Budget 2023-24 Expectation: Education sector demands infrastructure development and enhanced fund allocation

The education sector is expecting Budget 2023 to address a wide array of issues plaguing the sector. These concerns have been aired by stakeholders including educationists, the student community as well as parents. The Union Budget will be tabled by Finance Minister Nirmala Sitharaman on 1 February; she will address the Economic Survey of India on 31 January. From increasing allocation for higher education to upskilling, here are the top budget expectations of the education sector: Increasing allocation for higher education In 2022, the overall budgetary allocation for education was 3.1 per cent of the GDP. Industry stakeholders are expecting to see an increase to 6 percent as per the recommendations of the National Policy on Education. In the financial year 2022-23, the government allocated Rs 1,04,278 for the education sector. This was 11.86 percent higher than the money that was allocated in FY 2021-22 (Rs 11,054 crore). However, if we look at the share of education in the total social sector, it came down from 50.79 percent to 47.22 percent. In that the share of higher education was only 39 percent, that is 40,828 crore. Therefore, it is expected that the overall Budget allocation on education should be doubled from approximately 3 percent of GDP to 6 percent of GDP as recommended in New Education Policy (NEP) 2020, and in higher education, it should be increased to about 80,000 crores. The increase in funding is significant as it will facilitate better infrastructure, financial aid, and higher grants for research. In addition to that, an increase in budgetary allocation should also facilitate investment in new-age technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to improve the overall quality of higher education. Infrastructure development for sector Industry experts are expecting the Budget 2023 to focus on infrastructure development for the education sector, such as the improvement of internet connectivity and affordable 5G services and devices. Apart from that, investments in equipment and technology are also expected to support the delivery of training, such as through online learning platforms, virtual classrooms, and training centers. Setting up a digital library ecosystem is also expected, given that digital-driven access is the key theme of NEP 2020. The ecosystem can work in conjunction with digital universities that are being planned. More liberal funding across HEIs to boost research There is a need to increase funding from private industries like in most developed countries. The upcoming Budget is expected to provide incentives in the form of attractive tax deductions, etc. to industries funding research in Higher Education Institutes (HEIs). Democratisation of education The democratisation of education in India is an important issue that needs immediate attention. In this regard, students or learners across Tier 2 and Tier 3 colleges should also be acquainted with industry-specific curricula, updated according to the standards of the tech industry today. As such a large-scale rejig cannot happen overnight, this can be implemented only with the support of the government through a directed focus on the matter. Affordable educational services with a focus on lowering GST At present, educational services are levied 18 percent of GST. This can deter the widespread acceptance of online learning and upskilling to a large extent. Therefore, making educational services affordable through tax exemptions and lowering GST is another crucial move that is expected from the government. Conclusion The education sector has seen a lot of transformation after the 2020 COVID-19 crisis when the world came to a standstill. This has also increased the demands from the sector to be able to operate and function in view of a transformation aided by technology. The unprecedented crisis brought in the immediate need to revolutionise education and that led emergence of EdTech like never before. A new wave of emerging technologies made it crucial for every member involved in the education landscape to upskill and empower themselves through new and immersive education services offered by the EdTech industry. This time, Indian higher education has several expectations from the government in the upcoming budget. Implementation of the NEP and a closer partnership between private industry and the government are among the key demands. Announcements or policies on the UGC proposal for allowing foreign universities to establish campuses in India are also highly expected from the budget. The writer is Director, Institute of Management, JK Lakshmipat University, (@jkluniv), Jaipur. Views expressed are personal.   Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.