How the union budget can Influence the growth of the Indian education industry across borders

Last year's Union Budget significantly impacted the education sector. Key initiatives like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 went beyond just upskilling in AI, robotics, and 3D printing.

Written by Guest

Updated: January 31, 2024 16:09 IST

How the union budget can Influence the growth of the Indian education industry across borders.

By Rishabh Khanna

Introduction

Education in India stands as a beacon of progress and innovation, serving a vast demographic of 1.3 billion learners and 10 million teachers. Reflecting back, the Union Budget of 2023-24 marked a milestone with an allocation of Rs 1.12 lakh crore ($13.66 Bn), an 8% increase from its predecessor. As we approach the 2024 budget, there is eager anticipation about its potential to elevate India’s global educational standing further.

In this article, we will explore the pivotal initiatives of the 2023 Budget and analyze current trends shaping the global education industry. Then, we will consider how the upcoming 2024 budget could strategically align India’s education industry with these global paradigms.

2023 education budget initiatives and their impact

Last year’s Union Budget significantly impacted the education sector. Key initiatives like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 went beyond just upskilling in AI, robotics, and 3D printing. They were strategic in preparing India’s youth for a competitive global economy. The Skill India Digital Platform was also notable. It effectively closed the gap between skilled workers and job opportunities.

Furthermore, the transformation of teacher training into centers of excellence was not just a change but a revolution in educational quality. This enhancement in teacher training propels India’s educational standards towards global benchmarks. Thus, ensuring our teachers are equipped with internationally recognized skills and methodologies. These initiatives marked a decisive turn towards aligning India’s education with global standards, preparing us for future global challenges.

Building on the momentum of 2023’s initiatives, the 2024 budget has the potential to take India’s education system to the next level. Let’s look at the current trends in the education industry that the 2024 budget could strategically capitalise on.

Current trends in the education industry

A standout trend is the global surge in online education. In the United States, for example, over 30% of higher education students are enrolled in at least one online course. This statistic highlights the widespread adoption of digital learning, a trend India must keep embracing to broaden educational access and enhance global reach.

Additionally, personalised and adaptive learning is gaining traction, with the global adaptive learning market projected to reach USD 8.49 billion by 2027. This approach is driven by AI and data analytics. It can revolutionise the Indian education system by tailoring learning experiences to individual needs.

Moreover, the rise of Virtual and Augmented Reality in education marks a transformative trend. These technologies offer interactive and immersive learning experiences, making complex subjects more accessible and engaging.

Furthermore, the global shift towards micro-credentials and skill-based education is crucial in addressing the rapidly changing job market demands. Such focused learning modules offer the flexibility and relevance needed for continuous upskilling. For India, this trend aligns with the need to enhance employability by equipping our workforce with the relevant skills.

Turning our attention to the 2024 budget, let’s consider how it could build upon these trends to elevate India’s educational sector further.

Aligning India with global education trends: The 2024 Budget

For India to stay competitive and progress in line with these global trends, the 2024 budget needs to support these areas strategically:

Enhanced Investment in Digital Infrastructure

Continuing from last year’s focus, the 2024 budget should further bolster digital infrastructure. This is vital to support the burgeoning trend of online learning, ensuring comprehensive access to quality education across India. An amplified focus here could help bridge the digital divide, a crucial step for global educational competitiveness.

Support for Personalized Learning Initiatives

With personalised learning becoming increasingly prevalent, the 2024 budget could significantly invest in AI and data analytics technologies. This would build on the previous year’s technological advancements. Thus, tailoring education to diverse learner profiles and enhancing the effectiveness of India’s educational methodologies.

Funding for VR and AR Technologies

Following the establishment of AI centres, the next logical step would be to invest in VR and AR technologies. Such funding could revolutionise India’s educational landscape, offering immersive learning experiences that engage today’s youth effectively. This move is essential to keep India relevant in the global education industry.

Emphasis on Teachers Skill Development and Micro-Credentials

Building on PMKVY 4.0’s skill development, the 2024 budget needs to focus on teacher skill enhancement and micro-credentials. This aligns with global shifts and effort by various countries to improve the quality of teaching. It also ensures both teachers and students are equipped with relevant, contemporary skills.

Educational-Industrial Partnerships

Building on PMKVY 4.0, the 2024 budget should also emphasise educational-industrial partnerships. Such collaborations can align academic training with real-world industry needs, enhancing students’ job readiness and contributing to innovation. They can also facilitate internships and practical exposure, crucial for skill application in the evolving job market.

Attracting International Students

Another key focus for 2024 could be initiatives to attract foreign students, like the ‘Study In India’ program. With a goal of welcoming half a million foreign students by 2047, the budget could allocate resources to this end. This move would not only diversify our educational environment but also strengthen India’s position as a global education hub.

By focusing on these aspects, the 2024 budget can play a pivotal role in aligning India’s education system with global trends.