Insights into education sector expectations for budget 2024-2025

As the nation eagerly awaits Finance Minister Nirmala Sitharaman's presentation of the Interim Budget 2024 on February 1, expectations from industry and academic leaders highlight a collective desire for a budget that prioritizes advancements in education, particularly in the fields of Artificial Intelligence (AI), Virtual Reality (VR), and STEM (Science, Technology, Engineering, and Mathematics).

1. Democratizing AI Skills: A Call for Hubs in Smaller Cities

M1B Managing Director Manav Subodh emphasizes the necessity of leveraging AI as an equalizing force. In the evolving landscape shaped by VR, AI, and AR advancements, he urges the establishment of AI hubs and centers of excellence, not only in major cities but also in Tier 2-3 cities. The aim is to democratize skills and knowledge, making quality skilling accessible across diverse social strata.

2. Bridging the Gap with Virtual Science Labs in Schools

Subodh underscores the transformative potential of Augmented Reality (AR) and Virtual Reality (VR) infrastructure in schools. Proposing the integration of virtual science labs in every school, he envisions immersive and interactive educational experiences. He believes this will equip students for a future where proficiency in STEM fields is paramount.

 3. Addressing Education Budgets in Light of NEP 2020

Professor Vishwanathan Iyer, Director of Accreditation – Finance and Accounting at the Great Lakes Institute of Management, Chennai, emphasizes the need to align capital expenditure with investments in human resources. With a focus on the education sector in the National Education Policy (NEP) 2020, Iyer points to the urgency in addressing disparities in faculty-student ratio and internationalization indicators. He sees the proposed 100% increase in the education budget to Rs 2.25 trillion as a transformative leap facilitated by robust tax collections and revenue surplus.

4. Specific Funding for Self-Funded Autonomous Institutions

Madhumita Chatterji, Director of ABBS School of Management, suggests a targeted approach for self-funded autonomous institutions approved by the All Indian Council for Technical Education (AICTE). These institutions, offering programs like the PGDM degree, often rely entirely on student fees. Chatterji highlights the inadequacy of existing student financial aid schemes and calls for specific funding for  VR, and AI technology institutes.

As the nation looks to Budget 2024, the collective vision is one of the bridging global gaps in education, fostering innovation, and paving the way for a new era of academic excellence. The anticipated budget reflects a commitment to empowering learners across diverse backgrounds and preparing the youth for a future driven by technological advancements.