Budget 2024: Industry Leaders Advocate Comprehensive Reforms for the Education Sector

As India awaits the unveiling of the Union Budget 2024 on February 1, 2024, proiklminent voices from the industrial landscape have come forward with their expectations and recommendations for the education sector. The insights provided by influential figures shed light on crucial areas that require attention and investment to propel the country's education system towards a transformative and sustainable future.

Vineet Nayar, Former CEO of HCL Technologies and Founder, Chairman of Sampark Foundation: Vineet Nayar emphasizes the imperative need for Artificial Intelligence (AI) integration in education, aligning with the National Education Policy (NEP) 2020. He urges the government to prioritize AI-driven educational models, digital infrastructure, and AI literacy, extending beyond traditional classrooms. Strategic funding, collaboration between educational institutions and industry, and teacher training in AI are highlighted as essential components for an AI-ready generation.

""In the Union Budget 2024, the Indian government must prioritize AI integration in education to align with the National Education Policy (NEP) 2020. NEP's goal of 6% GDP allocation to education is a step towards educational revolution, but true transformation lies in embracing AI. AI can personalize learning, making it inclusive and effective. Strategic funding should support AI-driven educational models, digital infrastructure, and AI literacy. Such initiatives must extend beyond conventional classrooms, ensuring equitable access across socio-economic strata," he said.

Shweta Sastri, Managing Director, Canadian International School, Bangalore: Shweta Sastri underlines the importance of expanding access to education and technology, particularly in rural and underserved areas. She advocates for the creation of an enabling environment to encourage private sector participation in establishing new institutions. Focusing on gender-focused allocation, promoting women's education, and enhancing ease of doing business in the education sector are key expectations.

Niru Agarwal, Trustee, Greenwood High International School: Niru Agarwal emphasizes the need for the upcoming budget to address core aspects of education, including enhancing learning quality, improving teacher professional skills, and building robust infrastructure. She stresses the importance of creating a conducive environment for the private sector to establish new institutions, particularly in the context of an increasingly challenging world.

Vinay Singh, Executive Director and CEO of Q&I and Thomson Digital:  Vinay Singh advocates for prioritizing funds for revolutionizing education through e-learning initiatives. He stresses the need for comprehensive teacher training programs, ensuring educators are equipped with the necessary skills to leverage modern tools effectively. Allocating resources to education is highlighted as an investment in the minds and aspirations of the nation's youth.

“As we approach the upcoming budget, I strongly recommend the government prioritize funds for revolutionizing education through e-learning initiatives. It's not only essential to provide schools with technological infrastructure but also crucial to equip educators with the necessary skills. I advocate for dedicated funds for comprehensive teacher training programs, emphasizing the integration of technology into teaching methods,” he said. 

Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship: Sumit Kumar emphasizes the importance of immediate reform in the Apprenticeship Act, calling for a simplified system. He proposes a revision of the quota to 25% for organizations contributing to net-zero carbon emissions and hiring women apprentices, aligning with goals of inclusive and sustainable growth.

“All eyes are on India for the economic growth that is expected to scale the foreign investments in the country. Being the last budget of the 2nd term of the current Govt, we do expect massive reforms and initiatives for transformative and sustainable future socio-economic growth. The "Skill India", "make in India" , "PLI", "Ayush", "Infrastructure development", "NEP", "Gift City" and 'Digital University" initiatives have led to enhancing the skilling and education ecosystem; and employment generation. Considering the future jobs will be influenced by AI, we need to scale the reforms and initiatives to support the expected GDP of 7% and beyond to prepare India to achieve $30 trillion economy by 2050. First and foremost, we need immediate reform in the Apprenticeship Act, which the Finance Minister has been referring to in the last 2 budgets. We need a more simplified system which is currently fragmented. Second, quota to be revised to 25% for organizations that are contributing to net zero carbon emissions and hiring women apprentices. This is good for inclusive and sustainable growth," he said.

