The education sector has faced several challenges recently, including the cancellation of entrance exams like NEET-UGC and NET-UGC. However, these issues cannot be directly linked to expectations from the Union Budget 2024. Despite this, controversies often dominate discussions about the education sector.

This year, the industry is focusing on higher education, job opportunities for a skilled workforce, international studies, scholarships, and more. Industry leaders have high expectations for these areas.

Here are some key expectations:

Meenakshi Kachroo Chatta- Senior Director & Regional Head, College Board – India, South & Central Asia- “The upcoming budget presents a unique opportunity to transform the landscape of higher education in India. We anticipate significant investments and initiatives aimed at enhancing accessibility to quality education through increased scholarships and financial aid. This support is crucial for students aspiring to study both within India and abroad. With the growing demand for international education, it is imperative that the budget addresses the need for better financial assistance. Beyond this, we hope to see announcements that foster international academic collaborations and invest in technological advancements in education.

Moreover, investments in digital infrastructure will ensure that students from all corners of India can access world-class education and resources. By prioritizing these aspects, the budget can be a catalyst for empowering Indian students to become global leaders. Such measures will not only democratize access to premier educational institutions worldwide but also strengthen India’s position in the global academic community.

Aritra Ghosal, Founder and Director of OneStep Global: “Given the government’s emphasis on developing a skilled workforce for multicultural environments and the increase in funding for higher education reflected in the interim budget, it is expected that the government will support more partnerships like the Australia-India educational collaboration. Such initiatives will open new pathways for knowledge and workforce exchange and streamlining the process for foreign universities to establish campuses in India will also strengthen India’s international standing and prioritize global education. To further accelerate global mobility, I encourage the government to reduce interest rates on education loans and increase financial aid support for aspiring study abroad students. These measures will ease their financial burden and help cultivate a generation of globally competent and confident individuals.

Amit Baveja, Managing Director of Burlington English, India & Southeast Asia: “While the Ministry of Education received a 13% budget increase last year, it is crucial that we build on this progress by further supporting learning initiatives and enhancing educational infrastructure, particularly in the K–12 sector. Additionally, focusing on improving digital infrastructure to strengthen our examination systems by incorporating smart assessments will ensure safe, accessible, and efficient evaluations. I would also like to encourage the government to collaborate with tech-enabled entities, as this offers a pathway to upskill a broader segment of the Indian population through programmes, certifications, and employment opportunities. Setting aside funds for continuous technological development and establishing a solid regulatory framework are essential for the sector’s growth. I urge the government to allocate more resources towards expanding infrastructure for education and research, thereby fostering an environment conducive to the holistic development of our youth.

Abhijit Zaveri, Founder & Director, Career Mosaic: “As we approach the upcoming budget announcement, we anticipate that the government will foster more international partnerships and collaboration as seen with the opening of GIFT City creating new opportunities and fostering collaboration between Indian and international universities, creating avenues for cross-cultural learning and research in Ahmedabad Gujarat. A focus on global education in this budget will empower young Indians and strengthen India’s standing in STEM fields on the world stage. In the past year, India reached an all-time high in international student enrollment, we expect the government to recognize and harness this potential by implementing measures to make international education more accessible and affordable. This could involve targeted scholarship schemes for Tier 2 and Tier 3 city students, tax benefits for families supporting overseas education, and streamlined visa processes. A supportive budget addressing these aspects will not only enable students to pursue their international education dreams but also contribute significantly to India’s long-term economic and intellectual growth.

Saurabh Arora, Founder & CEO, University Living: “In anticipation of the upcoming budget, we at University Living urge the government to consider essential measures that can significantly benefit Indian students pursuing education abroad. Firstly, increased fund allocation to the higher education sector will be highly appreciated by the growing student community in India. Secondly, lowering interest rates on education loans and a reduction or waiver in Tax Collected at Source (TCS) when remitting money for overseas education are crucial for alleviating financial burdens on students and their families, thereby enhancing access to education at their chosen destinations. Lastly, implementing student concessions on air travel is imperative to make global education economically viable for a broader demographic of students. This would not only foster cultural exchange but also elevate India’s representation on the global academic stage. We hope these comprehensive budgetary considerations will create a more supportive environment for Indian students undertaking international education, fostering academic growth, and enhancing India’s presence in global educational sector.

Pankaj Dhingra, CA & CPA, Co-Founder & Managing Partner, FinTram Global: “As the budget approaches, there’s hope for reduced GST on international qualifications, easier access to educational loans, and improved employment prospects for certified professionals. These changes would make global education more affordable and accessible, fostering a highly skilled workforce that can compete on an international stage and contribute significantly to India’s growth and development.”

Anish Srikrishna, CEO, TimesPro: “The Budget for 2024-25 is anticipated to be reform-oriented and immensely crucial for India to compete and adapt amid significant global political and economic shifts. At TimesPro, we remain hopeful that the Hon. Finance Minister will prioritise the education sector, ushering in comprehensive reforms with a key focus on taxation. The current GST rate of 18% on education, comparable to that on luxury goods and services, should be reduced to 5% and eventually to zero. Additionally, the government should consider lowering education loan interest rates to 3-5% for undergraduate, postgraduate and professional upskilling courses. This is essential for India’s growth, as the focus in the 21st century transitions from ‘Skill India’ to ‘Skilled India’.

India’s ambition to become a ‘Global Skill Hub’ will be validated by the increasing demand for highly skilled professionals that the country produces. This requires a greater emphasis on bridging the industry-academia gap through higher education and unique skill development for our youth and working professionals, which will be crucial in generating employment opportunities within the country.

Moreover, there should be incentives to equip India’s millions of gig workers with new-age skills through technology-based learning. The government should introduce a Special Purpose Vehicle and collaborate with higher edtech platforms and public and private institutions to accelerate skilling outcomes. As digitalisation gains precedence, the edtech sector has demonstrated the potential for innovation and research to provide quality education to a far wider audience. The government should adopt an inclusive approach towards new learning platforms and allocate funds to the edtech sector for continuous technological development in conjunction with public institutions, updating pedagogy and stimulating edtech startups to foster growth and diversification within the sector.”

Sripal Jain, CA, CPA, Co-Founder and Global Instructor at Simandhar Education: “The upcoming Union Budget presents a significant opportunity for the government to enhance competency in technology-driven accounting processes. India’s potential as a global hub for skilled accounting professionals is immense. To unlock this potential, the government should focus on providing new avenues for Indian nationals to upskill in universal standards of accounting and encourage global mobility. Easing access to educational loans and reducing GST on international qualifications are crucial steps that can empower our workforce to meet global demands. These measures will not only support the growth of our accounting sector but also reinforce India’s position in the global market.

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