Budget 2023: Here’s what the education industry anticipates from FM Nirmala Sitharaman

Budget 2023: On February 1, Finance Minister Nirmala Sitharaman will deliver the Union Budget 2023-23. At a time when the world is dealing with inflation, a worldwide recession, and the ongoing Russia-Ukraine war, the budget will be unveiled. The government has recently launched new programmes and policy reforms under the National Education Policy, therefore the education sector has high expectations for this year's budget (NEP).

Experts from the education industry have discussed their aspirations and suggestions for this year's budget. To reach the goal of having 25% of the world's workforce be Indian by 2047, Lejo Sam Oommen, MD of Educational Testing Service (ETS), advises the government to invest in early-stage exposure to internationalization.

Minal Anand, Founder & Ceo GuruQ: Previous year, many Ed-Tech businesses shut down or downsized, which resulted in numerous job losses. The government should create regulations that make it simpler for new businesses to operate. The government's increased funding and support for internet ventures is one thing that is anticipated. Some nations will promote innovation and expansion in this industry through government assistance for subsidized rates and incentives for Ed-Tech businesses.

Utilizing the allocated cash is important, and the Ed-Tech industry is more than prepared to work with the government to expedite the expansion of education in India. The government should give serious thought to reducing the tax on ed-tech goods and services. So, sure, we would like to see the government collaborating closely with Edtech firms to make this vision a reality.

Ankita Dabas, Chief Growth Officer, Veative Group: The education sector has high hopes from the Union Budget of 2023-24 anticipating a focused approach toward making education aligned with future-readiness. According to a recent survey, more than 67% of fresh Indian graduates struggle with placements. As promoters of technology in education, we certainly pin our hopes on the upcoming budget to provide avenues for bridging the gap between education and employment. While we are making earnest efforts to make quality digital education more accessible, we look forward to substantial budget allocation to train education professionals in the use of VR and AR for education and empower teachers with the tools and know-how for the effective implementation of technology in classrooms. Even today, almost 60 per cent of Indian school children cannot access online learning opportunities due to poor internet connectivity. More funding should be given to creating and distributing high-quality digital content, such as interactive simulations, immersive AR/VR solutions, and video lectures, that can make learning more interactive and engaging. This would enable education content providers to break the barriers of internet connectivity, geographical challenges, and physical infrastructure.”

Piyalee Chatterjee Ghosh, Founder and Director, Myfledge Institute of Aviation and Hospitality: India needs to gain a competitive edge over other global talents, which will only be possible through impactful education initiatives. Students from every corner of India should be empowered through special skill development programs. Increased allocation of funds and the number of centres will also work to the benefit of increasing the volume of talent ready to take up technical jobs.

Prateek Bhargava, Founder & CEO of Mindler: Budget 2023 can be an important inflexion point for the Indian EdTech sector to establish its dominance in the global markets. Some of the key focus areas of the Budget 2023 from an edtech perspective should include tax incentives and benefits for ed-tech players to drive the overall ecosystem and increase technology adoption. This will be important to achieve some of the massive reforms being rolled out by UGC. With over 50% of our population below 25 years, the government should look at lowering the tax rates.
 

Investment towards technology infrastructure at schools must continue to grow, given the emerging hybrid education landscape. The last twelve months have paved the way for edtech sector towards a hybrid future.