Budget 2024 expectations: From human resource investments to fulfilling NEP goals, here’s what education sector needs

Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full budget for FY25 will be presented after the formation of the new government following the general elections. The upcoming Interim Budget will contain details about the estimated receipts and the expenditure of the government for all sectors of the economy including the education sector until the formation of the new government.

Catch Budget 2024 Expectations Live Updates

Here are some suggestions from experts:

Director of Education at Shiv Nadar School Shashi Banerjee said, “Plans such as integrating Anganwadis with elementary schools and including a ‘Preparatory Class’ or ‘Balavatika’ before Class 1 require additional infrastructural facilities, building teacher capacities and hiring additional teachers in elementary schools.” The education sector requires investments and capacity addition to lay the groundwork for the National Education Policy's (NEP) vision and objectives with IC2: infrastructure, capacity and collaboration. 

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Shashi Banerjee further mentioned that schemes such as PM Poshan and Swayam require budgetary support.

Also read: Expectations from Union Budget 2023-2024 for the education sector

Senior Associate Professor and Director of Accreditation at Chennai's Great Lakes Institute of Management Vishwanathan Iyer noted that to bridge global gaps in education, the nation needs to align capital expenditure with investments in human resources. 

He said, "The glaring disparities in the faculty-student ratio and internationalisation indicators, as highlighted in the QS Asia University Rankings 2024, emphasise the urgency for substantial fiscal support. While the proposed 100% increase in the education budget to ₹2.25 trillion may seem daunting, robust tax collections and a significant surplus in revenue create a conducive environment for a transformative leap."

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Vivekanand Education Society’s College of Architecture Principal Anand Achari mentioned that incorporating the Indian knowledge system into the curriculum requires the development or upgradation of curricula, training or orientation for faculty, and the empanelment of artists- and artisans-in-residence in higher education institutions. 

Also read: Budget 2023: What education sector expects from budget? Check experts' reactions

He said, “There is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritising financial support for academic-industry collaboration is crucial, as it serves to forge robust connections between educational institutions and industries.”

Also read: Budget 2024: From investments in skill development to infrastructure, what education sector expects ahead of elections

In the financial year 2023-24, the education sector received its highest-ever allocation of ₹1.12 lakh crore against the FY 2022-23 budget allocation of ₹1.04 lakh crore. FY 2023-24 budget included ₹68,804 crore allocation for school education, ₹44,094.62 crore allocation for higher education and ₹37,453 crore allocation for the Samagra Shiksha Abhiyan.