Education Budget 2024 Live: FM Sitharaman to present 2024-25 Union Budget today

Education Budget 2024 Live: Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2024 at 11 am.

Education Budget 2024 Live: Finance Minister Nirmala Sitharaman arrives in Parliament to present Union Budget 2024

(ANI)

Education Budget 2024 Live: Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhavan to call on President Murmu, ahead of Budget presentation at 11am in Parliament.

(ANI)

Education Budget 2024 Live: Niru Agarwal, Trustee of Greenwood High International School said the budget should address core aspects of education to enhance the quality of learning, improve teacher professional skills, and build robust infrastructure.

"While new educational policies have identified many path-breaking initiatives, we urge the government to focus on expanding access to education and technology, particularly in rural and underserved areas. We must build the right combination of Digital, Physical, and on-the-job classroom infrastructure that will improve the efficacy of learning," Agarwal said.

Education Budget 2024 Live: The first Budget of Modi 3.0 will be Nirmala Sitharaman’s seventh consecutive Budget. She will surpass the record of former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget as finance minister.

Budget 2024 date: July 23, 2024

Time: 11 am

Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2024-25 today, July 23.

Union Budget 2024 for Education sector Live: Satyajeet Tambe, member of the Maharashtra Legislative Council (MLC) stated that the Budget 2024 should focus on the four E's - education, employment, entrepreneurship, and environment.

He said, “The education allocation needs to be upgraded and taken to around 6% of the budget since that lays the foundation for India's bright future. Moreover, it will also help youth get better career opportunities in future. This brings in the aspect of employment.”

“Job hunting is something that the youth of today is majorly struggling with. In order to create more job opportunities, the government must improve the industries and enable new artificial intelligence (AI) industries and start-ups,” Tambe said.

Union Budget 2024 for Education sector Live: Dr Maithili Tambe, the CEO of The Academy School (TAS), said that there is a growing expectation that the budget will prioritise teacher training and development programs, aimed at upskilling educators.

The TAS CEO also emphasised on the need for improved student-teacher ratios, enabling a more personalised and effective learning environment.

“There should also be a focus on increasing funding for special education programs, catering to the needs of students with disabilities. The education budget expectations for July 2024 are anticipated to reflect a commitment to providing a more inclusive, equitable, and effective education system that prepares students for success in the 21st century,” highlighted Tambe.

Union Budget 2024 for Education sector Live: Abhishek KG, the Co-founder of Clapingo said that the upcoming budget is expected to prioritise improving digital networks, recognising their key role in advancing India’s tech-driven growth.

He pointed out that an existing 18% GST on online education imposes a significant financial strain on learners nationwide.

"The hope is for policies that empower startups to thrive, contribute to India's global tech leadership, and pave the way for a resilient and prosperous digital future," he added.

Union Budget 2024 for Education sector Live: Tarun Saini, the CEO & Co-founder of Vidyakul pointed out that services offered by edtech companies attract 18% GST, which impacts affordability in online education.

“A reduction in GST on edtech services will lower service prices, boost affordability. We are hopeful the government will consider lowering the GST from the current 18%,” Saini said.

He also pitched for a closer collaboration between policy makers, government and startups in the form of PPPs (Public Private Partnerships) in the education sector.

“Connecting startups with education policy makers can create a powerful synergy to solve targeted problems and significantly enhance efforts to address critical issues. This will help create opportunities and enable a level-playing field for disadvantaged children in Bharat,” he said.

Union Budget 2024 for Education sector Live: Sumit Singhal also stressed on the need for a reduction in GST rates on digital educational content and services.

He said, “Lowering these rates would significantly enhance the affordability of online learning, which has become increasingly vital in today’s digital age. This measure would be advantageous for students by making high-quality educational resources more accessible, and at the same time, for edtech companies by fostering a more conducive environment for innovation and growth.”

Union Budget 2024 for Education sector Live: Sumit Singhal, a subject matter expert at S.N. Dhawan & CO LLP said that the government should focus on increasing the education budget beyond 13% as it would provide continuous support for educational initiatives and further strengthen the educational framework.

“Such an increase would allow for more robust funding of critical programs, infrastructure development, and technological integration in schools and higher education institutions,” he said.

Union Budget 2024 for Education sector Live: Dr PR Sodani, the President of IIHMR University pointed out that a reduction in taxes for upskilling courses will boost opportunities for innovation, inclusivity, allocation, and accessibility.

"Working closely with the healthcare sector, we urge for sturdy finance models to increase investment in healthcare infrastructure, consequently aiding the young minds engaged in health management studies.”

Union Budget 2024 for Education sector Live: According to Rustom Kerawalla, Chairperson and Founder of VIBGYOR Group, the Budget must include significant investment within the education sector.

