What do education experts expect in Union Budget 2023? (Representational image)
Education Budget 2023 Expectations: India can achieve NEP 2020 goals through proper allocation of resources and their effective utilization, feel experts
While the government included several measures during the Union Budget last year including Digital University initiative, One-Class-One Channel initiative, PM Gati Shakti Master Plan, tele-mental health, we need to do a lot more if India Professor YSR says, the world has to become a truly digital hub. Murthy, Founder Vice-Chancellor, RV University.
The budget committed last year to the education sector was 2.6 per cent, it is expected that at least 3-3.5 per cent of the budget will be allocated to spend on education, if not 6 per cent, says Mr. Bharath Mathukumilli, president of GITAM and Kautilya School Founder of Off Public Policy. Total in Union Budget 2022 Rs 1,04,278 crore allocated To the education sector. This was an increase of Rs 11,054 crore from 2021. The education budget allocation was Rs. 93,223 crores in 2021.
“The major expenditure has to come from the private sector and there is huge demand. Good B-schools typically receive at least 5,000 applications against an availability of 240 seats, which means demand is more than 20 times the available supply. With this kind of supply, the higher education market is definitely a seller’s market,” said Dr V P Singh, Professor of Economics, Great Lakes Institute of Management, Gurgaon.
Professor Murthy believes that India can achieve the goals of NEP 2020 through proper allocation of resources and their effective utilization. “Since two-thirds of the higher education sector is in the hands of the private sector, it is time to encourage private corporate philanthropy in a big way through financial and other incentives. We need to create an enabling environment for the private sector to come forward and set up new institutions. Ease of doing business is more important here than anywhere else,” he said.
“There is an urgent and critical need to change the education system. For example, modern tools like ChatGPT require organizations to have a strong technology infrastructure and skilled HR teams that understand how to deal with this rapid change in technology. The government aspires to increase the Gross Enrollment Ratio (GER) in higher education to 50 per cent, however, the institutions that are driving this growth are largely private. On the contrary, the support they get is very limited,” Mathukumilli said.
Proper utilization of the allocation will lead to the changes mentioned in NEP 2020, said Dr Shilpi Sahu, Chairperson, SAI International Education Group. “This may include providing free or subsidized tuition, upgrading school infrastructure, establishing scholarships and grants, and introducing technology-based learning environments (SLEs), vocations/internships (hard skills), and A widened focus and allocation for modified learning methods such as incentives for employers to invest in talent pipelines can be expected.”
A scholarship related to the higher education sector should be set up with a corpus of Rs 1,000 crore contributed by the top 1000 corporations of the country. It should be run by a reputed independent board and the government should provide tax exemption of up to 300 per cent for all contributions as well as full matching grants, says Professor Murthy.
Dr Sahoo further adds that facilitating formal partnerships with reputed universities abroad to offer online and hybrid degree programs to achieve the GER targets set by the government is relevant for consideration this year. He further added that certain sections of funds are allocated for welfare schemes and programs by qualified professionals to provide appropriate guidance and support to the students to help them develop coping strategies and build resilience, thereby enabling them to learn. Create a favorable environment.
read all latest education news Here
