As India gears up for its next Union Budget in next few hours, the education sector finds itself at a pivotal crossroads, poised for transformative growth. With a rich tradition of valuing education, the nation stands ready to harness this moment to propel its academic institutions into a new era of global excellence. Leaders across the educational landscape are eagerly anticipating a budget that will not only address current challenges but also lay the foundation for a future where Indian education is a beacon of innovation, inclusivity, and international collaboration.
In a compelling development, education experts are urging the government to adopt a multifaceted approach to bolster international schools in India. “We urge the government to streamline visa processes and regulatory frameworks to attract and retain global talent, which is vital for our diverse learning environment. Investments in digital learning tools and technology integration will further empower our students to excel in an interconnected world.” Viranica Manchu, Founder and Director, New York Academy, said.
Adding to that she emphasised, “fostering partnerships with foreign educational institutions and promoting cultural exchange programmes will enrich our educational offerings and nurture global citizenship among our students. These initiatives will contribute to the country’s overall educational landscape globally.”
Meanwhile, in the realm of higher education, the allocated budget of approximately Rs 44,094 crore is a substantial start. However, Ajitesh Basani, Executive Director-Administration at Acharya Bangalore B-School, asserts that this allocation is insufficient to meet global standards. “The higher education sector has been allocated roughly Rs 44,094 crore supporting infrastructure development, research, etc. This is great but it accounts for less than 1% of the country’s GDP. In order to compete with the world’s best in higher education, especially in research and development, we would need to quadruple the allocated budget.”
“Education in India has always been a key aspect of Indian families, and it needs to be given the prominence to build a culture of innovation from the bottom up,” Basani added.
Furthermore, experts suggest increasing spending on education and skills development to 6% of GDP initially, with a progressive target of reaching 7% over the next five years. “Over the past decade, government spending on overall education has regrettably declined from 3.1% to 2.9% of GDP. To effectively address the critical needs of education, higher education, skills development, faculty competency development and enhancing the employability of our graduates, the upcoming Union Budget must prioritise these initiatives,” Ravichandran V, Chairperson and Trustee, eVidyaloka, asserts.
Ravichandran believes that there is a need to establish a dedicated higher education commission. This commission will play a pivotal role in aligning education with employability, focusing on skill development for employment, fostering collaborations with renowned international universities and internationalising the approach of Indian universities to elevate select institutions into the global Top 200 rankings.