Interim Budget 2024: Education Sector Insights

As India awaits the Union Budget 2024, educational leaders express their pre-budget expectations. Driven by the imperative to harness the demographic dividend, the education sector anticipates progressive announcements aligning with the National Education Policy 2020. 

Dr Dhruv Galgotia, CEO, Galgotias University, eagerly looks forward to a budget that not only prioritises education but aligns with the ambitious vision of 'Viksit Bharat@2047', an initiative by the Government of India to transform the nation into a developed entity by 2047

Dr Kim Menezes, Vice Chancellor, GD Goenka University, eagerly look forward to a budget with increased funding for research and development, lower interest rates on student loans and reduced GST rates on educational services. "There is a call for a dedicated fund to enhance human resources in education and promote technology integration, aligning with the visionary targets of NEP 2020 and aiming to meet the 6 per cent GDP funding target," he says.

Dr Dhara Thakore, Head, Incubation and Office of Career Service, Anant National University, emphasises the crucial role of world-class education in achieving India's goal of providing 25 per cent of the global workforce by 2047. She stresses the need for budgetary allocation and policy-level support in the Interim Budget to foster growth in creative industries, encouraging an amalgamation of research, innovation, skill development and entrepreneurship in private higher educational institutions.”

Vineet Nayar, Former CEO, HCL Technologies and Founder Chairman, Sampark Foundation, shares his budget expectations, “In the Union Budget 2024, the Indian government must prioritise AI integration in education to align with the National Education Policy (NEP) 2020. AI can personalise learning, making it inclusive and effective. Investments in AI research, collaboration with industry and strategic funding for AI-driven educational models are essential steps. The budget should strategically channel resources to embed AI in education, realising NEP's vision and preparing India for an AI-dominated future."

Dr Arvind Chaturvedi, Pro Vice Chancellor, IILM University, Gurugram, predicts that the upcoming interim budget by the Modi Government will likely see a 10 per cent increase in overall allocation to education, reaching approximately Rs 1.25 trillion. The focus is expected to be on skill development, job-oriented holistic education and making India an international hub in IT, Digital, Innovation and Artificial Intelligence. The budget may emphasise STEM, virtual education facilities and inclusive education, aligning with the trends of the last few years and implementing the National Education Policy 2020.

Dr Neeta Bali, Director, Schools at Seth Anandram Jaipuria Group of Schools, anticipates progressive initiatives in the Union Budget 2024 to advance the vision of the National Education Policy 2020. She emphasises the need for strengthening digital infrastructure, implementing the National Curriculum Framework for School Education and upskilling teachers. Dr Bali also highlights the importance of the PM e-Vidya scheme for creating e-content in various languages and calls for a concerted effort to promote skill development in school education through initiatives like skilling e-labs.

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