Prateek Maheshwari, Co-Chair, India Edtech Consortium (IEC), Co-Founder- Physics Wallah (PW): Prateek Maheshwari calls for an increase in the education sector's budget and a reduction in the GST slab from 18% to 5% on educational products and services. He emphasizes the importance of collaboration between public and private sectors to ensure affordable and quality education at scale. Reducing GST on educational services is proposed to ease financial strain on parents, promoting affordability.

“In view of the upcoming interim Union Budget, we would like to appeal to the government to increase the education sector’s budget, and reduce the GST slab from 18% to 5% on educational products and services. Our aim is to establish a strong foundation for the country’s children, particularly those from economically disadvantaged backgrounds. Additionally, given the evolving world and our shifting approach to education, driving a change to ensure affordable and quality education at scale needs more collaboration for public and private sectors. For this, reducing the GST on educational services would also remove financial strain on parents, promoting affordability. Apart from this, focusing on collectively enhancing youth skills to increase employability and reduce skilling gaps is imperative for the Indian economy’s growth,” he said.

Input by Sooraj Singh Gurjar Founder and Managing Director, Get Together Finance (GTF):

With elections coming up in less than 6 months, people are having high expectations for the budget 2024. Seeing the pace at which India is developing, the stock market enthusiasts are not far. In the past decade, the number of stock market participants has increased by nearly 100%. With the increased internet, the market is also seeing good growth. The coming decades will bring the best timeline for investing in the market. 

This increased interest of people should be taken into account by the government of India and make favorable policies. Stock market education should be promoted. The financial literacy rate is not impressive in India currently. More initiatives should be taken by the government and a good fraction of the money should be assigned to teach students the importance of personal finance and budgeting at a tender age. 

All the more, taxes on the capital gain of the stock market should be cut to create more involvement in the stock market. A reduction in capital gains tax might have a substantial impact on investment behavior and encourage stock market participation. Lowering these taxes may encourage individuals to invest more actively, thus increasing market activity and liquidity. As a result, trading volumes may increase, encouraging economic growth and contributing to overall market expansion.

Input by Mamta Shekhawat, Founder of Gradding.com:

Around 850 thousand students dream of studying abroad. Yet, only a few have the required resources to fulfil these dreams. In tough times, every citizen relies on their government for support. However, it has become essential now that the government aids study abroad educational platforms because it will not only develop an individual but a nation.

Here are some benefits that will help India emerge more powerful as a nation when study-abroad platforms get extra attention and support.

1. Global Talent Aquisition:

Students have access to world-class education to develop skills that are in demand globally. India can boost its workforce and competitiveness in the global market by attracting and retaining talent.

2. International Partnerships:

Study Abroad students help Indian and foreign institutions collaborate to exchange knowledge and research. Through this partnership, Indian institutions develop a robust academic ecosystem and enhance their reputation on the global stage.

3. Soft Power Diplomacy:

The government can use education as a powerful tool of diplomacy. Supporting a study-abroad platform can build positive goodwill. Students studying abroad can become ambassadors by promoting Indian culture and values.

To conclude, these are a few benefits that can play a pivotal role in shaping India into a globally competitive and economically resilient country. In times when many developed countries are facing a shortage of talent, India can prove itself as a valuable and useful source.

Kavita Sharma, Co-founder and CEO, Ziyyara Edtech:

In the upcoming Union Budget for 2024, ed-tech startups can anticipate substantial support for the educational sector. The government's commitment to the National Education Policy (NEP) 2020 signals a clear intent to drive reforms and embrace digital education. With the edtech sector set to reach a USD 4 billion mark by 2025, the budget is likely to introduce measures that encourage innovation, skill enhancement, and quality learning. The surge in edtech during the pandemic underscores its crucial role in shaping India's global education standing. As the government continues its proactive approach witnessed in the past year, ed-tech startups can look forward to a budget that aligns with the evolving needs of the sector, contributing to the nation's educational growth and competitiveness.

As the nation awaits the budget announcement, these diverse perspectives from industry leaders collectively advocate for a comprehensive approach to uplift the education sector, addressing critical issues and fostering a conducive environment for transformative growth. The expectations outlined reflect a shared commitment to nurturing a generation equipped for the challenges and opportunities of the future.