"This includes enhancing infrastructure for effective education delivery, advancing teacher training, promoting inclusive education, and focusing on outcomes mapped to 21st-century skills. These priorities aim to ensure equitable access to high-quality education and build a resilient system that prepares students early on for real-world scenarios," Kerawalla added.

Niru Agarwal also stressed that there should be an increase in women’s participation in STEM fields. She added that an enabling environment has to be created to let the private sector come forward and establish new institutions.

“Ease of doing business is more important here than anywhere else. A supportive budget addressing these aspects will not only enable students to pursue their education dreams but also contribute significantly to India's long-term economic and intellectual growth," Agarwal added.

Union Budget 2024 for Education sector Live: Niru Agarwal, the Trustee of Greenwood High International School pointed out that the upcoming budget should address core aspects of education to enhance the quality of learning, improve teacher professional skills, and build robust infrastructure.

Agarwal said, “While new educational policies have identified many path-breaking initiatives, we urge the government to focus on expanding access to education and technology, particularly in rural and underserved areas. We must build the right combination of Digital, Physical, and on-the-job classroom infrastructure that will improve the efficacy of learning."

Union Budget 2024 for Education sector Live: Vishal Khurma, the Chief Executive Officer (CEO) of Woxsen University Hyderabad said that the new budget should encourage corporates to allocate a minimum percentage of their annual CSR spends towards building research infrastructure, incubation facilities, and research funding at both public and private universities, with a maximum cap of INR 1 crore per university.

Khurma further said that the new budget can accelerate the Gross Enrolment Ratio by encouraging and allocating merit scholarships for underprivileged students, particularly female students, to enhance affordability and access to quality education.

“Implementing uniform taxation norms for home-grown institutions and foreign institutions establishing campuses in India can ensure a level playing field. A renewed focus on skill development programs run by universities, providing grants and subsidies to scale up these initiatives, particularly for high school dropouts and diploma students, is also crucial," he pointed out.

Union Budget 2024 for Education sector Live: Devyani Jaipuria, the Pro-Vice Chairperson at pitched for prioritizing substantial increase in funding for education.

She said that the government should aim for a significant allocation boost, particularly for higher education institutions.

“Enhancing infrastructure, bolstering research capabilities, and ensuring overall educational quality are critical for our nation's growth trajectory. We hope to see a commitment towards achieving an adequate allocation of GDP to education, paving the way for transformative reforms and the establishment of new educational institutions, especially in the K-12 segment,” she stated.

Union Budget 2024 for Education sector Live: Sachin Jain pointed out that there is a need to make admissions to Higher Educational Institutions (HEIs) more accessible and streamlined for foreign nationals.

He said that the Ministry of Education can broad base acceptance for global admission tests and partner International agencies who can help to bring in international students.

“Steps such as these will help to make our classrooms more diverse and global, while also augmenting the stature of the Indian higher education institutions," Jain added.

Union Budget 2024 for Education sector Live: Sachin Jain, the Country Manager at ETS India and South Asia, said , it was imperative for policymakers to prioritize initiatives that will empower youth and make them employable.

He said, "Investments to enhance global mobility of our workforce and prioritizing their language skills will be key. India has the potential to harness its human capital which can become a talent pool for the world in the next decade, and here Government must initiate public-private-partnership models to achieve scale in training & assessment of India’s young demographic."

Union Budget 2024 for Education sector Live: Shweta Sastri also added that improving internet connectivity infrastructure across the nation will promote last-mile access to education.

She said, “Looking ahead, we must strive to ensure that the learning experience remains meaningful and enriching. It is important to nurture, challenge, and empower all students to be successful in whatever they choose in life.”

Union Budget 2024 for Education sector Live: Shweta Sastri, the Managing Director of Canadian International School, Bangalore, emphasized that a substantial portion of the student community depends on educational loans to pursue their dream course.

She said, “Encouraging more students to take up their course of interest with lower interest rates on such loans is essential for their optimal growth and development.”

Union Budget 2024 for Education sector Live: Dinesh Kumar Poobalan, the CEO and CTO at Greatify pointed out that an increased investment in upskilling educators with the latest technologies will ensure the delivery of high-quality education.

He said there is a “significant need for substantial budget allocations towards digital infrastructure. This includes equipping schools and institutes with emerging technologies like AI and creating incentives for edtech companies. The government should increase funding to bridge the digital divide and make quality education accessible to all.”

Poobalan said that such initiatives are vital to achieving the ambitious targets of the National Education Policy 2020 which aims to increase the Gross Enrolment Ratio (GER) from 26.3% to 50% by 2035.

Union Budget 2024 for Education sector Live: Pankaj Jathar, the CEO of NIIT Ltd., stated that a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP will be vital to reach the full potential of NEP 2020.

"A focus on sustainable employment opportunities will not only uplift individuals but also drive the economic growth of our nation," said Jathar.