As the Interim Budget for 2024 approaches, there is an expectation among experts that the government will prioritise the education sector.
Technology has played a significant role in education, especially during the Covid-19 pandemic, as it facilitated remote learning. Experts say the government should support technology-assisted learning to enhance educational access and quality. This expectation includes the allocation of funds for Information and Communication Technology (ICT) infrastructure improvements and the development of digital teaching and learning resources.
Here is what experts say:
Sachin Jain, Country Manager, ETS India & South Asia
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 inclusion of language skills and internationally recognized 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.”
Policymakers should also look at comprehensive merit scholarship program for deserving Indian students for postgraduate and research studies in foreign universities with an aim 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.
Saurabh Arora, CEO, University Living
In anticipation of the upcoming budget, we at University Living want to draw the government’s attention to essential measures that can profoundly impact Indian students pursuing education abroad. We feel an increase in the fund allocation especially to the higher education sector will be welcomed by the expanding student community in India.
Foremost, we believe lower interest rates on education loans will be a crucial step in alleviating financial burdens for students and their families, enhancing access to education in a destination of one’s choice.
Further, there is a critical need for an increase in grants and scholarships for Indian students, providing essential financial support to deserving students. Scholarships play a transformative role, offering support and opportunities for talented students facing financial constraints, to successfully pursue their academic journey.
Additionally, a reduction or waiver in Tax Collected at Source (TCS) while remitting money for overseas education and ancillary activities will be a welcome sign. Lowering or waiving off TCS while remitting funds overseas for education will ease the burden on families and encourage more students to explore educational opportunities at a destination of their choice.
Lastly, exploring student concessions on air travel is imperative to make global education economically viable for a broader demographic of students, fostering cultural exchange and elevating India's representation on the global academic stage.
In summary, we hope these comprehensive budgetary considerations aim to create a more supportive environment for Indian students undertaking international education, fostering academic growth, and contributing to India's global educational standing.
Krishan Mishra, CEO, FPSB India
As we anticipate the Union Budget 2024-25, our expectations for NPS and PPF are centred around bolstering retirement planning and financial well-being. A crucial aspect is the extension of NPS benefits, covering employers' contributions up to 10%. Elevating this limit can significantly enhance individuals' retirement and healthcare planning.
Further, the PPF, a cornerstone for financial stability, deserves a higher limit, considering rising incomes. By expanding PPF exposure, we pave the way for a robust financial future, making it a beacon of prosperity for the new Bharat and their second innings. As we navigate the financial intricacies of 2024-25, a budget aligned with these visionary goals promises to shape a more financially resilient and enlightened society.
Arpita Katyal, CEO, Roperro
As a woman entrepreneur deeply embedded in the essence of 'Make in India’ dealing in retail and e-commerce, our pre-budget expectations for 2024 echo the heartbeat of empowerment, emphasizing employability, affordability, and strategic tax rebates. The upcoming budget holds the key to unlocking transformative opportunities for budding businesses and e-commerce, propelling us to be catalysts for change.
In the spirit of 'Make in India,' I anticipate policies that not only foster business growth but also prioritize employability. A budget that champions skill development initiatives and incentivizes job creation will not only fortify upcoming businesses but also contribute significantly to national progress.
Affordability is the linchpin of any entrepreneurial journey. We look forward to measures that not only ease the cost of doing business but also make sourcing quality raw material, products and services accessible to a broader audience within the country. This, coupled with strategic tax rebates, will not only bolster financial viability but also inspire confidence in women entrepreneurs like me to scale greater heights.
The forthcoming budget is an opportunity for the government to reaffirm its commitment to women entrepreneurs and supporting our role in shaping the 'Make in India' narrative. I am optimistic that the fiscal roadmap for 2024-25 will be a testament to the government's dedication to fostering an environment where women-led businesses thrive, creating a legacy of empowerment, affordability, and economic vibrancy.
Manisha Zaveri, Joint Managing Director, Career Mosaic
We are anticipating the upcoming budget's potential to unlock new opportunities for international student mobility, we are optimistic about the potential of initiatives fostering collaboration between Indian and international universities, creating avenues for cross-cultural learning and research opportunities. A budget that prioritizes global education will not only empower the vibrant minds of young Indians but also solidify India's standing in STEM fields.
With the Indian study abroad sector poised for a post-pandemic resurgence, the upcoming budget holds immense significance. We expect the government to recognize and harness this potential by implementing measures to make international education more accessible and affordable. This could involve targeted scholarship schemes for Tier 2 and Tier 3 city students, tax benefits for families supporting overseas education, and streamlined visa processes. A supportive budget addressing these aspects will not only enable students to pursue their international education dreams but also contribute significantly to India's long-term economic and intellectual growth.
