Budget 2024 For Education: From Lower Edu Loan Interest To GST Relief, Here Are Key Expectations

New Delhi: As Union Finance Minister Nirmala Sitharaman prepares to release Union Budget 2024 on July 23, stakeholders across education sector are voicing ir expectations and hopes for increased funding, policy reforms, and strategic initiatives that will propel sector forward.

GST Exemption and Financial Relief

Prateek Maheshwari, Co-Founder of PW and Chair of India EdTech Consortium (IEC), emphasizes need for GST exemptions on educational expenses for students from Below Poverty Line (BPL) and Low Income Group (LIG) families. He argues that 18% tax slab on education is too high and suggests a 100% GST exemption to make education more affordable. Maheshwari also calls for clearer guidelines on GST exemption related to student housing, highlighting ambiguity surrounding 90-day residency requirement.

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Reducing Interest Rates on Education Loans

Aritra Ghosal, Founder and Director of OneStep Global, expects government to support international partnerships and collaborations. He suggests reducing interest rates on education loans and increasing financial aid to ease financial burden on students pursuing education abro.

Saurabh Arora, Founder & CEO of University Living, urges government to lower interest rates on education loans and reduce TCS when remitting money for overseas education. He also calls for student concessions on air travel to make global education economically viable for a broer demographic.

Research Funding and Infrastructure

Vishal Khurma, CEO of Woxsen University, Hyderab, expects new budget to encourage corporates to allocate a minimum percentage of ir annual CSR spends towards building research infrastructure, incubation facilities, and research funding at both public and private universities. He also vocates for uniform taxation norms for home-grown and foreign institutions to ensure a level playing field and for increased support for skill development programs and merit scholarships, especially for female students.

Ramgopal Rao, Vice Chancellor of BITS Pilani Group of Institutions, highlights need for a significant boost in education and research funding. Despite India's strong position in scientific research, its lower ranking in innovation is concerning. Rao suggests increasing R&D spending, enhancing acemia-industry collaborations, and prioritizing education to curb exodus of Indian students studying abro. He highlights importance of increasing R&D spending and enhancing acemia-industry collaborations. He calls for prioritizing education and research to curb exodus of Indian students studying abro.

Anand Sri Ganesh, CEO of NSRCEL IIMB, suggests budget should create incentives for innovation ecosystem players, such as science and technology institutions, incubators, and corporates, to collaborate and create multiplier effects for innovators. He proposes a voucher system redeemable by startups with labs and research institutions to foster product development and rapid prototyping.

International Education and Collaborations

Subhakar Alapati, Founder Director of Global Tree Careers, hopes budget will reduce Tax Collected at Source (TCS) on foreign transactions related to educational expenses. He argues that this will alleviate financial stress on families and support India's global educational aspirations. ditionally, Alapati calls for more funds to be allocated to higher education and for fostering public-private partnerships to drive innovation and infrastructure development.

Meenakshi Kachroo Chatta, Senior Director & Regional He at College Board – India, South & Central Asia, stresses need for increased scholarships and financial aid to make quality education accessible. She also calls for investments in digital infrastructure and international acemic collaborations to empower Indian students to become global leers.

Abhijit Zaveri, Founder & Director of Career Mosaic, anticipates government measures to make international education more accessible and affordable. He suggests targeted scholarship schemes, tax benefits for families, and streamlined visa processes to support students' international education dreams.

Digital Infrastructure and Technology Integration

Mamta Shekhawat, Founder of Grding.com, emphasizes need to bridge digital divide created by pandemic. She vocates for digital literacy campaigns to combat infodemic and cyber crimes. Shekhawat also highlights importance of vocational training, upskilling, and implementation of 4.0 industry courses to align with evolving needs of job market.

Amit Baveja, Managing Director of Burlington English, India & Souast Asia, vocates for continued support for learning initiatives and enhancing educational infrastructure, particularly in K–12 sector. He also emphasizes importance of digital infrastructure and smart assessments for efficient evaluations.

Meenakshi Kachroo Chatta also calls for investments in digital infrastructure to ensure that students from all corners of India can access world-class education and resources.

Teacher Training and Development

Dr. Maithili Tambe, CEO of Acemy School, Pune, calls for investments in teacher training and development programs. She emphasizes need for capacity-building workshops, mentorship programs, and online courses to empower teachers with latest skills and knowledge.

Vocational Training and Skill Development

Vishal Khurma highlights need for increased support for skill development programs, particularly for high school dropouts and diploma students. He suggests providing grants and subsidies to scale up se initiatives.

Mamta Shekhawat underscores importance of vocational training and upskilling to align with evolving job market.

Vishal Khurma also emphasizes need to strengn industry-acemia collaboration to ensure that acemic curricula are aligned with market needs, equipping students with skills required for international competitiveness.

Apprenticeship Credit Framework

AR Ramesh, CEO of TeamLease Degree Apprenticeship, suggests integrating an Apprenticeship Credit Framework to enable seamless transitions for student trainees across different programs and levels of education. He vocates for assigning weightage to educational institutions based on ir NAAC accreditation to ensure equity in missions.

Conclusion

Union Budget 2024 is expected to significantly impact education sector, dressing key areas such as digital infrastructure, skill development, research funding, and international collaborations. se measures will enhance quality and accessibility of education, fostering innovation and inclusivity across nation.