Buget 2024: Industrialists expect global opportunities for Indian talent in upcoming union budget

As the Union Budget for the fiscal year 2024-25 is on the horizon, the education sector is rife with anticipation and expectation. With an ever-evolving landscape and the growing need for a more dynamic and inclusive approach to learning, the pre-budget sentiment in the education domain is marked by a call for substantial reforms and increased investment. From technology integration to skill development and global representation, the sector is poised for a transformative shift. In this context, it is imperative to delve into the pre-budget expectations for the education sector, as stakeholders and experts alike await the unveiling of the budgetary allocations and policy directions that will shape the future of education in the country.

Industrialists share their pre-budget expectations for the education sector

Global Mobility of Indian's Young Talent 

Sachin Jain, Country Manager, ETS India, and South Asia says, “As we look ahead to the upcoming budget for 2024, ETS urges policymakers to allocate resources that accelerate the global mobility of India’s young talent. This includes the inclusion of language skills and internationally recognized work skill certifications in Indian classrooms. Skills development enterprises, both public and private, must leverage globally benchmarked and recognized skills framework and certifications as these are valued by employers internationally.” Policymakers should also look at comprehensive merit scholarship programs for deserving Indian students for postgraduate and research studies in foreign universities to drive research and innovation in India post-completion of their studies. We also urge policymakers to advance public-private partnership models that accentuate the “Study In India” initiative, which aims to reinforce India’s position as a Vishwa-Guru to the world,”.

Global Education for Indian Students

Manisha Zaveri, Joint Managing Director, Career Mosaic says, “We are anticipating the upcoming budget's potential to unlock new opportunities for international student mobility, we are optimistic about the potential of initiatives fostering collaboration between Indian and international universities, creating avenues for cross-cultural learning and research opportunities. A budget that prioritizes global education will not only empower the vibrant minds of young Indians but also solidify India's standing in STEM fields."

With the Indian study abroad sector poised for a post-pandemic resurgence, the upcoming budget holds immense significance. We expect the government to recognize and harness this potential by implementing measures to make international education more accessible and affordable. This could involve targeted scholarship schemes for Tier 2 and Tier 3 city students, tax benefits for families supporting overseas education, and streamlined visa processes. A supportive budget addressing these aspects will not only enable students to pursue their international education dreams but also contribute significantly to India's long-term economic and intellectual growth.”

Increase in fund allocation to higher education sector 

Saurabh Arora, CEO, University Living says, "In anticipation of the upcoming budget, we at University Living want to draw the government’s attention to essential measures that can profoundly impact Indian students pursuing education abroad. We feel an increase in the fund allocation especially to the higher education sector will be welcomed by the expanding student community in India. Foremost, we believe lower interest rates on education loans will be a crucial step in alleviating financial burdens for students and their families, enhancing access to education in a destination of one’s choice. Further, there is a critical need for an increase in grants and scholarships for Indian students, providing essential financial support to deserving students. Scholarships play a transformative role, offering support and opportunities for talented students facing financial constraints, to successfully pursue their academic journey. Additionally, a reduction or waiver in Tax Collected at Source (TCS) while remitting money for overseas education and ancillary activities will be a welcome sign. Lowering or waiving off TCS while remitting funds overseas for education will ease the burden on families and encourage more students to explore educational opportunities at a destination of their choice. Lastly, exploring student concessions on air travel is imperative to make global education economically viable for a broader demographic of students, fostering cultural exchange and elevating India's representation on the global academic stage. In summary, we hope these comprehensive budgetary considerations aim to create a more supportive environment for Indian students undertaking international education, fostering academic growth, and contributing to India's global educational standing."

Upliftment of quality of grassroots education

Amit Baveja, MD, Burlington English (India) says, “As we look to the fiscal year 2024-25 Union Budget, our expectations are grounded in a broader assessment of the current state of education in the country, reflecting both persistent challenges and opportunities for improvement. The recent Annual Status of Education Report 2023 serves as just one illustration of the pressing need for attention and reform in various aspects of our education system. The report reveals that among students aged 14-18 from rural backgrounds, around 25% could not read a Class 2-level textbook in their regional language. Similarly, almost 58% of these students could not read and comprehend sentences in English. Recognizing the urgency to uplift the quality of grassroots education, we advocate for a higher budget allocation to expedite initiatives in these underserved areas.

The recent implementation of the NEP, specifically the continued emphasis on skilling and nurturing the development of our youth towards employability has been commendable. This focus is critical to creating a workforce that is not only well-educated but also job-ready. We expect deeper penetration of the NEP in tier 2 and tier 3 cities through various training-led initiatives and look forward to provisions in the upcoming Union Budget 2024-25. We hope for a budget outlay for building the linguistic capabilities of our students and young adults, particularly in English. Additionally, we emphasize the significance of teacher development, a critical component of successful teaching and learning processes. The vital emphasis on teacher training outlined in the NEP 2020 should involve innovative pedagogy, upskilling, and curriculum development.

Furthermore, we anticipate government incentives for hybrid education which combines traditional teaching methods with technology, especially in tier 2 and tier 3 cities. This could be achieved by establishing digital learning labs in collaboration with private players to enhance learner outreach. We are confident that the Union Budget will contribute significantly to India's global competitiveness by fostering outcome-based education”.