Education is a fundamental human right, a catalyst for growth, and one of the most effective means of eradicating poverty and improving gender equality, and stability.
How well a country’s economy will perform is significantly influenced by the level of education of its workforce. In this regard, the policies and initiatives framed by the government plays a crucial role.
With the announcement of the Union Budget 2023 just around the corner, the education department hopes that allocation of funds, taxation costs, and other benefits would be in the interest of the students and educational institutions. Given below are the requirements of the stakeholders of the education department in the upcoming budget:
Latest Infrastructure
Education infrastructure is at the top of the demands of the education sector. The stakeholders have high hopes from the Government of India to declare new boards and universities with campuses spread across the country. This would give a major boost to the educational institutes at the regional level, as more institutes, colleges, and schools can be established.
Emphasis on New Education Policy
The New Education Policy (NEP), as declared by the Government of India, is very ambitious, and a solution-oriented approach is needed to address the gaps that exist in the sector. One of the aims of the policy includes the scheme- Education for All, which would ensure that no one is left uneducated. Bringing the effective implementation of NEP into effect would require special budgetary allocations and tax benefits so that it can get the push it needs.
Technological Up gradation
Education as a function is now majorly driven by technology, and it is developing and advancing with each passing day. There is a great need to satiate the technological needs of the sector, and special focus is required on upskilling the technology in terms of skilling software. There is also a special budgetary demand from the education sector so that these technical requirements are met.
Technological Transformation of Pedagogy
In the past few years, the delivery of educational courses, whether at the junior level or the college and university level, has gone through a complete overhaul. More and more stress is given to digital learning and smart classes. Now, the technology for conducting courses has reached the next level, and it involves Artificial Intelligence (AI) and Machine Learning (ML) techniques. With the regularly advancing education delivery programs, special budgetary allocation is required to up skill the teachers and to upgrade software, technology, and Information Technology (IT) infrastructure.
Innovation, Incubation, and Entrepreneurship Development
The mindset of present-day students has changed manifold, and more graduates now want to introduce their businesses rather than work for someone else. Keeping the new trend of startups, which are on the rise for the past few years, the focus of the Government should be on developing entrepreneurial skills among the students.
Although the Government of India introduced the Startup India program a few years ago, work on it is required to attain desired results. Besides, the educational institutes must be assisted through budgetary allocation to introduce and conduct their incubation and innovation centers.
Capital Fund, Seed Fund Accelerator Programs
Similar to the lines of incubator centers, there is a massive need to channel the startup funding function. This would not only boost the confidence of budding entrepreneurs but would also benefit the economy. The accelerator programs can be run by educational institutes in conjunction with funding organizations/individuals. This requires special demarcation in the upcoming Union Budget to make it a success and support future entrepreneurs of India.
Tax Exemption on Research
The success of any new technology, product, or service is dependent on the amount of research that goes behind its launch. Academic research must be exempted from taxes, and this is the best the government can do to promote possibilities of the future that not only impacts the education sector but the everyday lives of millions of humans.
The government needs to take into consideration all these demands so that a better and more constructive education system can be developed for the nation.
(Author Koneru Satyanarayana is President, KL Deemed to be University. Views expressed here are personal.)