Budget 2024: The education sector's wish list for FM Sitharaman includes accessible loans, investments in research, and digital infrastructure

Budget 2024: Here's what experts anticipate from the recently elected administration, from investing in skill development and digital infrastructure to putting education and research first.

Budget 2024: On July 23 or 24, the Union Budget for this fiscal year is anticipated to be presented in Parliament.

The Union Finance Ministry is getting ready to unveil the whole Union Budget in July for the 2024–25 fiscal year. A number of education-related stakeholders expressed what they expected from Finance Minister Nirmala Sitharaman.

The predicted earnings and outlays of the government in many sectors that make up the Union Budget for current fiscal year are anticipated to be presented in Parliament next month, most likely on July 23 or 24.

The education sector received its largest-ever budget allocation of ₹1.12 lakh crore for the fiscal year 2023–24, up from ₹1.04 lakh crore in the fiscal year 2022–23. 

₹68,804 crore, ₹44,094.62 crore, and ₹37,453 crore have been allocated in the budget for FY2023–24 for school education, higher education, and the Samagra Shiksha Abhiyan (SSA). Experts advise the recently elected administration to prioritize digital infrastructure and boost spending in skill development.

Arun Rajamani, Managing Director of Cambridge University Press and Assessment, stated: "In order to advance this industry even further, further investment is essential. It is crucial that teachers and school administrators get professional development and upskilling. It will improve their technology literacy and pedagogical abilities, guaranteeing that teachers can provide pupils a contemporary, efficient education.

"Digitalization should be at the forefront to supplement the objectives of the NEP (National Education Policy), ensuring greater having access to meaningful as well as affordable educational resources tailored to their needs," he said.

Rajamani noted the following demands to be met by the Union budget:

expenditures made on developing one's skills.

increased use of digitalization to provide significant and reasonably priced educational materials.

reduction in input costs by lowering the GST to 5% on book printing. 

Increase the research and innovation environment in India by allocating specific budgeted funds. 

concentrated effort on improving language skills, particularly in English. 

lower interest rates on student loan debt in an effort to ease financial hardship.

deputy chancellor of BITS Pilani Group of Institutions and former Director of IIT Delhi, V Ramgopal Rao, advised higher financial allocation for research and development. India may be ranked third in the world for scientific research, but its 40th place placement in innovation is concerning. It is imperative to increase R&D investment since it now accounts for only 0.65% of GDP, far less than the BRICS average and the worldwide average of 1.8%," the speaker said. 

In order to close these gaps, the National Research Foundation (NRF) need to be a key player. There is an urgent need for more programs that expressly target industry-academia relationships, Rao said. 

He also demanded that local education standards be raised in light of the growing number of Indian students who are choosing to study overseas.