a driving force, steering India towards a future where education becomes the cornerstone of progress and prosperity for all.”
— Mr. Gaurav Goel, Co-founder and CEO, Toprankers
A thoughtful GST policy will empower EdTech companies
“The transformative NEP 2020 and an elaborate NCF 2023 have mandated holistic and experiential learning for school students. It also involves intervention at the infrastructure level, digitalization being the key. This will involve an even higher level of engagement of schools with the EdTech companies. As we await the upcoming budget, a thoughtful GST policy, coupled with incentives will empower EdTech companies like ours to innovate and create tools and techniques for schools to implement these key mandates.”
— Mr. Amit Kapoor, Co-founder and CEO, Eupheus learning
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