Union Budget 2024: What do industry experts want?

Union Finance Minister Nirmala Sitharaman will present the first budget of Modi 3.0. As the nation waits with bated breath, what are industry experts expecting? 

Also Read: Budget 2024: Economy Survey projects GDP growth of 6.5-7%

Here are a few expectations. 

Ryan Pinto, CEO , Ryan International Group of institutions says, "One of my key expectations of the Union Budget this year would be to see an increased allocation in the budget to fund new initiatives in the Education sector. This increased allocation to one of the core sectors of the knowledge economy will help in realising the true potential of the country and its youth. Besides just an increase in funding, the budget should also focus on better delivery of education, greater support to enhance teacher training, expanding access to quality education and integration of technology to build future ready global citizens who are equipped to be solution providers. The budget should focus on supporting initiatives that empower our youth with 21st century skills, this will help us establish an education system that’s not only resilient but also aid the success of India’s meteoric rise as a global economic powerhouse” 

On the other hand, Jai Decosta, MD & CEO of K12 Techno Services, says, "As we approach the Union Budget 2024, we look forward to policies that will further strengthen India's education ecosystem, particularly in the areas of STEM education and edtech integration.

We hope to see increased allocation for setting up advanced labs in schools nationwide. This would democratize access to high-quality STEM education and prepare our youth for the jobs of tomorrow. Additionally, we anticipate support for teacher training programs that emphasize innovative pedagogies and the use of technology in classrooms.”

He also has his eyes set on incentives. He adds, “The tech sector has proven its worth, especially in recent years. We expect the budget to include incentives for schools to adopt digital learning platforms and create blended learning environments. This could involve tax benefits for educational institutions investing in technology infrastructure or subsidies for students to access digital learning tools.”

On the issue of partnerships, he says, “Lastly, we hope to see policies that encourage industry-academia partnerships, fostering a culture of innovation and entrepreneurship among students. Such initiatives would align well with our goal of providing a holistic, future-ready education that empowers students to become lifelong learners and innovative problem-solvers.” 

“The right investments in education today will shape India's future workforce and drive our nation's growth in the coming decades," he notes further.