Education Budget 2024: Increased Funding for Institutes, Ed-Tech Calls for Tax Reduction
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In a big development, the Education Ministry has announced enhanced fund allocation for institutes in the Education Budget 2024 to bolster the growth and development of these educational institutions nationwide. Additionally, a reduction in taxes has also been sought by the ed-tech sector to further buttress the growth of digital education platforms.
The Education Budget 2024 has also provided for strengthening educational institutes through additional fund allocations. Notable among them was the budget for IITs, which was slashed marginally from the revised estimates of the previous year. The budget allocation for the Ministry of Education has, however, increased by 6.8 per cent over the previous year’s budget. It shows the commitment of the government toward increasing capabilities in the education sector.
The ed-tech industry has been demanding a reduction in taxes, as it has witnessed massive growth in the past couple of years. Ed-tech startups are expecting considerable help from the government in the upcoming Union Budget for the year 2024. This reduction in the GST slab on educational products and services was just one of the many demands that the ed-tech industry had presented. This reduction will facilitate greater reach, affordability and access to digital learning resources.
Education Budget 2024 recognises the role of innovation in education. The increase in the number of institutions of higher learning through new IITs, IIITs, IIMs, AIIMS and Universities will open up more opportunities for students, especially in Tier 2 and 3 cities. This would not only be inclusive but also encourage the private sector and innovative research in fast-growing emerging domains. The changed approach in learning and achieving a more holistic experience in education is reflected in the budget.
Though the Education Budget 2024 has focused on the Indian system, it has become part of the global trend where education has been given precedence. The United States Department of Education has released its fiscal year 2024 budget request that says education is the foundation of opportunity. It plans to invest in workforce development, career and technical education, and capacity-building of current programs.
The Education Budget 2024 indeed mirrors the commitment of the government towards growing and developing the education sector. It is expected to create a favorable environment in terms of learning and innovation through the proposed increase in the funding of institutes and recognition of the important role ed-tech plays. With the changing educational landscape, investments in the same domain become very important in order to empower learners and educators at large.
