Education Budget 2024 Highlights: Internship opportunities for one crore youth in top 500 companies- Check latest updates here

On February 9, Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 speech, announcing plans to establish more medical colleges and form a committee to oversee this initiative. She also mentioned plans for the “upgradation of Anganwadi centres.” Additionally, she reported that around 1.4 crore youth have been trained under the Skill India Mission and 3,000 new ITIs have been established. The minister highlighted that 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS, and 390 universities have been set up.

Union Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament today, July 23, at 11 am. On Monday, she presented the Economic Survey, stating that total enrolment in higher education has risen to nearly 4.33 crore in the financial year 2022, up from 4.14 crore in FY21 and 3.42 crore in FY15. This marks a 26.5 percent increase since FY15.

The Federation of Central Universities Teachers’ Association (FEDCUTA) has called for an increase in education budget expenditure and the repeal of the New Education Policy (NEP 2020) through a Special Session of Parliament.

“The NEP 2020, introduced during the Covid pandemic without any parliamentary discussion, is being enforced on higher educational institutions without consulting teachers and students,” the statement read. “This imposition of NEP is a direct attack on the principles of equity, accessibility, affordability, social justice, and academic autonomy that have long guided the spirit of higher education in India,” as reported by PTI.

Sangita Dutta Gupta, Professor of Economics, BML Munjal University highlights the need for adjustments in the tax regime to benefit high-income taxpayers, suggesting a new tax rate for incomes above Rs 25 lakh to enhance attractiveness and boost consumption and savings.

“Salaried taxpayers have not embraced the new tax regime fully. The new tax regime may still be good for income below Rs 15 lakh. However, there is no inflation adjustment above Rs 15 Lakh. Thus, taxpayers in the high-income bracket prefer the old regime over the new one. It would be helpful if a tax rate of 30% were imposed on incomes above Rs 25 lakh. It will make the new tax regime attractive and at the same time propel consumption and savings.”Gupta said.

Maithili Tambe, CEO, The Academy School (TAS), expects the budget to prioritise teacher training, improved student-teacher ratios and increased funding for special education, aiming for a more inclusive and effective education system.

“There is a growing expectation that the budget will prioritise teacher training and development programs, aimed at upskilling educators. Also, expecting the budget to emphasise the need for improved student-teacher ratios, enabling a more personalised and effective learning environment. There should also be a focus on increasing funding for special education programs, catering to the needs of students with disabilities, Tambe said.

Chitranshu Mahant, CEO and Co-Founder of Primebook emphasises the need for digital infrastructure in education and support for startups, highlighting the importance of occupation-based training and innovation in emerging technologies for economic growth.

“In the upcoming Union Budget 2024-25, we expect to see a focus on student empowerment and the growth of startups. We wish impetus may be given to digital infrastructure in the institutions of learning so every deserving student has access to affordable technology and digital literacy tools,” Mahant said.

Aunindyo Chakravarty, Dean, Undergraduate Program, School of Management, IILM University Gurgaon, stresses the importance of addressing the learning gap caused by COVID lockdowns and incentivising Indian institutions to retain students domestically by investing in high-quality education and infrastructure.

“The FM should focus on two things: First, fixing the learning gap amongst young children caused by the COVID lockdowns. The second is to incentivise Indian educational institutions to invest in top of the line higher education. Indian students are expected to spend nearly Rs 6 lakh crore on education in foreign countries in 2024-25. The Budget needs to find ways to keep a big chunk of these students here. This will happen if universities get fiscal and infrastructural support to attract the best faculty and researchers and build world-class institutions,” Chakravarty asserts.

Sanjay Gupta, Vice Chancellor of World University of Design emphasises the need for creativity and design thinking in education, advocating for vocational training, intellectual property education, and digital skills to foster innovation and maintain competitiveness in the upcoming Union Budget.

“Educating on intellectual property rights is essential for protecting the work of creative professionals. In today’s digital age, equipping creative professionals with advanced digital skills is vital for maintaining competitiveness. Additionally, establishing flexible work visa programs for international creative talent will enrich our cultural and creative landscape, promoting a vibrant and dynamic economy. Integrating sustainability into creative education programs is also crucial,” Gupta said.

Dinesh Kumar Poobalan anticipates positive outcomes for the education and edtech sectors, emphasizing the need for increased investment in upskilling educators and digital infrastructure to bridge the digital divide and enhance the quality of education.

“There is a significant need for substantial budget allocations towards digital infrastructure. This includes equipping schools and institutes with emerging technologies like AI and creating incentives for ed-tech companies. The government should increase funding to bridge the digital divide and make quality education accessible to all. These initiatives are vital to achieving the ambitious targets of the National Education Policy (NEP), which aims to increase the Gross Enrolment Ratio (GER) from 26.3% to 50% by 2035,” Dinesh Kumar Poobalan, CEO and CTO, Greatify, said.

Alka Kapur welcomes the proposed educational reforms in the Union Budget 2024-25, highlighting their potential to enhance technology integration, teacher training, and skill-based learning. These changes aim to create a dynamic and inclusive educational environment.

“The various reforms proposed in the Union Budget 2024-25 are certainly a landmark initiative in bringing about a sea change in our education system. Integrating technology, enhancing teacher training, and emphasizing skill-based learning are essential steps to align traditional education with the evolving demands of the future. It empowers both teachers and students by creating an atmosphere where holistic development and innovation can surge ahead,” Alka Kapur, Principal, Modern Public School, Shalimar Bagh, said.

We are thrilled to have you join us as we dive into the insights and expectations surrounding the Union Budget 2024-25. Our focus is on the transformative potential of this budget, especially in the education sector. Here, you’ll find expert opinions, detailed analyses, new reforms and thought-provoking quotes from leaders in the field.

Stay tuned as we explore how the proposed reforms aim to reshape our educational landscape, foster innovation and bridge the skills gap.