Budget 2024 forecast: India aims for education renaissance with focus on achieving global excellence – Budget News 2024

As India prepares for its next Union Budget in the coming hours, the education sector stands at a crucial juncture, poised for transformative growth. With a rich tradition of valuing education, the nation is poised to seize this moment to propel its academic institutions into a new era of global excellence. Leaders in the education landscape are eagerly awaiting a Budget that not only addresses the current challenges but also lays the foundation for a future where Indian education is a beacon of innovation, inclusivity and international cooperation.

In a compelling development, education experts are urging the government to adopt a multi-faceted approach to strengthen international schools in India. “We urge the government to streamline visa processes and regulatory frameworks to attract and retain global talent, which is essential for our diverse learning environment. Investments in digital learning resources and technology “Integration will further enable our students to excel in an interconnected world,” said Viranica Manchu, founder and director of the New York Academy.

She stressed that “fostering partnerships with foreign educational institutions and promoting cultural exchange programs will enrich our educational offerings and foster global citizenship among our students. These initiatives will contribute to the country’s overall educational landscape worldwide.”

Meanwhile, the budget allocation of around Rs 44,094 crore for higher education is a substantial start. However, Ajitesh Basani, Executive Director-Administration at Acharya Bangalore B-School, claims that this allocation is not sufficient to meet global standards. “The higher education sector has been allocated around Rs 44,094 crore for infrastructure development, research, etc. This is great, but it accounts for less than 1% of the country’s GDP. To compete with the best in the world in higher education, especially in research and development, we would need to quadruple the budget allocation.”

“Education has always been an important aspect of Indian families in India and it should be emphasized to build a culture of innovation from the bottom up,” Basani added.

Moreover, experts suggest increasing expenditure on education and skill development to 6% of GDP initially, with a progressive target of reaching 7% in the next five years. “Over the last decade, government expenditure on general education has unfortunately declined from 3.1% to 2.9% of GDP. To effectively address the critical needs of education, higher education, skill development, teacher competency development and improving the employability of our graduates, the upcoming Union Budget must prioritise these initiatives,” asserts Ravichandran V, Chairman and Trustee, eVidyaloka.

Ravichandran believes there is a need for a special commission on higher education. This commission will play a crucial role in aligning education with employability, focusing on skill development for employment, fostering collaborations with renowned international universities and internationalizing the approach of Indian universities to elevate selected institutions to the global Top 200 rankings.