Anish Srikrishna, CEO, TimesPro
Last year’s Union Budget reflected the government's commitment to nurturing skilled professionals amidst dynamic changes. To propel our education system to the next level and achieve 100% digital literacy, I propose the implementation of crucial measures. Firstly, fostering collaboration between the proposed National Digital University and EdTech entities is pivotal. By jointly offering programmes, certifications, and employment opportunities, we can efficiently upskill a broader Indian population. The incentivisation of such initiatives through tax rebates for EdTech companies will ensure affordability for learners, fostering widespread adoption of technology-led education. Moreover, increasing public-private partnerships and incentivising the creation of future-centric courses will empower Indian youth for the job market.
The reduction of GST on online learning courses and lowering education loan interest rates will make education more accessible, especially in Tier II & III regions. The digital divide is paramount, hence, there should be an increase in infrastructure allocations to improve rural internet connectivity, and tax relief for students acquiring digital devices will ensure universal access to online education, regardless of geographic constraints. Lastly, earmarking funds for continuous tech development and establishing a regulatory framework are indispensable for sectoral growth. These initiatives will not only create stability and attract investments but also stimulate innovation, foster entrepreneurship, and ensure the long-term sustainability of our edtech sector.
Amit Baveja, Managing Director, Burlington English (India).
As we look to the fiscal year 2024-25 Union Budget, our expectations are grounded in a broader assessment of the current state of education in the country, reflecting both persistent challenges and opportunities for improvement. The recent Annual Status of Education Report 2023 serves as just one illustration of the pressing need for attention and reform in various aspects of our education system. The report reveals that among students aged 14-18 from rural backgrounds, around 25% could not read a Class 2-level textbook in their regional language. Similarly, almost 58% of these students could not read and comprehend sentences in English. Recognizing the urgency to uplift the quality of grassroots education, we advocate for a higher budget allocation to expedite initiatives in these underserved areas.
The recent implementation of the NEP, specifically the continued emphasis on skilling and nurturing the development of our youth towards employability, has been commendable. This focus is critical to creating a workforce that is well-educated and job-ready. We expect deeper penetration of the NEP in tier 2 and tier 3 cities through various training-led initiatives and look forward to provisions in the upcoming Union Budget 2024-25. We hope for a budget outlay for building the linguistic capabilities of our students and young adults, particularly in English. Additionally, we emphasize the significance of teacher development, a critical component of successful teaching and learning processes. The vital emphasis on teacher training outlined in the NEP 2020 should involve innovative pedagogy, upskilling, and curriculum development.
Furthermore, we anticipate government incentives for hybrid education, which combines traditional teaching methods with technology, especially in tier 2 and tier 3 cities. This could be achieved by establishing digital learning labs in collaboration with private players to enhance learner outreach. We are confident that the Union Budget will contribute significantly to India's global competitiveness by fostering outcome-based education.
Siddharth Banerjee, CEO, UNIVO Education
India has the potential to emerge as a global superpower in education. Aided by the framework of the NEP 2020 and the recent positive developments for the online higher education industry, we are well positioned to accelerate our GER from current 27% levels. Given the importance of quality online education, the government will surely consider relevant Tax exemptions and lower GST rates to bridge the skill gap, along with encouraging reduced and subsidized interest rates on educational loans for aspiring students across the nation. Online Higher Education in India goes across socio-economic strata and across Metro/ Tier 2-3-4 cities and we look forward to continued support from the government to continue aiding the nation-building efforts by providing quality higher education and helping improve lives and careers.
Ujjwal Singh, founding CEO of Infinity Learn by Sri Chaitanya
The onus of Viksit Bharat@2047 rests on the shoulders of our youth in India. Therefore, education stands as a cornerstone for global prominence. We appeal to the government to join us in surmounting the challenges that plague our education system. Bridging the digital divide is imperative, and we propose fortifying the digital backbone of educational institutions across the nation. Our plea includes substantial support to make education accessible and inclusive for all, transcending geographic and socio-economic barriers.
In this context, we seek tax exemptions and lowered GST rates, aligning with our mission to narrow the educational gap. Additionally, reduced and subsidized interest rates on educational loans are crucial for fostering optimal growth and development within the education sector, paving the way for affordable education for every aspiring learner.
With optimism, we look forward to the 2024 interim budget, envisioning its potential to transform the EdTech sector into a resilient, reliable, inclusive, and innovative force. Our collective goal is to ensure that every child has the opportunity to learn, grow, and contribute, embodying the spirit of 'Baccha Seekha ki Nahi.’