 "Budget 2023 focuses on strengthening and expanding Institutions for quality education, employment growth")
The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, places a strong emphasis on strengthening and expanding existing institutions in the education sector and employment growth. The proposed initiatives, such as the redesign of teacher training programs and the opening of new nursing colleges and labs, demonstrate a commitment to improving the quality of education and creating job opportunities.
With a better budget allocation for higher education and a focus on its effective utilisation, colleges, and universities can expect improved facilities, faculty, and learning environments. Overall, the Budget signals a positive step forward in investing in institutions and providing a better future for students and institutions.
Revolutionises education
The recent unveiling of the Union Budget by the finance minister on Wednesday was met with great anticipation and excitement, especially in regard to the education sector. With a staggering allocation of $1.12 lakh crore, the Budget sets a record as the largest-ever allotted for the education sector.
This year’s Budget presents itself as an embodiment of inclusiveness, prioritising the needs of the individual and driving growth. The allocation for higher education and its judicious implementation promises to bring about a revolution in the education sector, providing colleges and universities with ample resources to enhance their facilities, attract and retain exceptional faculty, and create a more conducive learning environment. With such a remarkable emphasis on education, the Budget is poised to play a crucial role in shaping the future of the nation’s workforce and fostering a knowledge-based economy.
Boost to edtech sector
The edtech community greeted the Budget announcements with great enthusiasm, as they focused on digital initiatives, particularly Artificial Intelligence in the education sector. It is widely viewed as a decisive step towards the ongoing ‘digital revolution’, and the sector is poised to play a pivotal role in driving this transformation forward.
Impact Shorts
More ShortsThe allocation of resources and support for AI-powered education will not only drive innovation in the edtech industry but also benefit students, educators, and the wider education community by providing access to cutting-edge technologies and pedagogical methods. The industry is poised to receive a significant boost with the announcement of the establishment of a National Digital Library for children and adolescents. This landmark initiative will not only provide students with access to a vast repository of educational resources but also support the growth and development of the ed-tech sector.
The creation of a National Digital Library is a testament to the government’s commitment to leveraging technology to improve the quality of education and provide students with the tools they need to succeed in the digital age. The edtech community will undoubtedly embrace this exciting development, as it opens up new avenues for innovation, collaboration, and impactful change in the education landscape.
Allocation of Rs 2,000 cr for encouraging research
The allocation of Rs 2,000 crore for the National Research Foundation in the Union Budget 2023-2034 is a commendable step towards supporting and promoting research in the country. The NRF, being an autonomous body under the Department of Science and Technology, will effectively use these funds to coordinate and fund research initiatives in India.
Rise in outlay for R&D
The Indian government’s move to increase investment in medical research and support innovation in the sector is commendable. The establishment of research institutions and programs for young scientists, as well as the proposal to set up shared facilities at select ICMR labs for public and private sector collaboration, is a positive step towards promoting research and innovation in the medical field.
Boosting skill development
The introduction of modern industry 4.0 courses, including coding, AI, IOT, mechatronics, drones, and soft skills, is a positive step towards preparing students for the future workforce. The establishment of 30 Skill India International centres across the states and exchange programs with international institutions will provide students with valuable exposure to the global community and enhance their skill set.
This Budget creates a rigorous roadmap for India at 100 and establishes a great base for transforming India into a digital, postulated economy by supporting entrepreneurship, education, developing skills, research and development, communications economy, green growth, and job creation. It aims to further strengthen the foundation set in previous Budgets and realize the vision of India@100, where all regions and citizens can benefit from development and progress.
The writer is Assistant Manager, Industry Connects, CSR and Projects School of Vocational Education, Tata Institute of Social Sciences. She tweets @priyankadubey19 @TISSpeak. Vierws expressed are personal.
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