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Finance Minister Nirmala Sitharaman will present the interim budget 2024 on February 1. This will be FM Sitharaman’s sixth budget. As general elections are scheduled to take place in India later this year, this budget will be a “vote-on-account”.
A full-fledged budget will be presented after the new cabinet is elected after the elections.
Interim Budget 2024: Here’s what the education sector expects
Vishnu Manchu, Pro-Chancellor, Mohan Babu University.
The Indian government, driven by the National Education Policy (NEP) 2020, has initiated transformative measures like the National Credit Framework (NCF), the Central Universities (Amendment) Bill, and seamless online learning integration, reshaping education. As the nation endeavours to build on these efforts, there's an expectation for more support in the upcoming budget.
There's a need to enhance the education system to attract more foreign students, necessitating substantial investments in higher education. The potential introduction of the Higher Education Commission of India (HECI) holds promise, and expectations are high for increased allocations to flagship initiatives like Samagra Shiksha, Eklavya Model Residential Schools, and the Skill India Programme. This strategic approach aims to address evolving education sector needs, emphasizing holistic education, inclusivity, and global competitiveness.
Anand Achari, Principal, Vivekanand Education Society’s College of Architecture
The government's efforts in implementing skill development programs have set the stage for positive change. However, there is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritizing financial support for Academic-Industry collaboration is crucial, as it serves to forge robust connections between educational institutions and industries. This strategic emphasis ensures that academic curricula stay abreast of the ever-evolving demands of the industry, thereby nurturing a workforce equipped with agility, adaptability, and preparedness for future challenges.
Additionally, it's important to extend support to COA-approved Institutes with larger research grants akin to those provided to AICTE. This will foster innovation and excellence in education.
As we navigate the complexities of our changing educational landscape, let's consider this budget as an opportunity for a positive shift in the education sector – one that emphasizes not only skill development but also the holistic growth of individuals prepared for the contemporary workforce. In addition to supporting infrastructure grants, the incorporation of technology-based learning can contribute to a more balanced and future-ready education system.
Jitin Chadha, Founder and Chief Executive Officer, Indian Institute of Art & Design
Specifically, focusing on nurturing the talent and innovative spirit of the Indian youth will be instrumental in driving our digital economy forward. Despite a longstanding debate over the recommended 6 per cent Gross Domestic Product (GDP) allocation to the public education system—a policy instituted six decades past—it is imperative to reassess these metrics in light of current needs and demands.
Moving forward, some aspects of design education require particular attention in the upcoming budget. One critical aspect is the imperative to boost the Research and Development (R&D) sector in tandem with strategic investments in infrastructure. Allocating the budget for co-funded research projects between design institutes and private companies, leveraging industry expertise, will be paramount. Providing direct grants to expand and equip design labs with cutting-edge tools and technologies will facilitate deeper exploration and innovation.
Another facet is promoting entrepreneurship in design during the course of education. Establishing design startup incubators within institutes, taking inspiration from the successful model of the National Design Business Incubator (NDBI) at NID, Ahmedabad. These incubators would provide student entrepreneurs with mentorship, co-working spaces and crucial access to funding, fostering a vibrant ecosystem from the grassroots level. Allocating funds for co-created skill development programmes between design institutes and design-centric companies becomes vital. A targeted focus on high-demand areas like generative design, AI-powered design, bio-design, and data-driven design will ensure that graduates are well-equipped for relevance in a dynamic design industry.
Dhara Thakore, Head Incubation and Office of Career Service, Anant National University
If India wishes to fulfil the dream of providing 25 per cent of the global workforce by 2047, access to world-class education is essential. The NEP 2020 also emphasises a multidisciplinary and holistic approach. With the emergence of new-age technologies, there is a significant shift in the preference of students from traditional to creative industries such as design, fashion, literature, gaming etc. Creating a conducive environment for the growth of this sector will require an amalgamation of various learning dimensions like research, innovation, skill development and entrepreneurship.
Prioritising budgetary allocation and policy-level support is anticipated from the Interim Budget to boost infrastructure, research, and protect intellectual property and experiential learning in this sector, particularly for private higher educational institutions. Another favourable area for allocation could be the academic startup ecosystem to convert nascent ideas into groundbreaking business ventures which in turn will boost the economy of the nation.
