The education sector stands at the crossroads of technology. As we approach the brink of a new fiscal year, all eyes are on the upcoming interim budget, and the education industry is abuzz with anticipation and speculations. The imminent budget announcement is poised to shape the policies and initiatives that will define the trajectory of the education sector in the country.
The Edtech industry has witnessed several ups and downs in recent years. As countries worldwide commit to better education via technology, the edtech industry has emerged as a key player in this transformative journey. In India, too, the government has expressed its commitment to promoting education.
In the lead-up to the budget, stakeholders within the education ecosystem, including entrepreneurs, and industry advocates, have been vocal about their expectations. One of the primary expectations revolves around policy support to boost the productivity and potential of students. Industry leaders are hopeful that the budget will introduce new measures for the betterment of the education in India.
As we navigate the intricate web of expectations and aspirations within the education industry, this pre-budget story aims to capture the diverse perspectives that shape the narrative of an industry poised for transformation.
Eupheus Learning
Amit Kapoor, Co-founder & CEO, Eupheus learning, said, “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 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.”
Toprankers
“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,” said Gaurav Goel, Co-founder and CEO, Toprankers.
Jaipuria Institute of Management, Jaipur
Prabhat Pankaj, Director, Jaipuria Institute of Management, Jaipur said, “In the education sector, the upcoming budget is likely to focus on strengthening and deepening the New Education Policy 2020 (NEP) initiatives. First focus will be Gross Enrolment Ratio (GER) which is targeted to reach 50 per cent by 2035. It is a big take and the budget is expected to allocate appropriate fund in the form of investment and capacity creation. Emphasis on vocational education is expected to be another focus as the NEP has kept a target of 50 per cent learners to have vocational exposure.”
Pankaj said that the use of AI in education and further promotion of digital learning is expected to be the highlight of the upcoming budget. A well designed teachers training module will be the need of the hour in this regard and we expect that the budget will take cognizance of this aspect. I am also expecting that the ‘Study in India’ programme and raising the image of Indian Universities through international ranking of higher educational institutions must also draw attention of the government in this budget. Private institutions are also looking up to a better and fair deal in terms of regulatory ease and government funding for research.”
GD Goenka University
Dr. Kim Menezes, Vice Chacellor, GD Goenka University said, “The Indian Education sector stands at a critical juncture and allocation of resources is important to bridge the current gaps, improve accessibility, and elevate the quality of education, all of which are visionary targets set by NEP 2020. There has been a persistent demand for enhanced public funding, revision of curricula to meet industry needs, and improvement of digital infrastructure to ensure equitable access to education. The higher education sector in India therefore expects significant financial measures from the Interim Budget 2024-25 that will enable academic growth and innovation.”
Specifically, the sector anticipates increased budgetary allocation for research and development, lower rates of interest for student loans, and less tax burden for universities. Few key expectations are:
While in last year’s budget, there was an 8 per cent increase in funding for education, we expect a much higher allocation in the 2024 budget. We expect the funding target of 6 per cent of GDP, set by the New Education Policy, to be met.
TimesPro
Anish Srikrishna, CEO, Timespro said, “The year 2023 will be a watershed moment for Indian Higher Education and H.EdTech sector, and a progressive education budget can propel the country's growth and development. However, this must be drafted with the critical aspects of Accessibility and Affordability in mind. As a result, we anticipate two outcomes in this year's budget
MBA ESG India
Anup Sasidharan, Managing Director, MBA ESG India said, “We are eagerly waiting for the Budget 2024, we hope that the upcoming budget will play an important role in creating synergy between education and industry in new age skilling and preparing our workforce for emerging industries. We recommend NEP. We expect an increase in the budget percentage in the education sector in line with the 2015-15. A favorable budget will give impetus to the efforts to promote industry-oriented curriculum and also enable students to take up new jobs through modern technologies.”
“With a commitment to provide holistic education, we look forward to announcements that will bridge the gap between academia and industry and will play an important role in transforming education to create a job-ready and skilled workforce. We are hopeful that the government will allocate adequate funds to empower higher education in line with NEP 2020," Sasidharan added.
Adda247
Anil Nagar, Founder & CEO, Adda247 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 per cent 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. We are also hopeful to see some government backed accelerator programs, 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."
Great Lakes Institute of Management
Prof. Vishwanathan Iyer, Senior Associate Professor and Director of Accreditation, Finance and Accounting, Great Lakes Institute of Management, Chennai said, “As India eagerly anticipates the fifteenth budget on Feb 1, 2024, the evolving landscape of budgetary presentations underscores the need for a strategic shift. Past budgets, marked by a heavy emphasis on capital expenditure, now witness a favourable economic scenario, prompting expectations of a nuanced fiscal strategy. With the nation's focus on education intensifying, the need to align capital expenditure with investments in human resources becomes paramount. The implementation of NEP 2020 necessitates a substantial commitment to address the scarcity of human resources in Higher Education Institutions.”
He said that the glaring disparities in the faculty student ratio and internationalization indicators, as highlighted in the QS Asia University Rankings 2024, emphasize the urgency for substantial fiscal support. While the proposed 100 per cent increase in the education budget to INR 2.25 trillion may seem daunting, robust tax collections and a significant surplus in revenue create a conducive environment for a transformative leap. The nation looks to Budget 2024 as a stepping stone towards bridging global gaps in education and fostering a new era of academic excellence.
Meanwhile, Dr. VP Singh, Director, PGDM & Professor, Managerial Economics & Statistics, Great Lakes Institute of Management, Gurgaon said that this year we expect to see an extraordinary budget regarding education.
“This government’s budgets in the past have emphasised a lot on infrastructure where allocation increased four times from INR 2.5 lakh crores to 10 crores. Jan Dhan Yojana has enabled financial inclusion by bringing more than 50 crore people under formal banking; almost similar number of people benefitted from Aayushman Bharat PMJAY scheme by getting health insurance; 81.35 crore people have been benefitted from the PM Garib Kalyan Anna Yojana; Jan Jeevan mission has been announced; 100 per cent rural electrification has been achieved. Almost all social sectors have been impacted through past budgets. This time it is highly likely that the education sector will get a big boost. There may be 100 per cent increase in allocation to education sector,” he said.
Shiv Nadar School
Shashi Banerjee, Director of Education, Shiv Nadar School said, “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.”
