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The Finance Ministry allocated Rs. Rs 1.12 lakh crore to the education sector for the financial year 2023-24. Out of which the Higher Education Department received Rs. 44,095 crores.
The allocated amount received by the Higher Education Department is used to finance Central Universities, IITs, NITs and other centrally funded universities. Funding for higher education regulators UGC and AICTE, grants for research and scholarships are among the functions performed by the Department of Higher Education.
institutional restructuring
The National Education Policy (NEP) 2020 aims to achieve 50% gross enrollment ratio (GER) in higher education by 2035. This will require deep institutional, structural and policy changes to align with the mandate in the NEP.
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“In the upcoming budget, we expect to place significant emphasis on upgrading higher education. This includes strategic allocation of enhanced funds for infrastructure development, research efforts and skill enhancement initiatives. The inclusion of additional financial support is set to empower educational institutions to improve facilities, adopt cutting-edge technologies and attract top-level faculty. This increased funding not only strengthens the institutions, but also plays a vital role in enhancing the overall quality of education, nurturing a highly skilled workforce,” says Dr. Yajulu Meduri, Vice-Chancellor, Mahindra University.
vocational training
In the context of the higher education sector in the country, the main objectives of the NEP are to establish at least one large multidisciplinary higher education institution in each district, improve access, increase research and innovation and expand vocational training of students. Is. ,
With the NEP setting a target of achieving 50% GER in higher education, the focus has to be on employability and job opportunities for graduates. This is where vocational training for students comes in handy.
“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 curriculum with the emerging job market. Furthermore, it is important to prioritize financial support for academic-industry collaboration, as it serves to build stronger relationships between academic institutions and industries. This strategic emphasis ensures that the academic curriculum remains abreast of the ever-evolving demands of the industry, thereby nurturing a workforce equipped with agility, adaptability and preparedness for future challenges. Additionally, it is important to support COA-approved institutions with large research grants provided to AICTE. This will promote innovation and excellence in education,” says Dr Professor Anand Achari, Principal, Vivekananda Education Society College of Architecture.
Research and Innovation
Research and innovation will step up our game in positioning our education sector as a global study destination. In the 2023-24 financial year, the total expenditure budget for research and innovation is Rs. 210.61 crores.
Statutory bodies University Grants Commission (UGC) and All India Council for Technical Education (AICTE) were allocated Rs. Rs 5,360 crore. 420 crores respectively. The Indian Institutes of Technology (IITs) were allocated Rs. 9,661.50 crores and NITs and IIEST were allocated Rs. 4,620 crores.
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“In anticipation of the upcoming Budget, I propose some key areas of focus. The establishment of a National Design Research Fund will support innovation and attract talent, faculty development and improve infrastructure. Addressing the faculty shortage by encouraging the appointment of foreign faculty members can enhance the quality of design education. Encouraging collaboration between design institutions and industries through tax incentives will provide valuable opportunities to students. Additionally, it is important to increase scholarships and grants to make design education accessible to diverse backgrounds, ensuring that talent from all walks of life contribute to our creative landscape. Additionally, it is important to create an innovation ecosystem, leverage cultural heritage and align India’s design policy with global trends,” says Dr Sanjay Gupta, Vice-Chancellor, World University of Design.
access to higher education
It is imperative to improve inclusivity and access to higher education, especially for students in rural areas. Improving access to education among members of socio-economically disadvantaged groups such as SCs and STs is also being discussed by experts.
Bridging the digital divide, increasing the spread and availability of digital learning are some of the aspects that stakeholders believe should be focused on for the next financial year.
“Addressing issues such as gender inequality, access to quality education in rural areas and the need to increase investment in education is important in achieving equitable and inclusive education for all,” says Shweta Shastri, Managing Director, Canadian International School, Bangalore.
student loan
Experts believe that giving relief to the student community on student loans can help in the favor of the Education Ministry as a large section of people depend on them for their studies. A favorable decision in terms of student loans can also help students who are willing to study abroad for their higher education.
“There is a need to upgrade the education system to attract more foreign students to the country and India should be promoted as a global study destination. A large section of the population is dependent on educational loans for their studies. Therefore, encouraging more students to pursue their courses with lower interest rates on such loans is essential for their optimal growth and development,” says Shweta.
“It is expected that the Budget will address the concerns related to Tax Collection at Source (TCS) rate, which has a direct impact on students studying abroad. Curious about possible ways to reduce the impact of TCS on remittances, especially for education-related costs. Options like Zero Forex International Card, which is free from TCS up to Rs. Rs 7 lakh annually will be very helpful for students who are struggling financially. To minimize the impact of TCS on tuition and travel expenses, the Budget may provide guidance to parents who are sending money abroad for their children’s education. It can also encourage responsible financial decisions. Additionally, we look forward to budget proposals that will increase the availability of student loans. It is laudable that the Gross Enrollment Ratio (GER) should reach 50% by 2030, and we are interested to see how the Budget will help achieve this target,” says Raghav Gopal, CEO, MSM Global.
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