Budget 2024: Education sector’s wishlist

As India gears up for Interim Budget 2024-25 on February 1, the industry experts of the education sector share their insights for the upcoming Budget. They underscore the pivotal role of education in fostering innovation, driving digitalisation, and fueling knowledge-based growth. These industry insiders emphasise the significance of investing in the education sector to propel the nation’s advancement.

Shweta Sastri, Managing Director, Canadian International School, Bangalore, believes there’s a need to upscale the education system to attract more foreign students to the country and “India should be promoted as a global study destination”. “A large part of the population depends on educational loans to pursue their studies. Hence, encouraging more students to take up their course of interest with lower interest rates on such loans is essential for their optimal growth and development. Additionally, the government is expected to announce measures to further promote the integration of technology in education and to build future-ready skills in students,” she said.

Nidheesh Saxena, Senior Director of Admissions, GITAM (Deemed to be University), believes the Budget will play a crucial role in sculpting a tax framework that supports educational advancements, addresses financial challenges for students, and contributes to the goal of achieving a higher GER. He stresses the need for comprehensive teacher training programmes ensuring educators is equipped with the necessary skills to leverage modern tools effectively. “All eyes are on India for the economic growth that is expected to scale the foreign investments in the country. Allocating resources to education is highlighted as an investment in the minds and aspirations of the nation’s youth,” he said.

The industry experts are also of the opinion that the Interim Budget will recognise the importance of digital education and the government will take strategic measures for edtechs, and chances are high to announce tax benefits for online education startups. “It is imperative to recognise that digital education plays a critical role in determining the course of our country and I wish to see more strategic initiatives and funding dedicated to this area. Proactively encouraging technological integration, industry-academia engagement, and skill development will not only empower students but also make a substantial contribution to India’s economic recovery. In order to move our country closer to a future powered by knowledge, we expect the interim Budget to reflect on the government’s commitment to creating a dynamic and globally competitive educational landscape,” said Pratham Barot, CEO and co-founder, Zell Education.

Rohit Gupta, co-founder of College Vidya mentioned there’s a lot of buzz and hope surrounding support for online education startups. According to him, many are anticipating strategic measures from the government, like financial incentives for tech advancements, research grants, and tax benefits.

According to Niru Agarwal, Trustee, Greenwood High International School, over the last couple of years, education has seen an increase in funds allocated towards increasing outreach, skill development, and improving its quality. “However, as education is a key development sector, we have huge expectations from the upcoming Budget. It should address the core aspects of education with a view to enhance quality of learning, improve teacher professional skills and build robust infrastructure. Today, education systems continue to face hurdles in effectively supporting learning in the current context and overall student development in an increasingly challenging world,” she said.