 "Budget 2023: Increased investment in higher education sought to enable new infra, augment existing facilities")
As the Indian economy continues to grow, the education sector has a critical role to play in providing the skilled workforce needed to sustain this growth. In the run-up to the Budget announcement, the education sector has several expectations from the government that. These include investment in higher education, curriculum reforms, emphasis on skills development, better access to education, support for research and development, encouragement of private sector involvement, and a focus on teacher training. If these expectations are met, the quality of education in India will be significantly strengthened, better-equipping students for the rapidly evolving job market.
Investment in higher education
One of the main areas of focus for the education sector is to see an increase in investment in higher education. This would help create new infrastructure and augment existing facilities, making higher education more accessible to students from all socio-economic backgrounds. For example, the government is thinking of inviting world-class universities to set up campuses in India. Given this context, a plan to upgrade the facilities in our institutions of national importance could be the need of the hour.
Reforms in curriculum
Another area of concern is the need for updated curriculums that keep pace with the rapidly evolving job market. In a world dominated by technology, it is imperative that students are equipped with the necessary skills and knowledge to succeed in the workforce. The government should focus on revising and modernizing the education curriculums to ensure that students are equipped to meet the demands of the job market. There is a need to create Centers for Excellence in cutting-edge areas like Artificial Intelligence & Machine Learning, Viral Research, Industrial Design, Medicine, and Material Sciences.
Emphasis on skills development
In today’s rapidly changing job market, students need to be equipped with the right skills to succeed. To this end, the education sector is looking to the government to provide greater emphasis on skills development. This can be achieved through investment in vocational training programs, which can help students develop the hands-on skills needed to succeed in the workforce.
Impact Shorts
More ShortsSupport for R&D
To ensure that India remains at the forefront of innovation and development, the education sector is looking to the government for increased support for research and development. This can be achieved through investment in new facilities, equipment, and research grants that allow educators and students to carry out cutting-edge research and development. We need to compete with China and other emerging economies to win the next industrial revolution. Investments in cutting-edge basic and applied research are the need of the hour.
Better access to education
Despite India’s rapid economic growth, there are still large sections of the population that are unable to access quality education. The government should focus on initiatives aimed at improving access to education for all sections of society, regardless of their socio-economic background. Enhanced access to quality education will catalyse a virtuous cycle of better access, enhanced career outcomes, and more broad-based socio-economic mobility.
Focus on teacher training
The education sector is looking to the government to place a greater emphasis on teacher training. This is essential to ensure that students receive quality education and that teachers have the skills and knowledge needed to keep pace with the rapidly evolving job market. The foundation for a knowledge-based society rests on the quality of teaching, we need to train our teachers on the best in class and contextual tools, techniques, and processes.
Encourage private sector participation
To ensure that education remains a priority, the government should encourage private sector involvement in the education sector. This can be achieved through public-private partnerships that allow the private sector to invest in education, while also benefiting from the knowledge and expertise of educators and students.
Institutional diversity and innovation
In the last seven decades, we have created IITs, IIMs, AIIMS, NITs, and Central Universities. In addition to this, we have Centers of excellence like JNU and a host of other institutions in the private sector and public sectors. There is a huge divergence in the quality and performance of many state, central, and private institutions. The government must think of an innovation fund to create new institutions which have a better design, scale, and focus, institutional diversity and innovation can enhance the quality of the education ecosystem.
The writer is professor and Pro-Vice Chancellor- Management, Law, Humanities and Social Sciences, MAHE; and Director and T. A. Pai Chair Professor of Finance, TAPMI. He tweets @MyTAPMI. Views expressed are personal.
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