Budget 2024: Educational sector seeks investments for NEP goals and human resources

Union Finance Minister Nirmala Sitharaman is set to unveil the Interim Budget 2024-25 on February 1. The comprehensive budget for the fiscal year 2024-25 will be presented after the new government is formed post-general elections. This interim budget will outline projected government receipts and expenditures across various sectors, encompassing education until the new government takes charge.

Director of Education at Shiv Nadar School Shashi Banerjee said, “Plans such as integrating Anganwadis with elementary schools and including a ‘Preparatory Class’ or ‘Balavatika’ before Class 1 require additional infrastructural facilities, building teacher capacities and hiring additional teachers in elementary schools", The education sector requires investments and capacity addition to lay the groundwork for the National Education Policy's (NEP) vision and objectives with IC2: infrastructure, capacity and collaboration. 

Shashi Banerjee added that budgetary support is essential for initiatives like PM Poshan and Swayam. Vishwanathan Iyer, Senior Associate Professor and Director of Accreditation at the Great Lakes Institute of Management in Chennai emphasized the necessity to synchronize capital expenditure with investments in human resources to address global disparities in education.

He said, "The glaring disparities in the faculty-student ratio and internationalization indicators, as highlighted in the QS Asia University Rankings 2024, emphasize the urgency for substantial fiscal support. While the proposed 100% increase in the education budget to Rs 2.25 trillion may seem daunting, robust tax collections and a significant surplus in revenue create a conducive environment for a transformative leap".

Anand Achari, the Principal of Vivekanand Education Society’s College of Architecture, highlighted the need for integrating the Indian knowledge system into the curriculum. This involves the enhancement or creation of curricula, providing training or orientation for faculty, and the inclusion of artists and artisans as residents in higher education institutions. He said, “There is a need to strengthen industry-academia collaboration for better alignment of academic curricula with the evolving job market. Moreover, prioritizing financial support for academic-industry collaboration is crucial, as it serves to forge robust connections between educational institutions and industries".

In the fiscal year 2023-24, the education sector saw its highest-ever allocation, receiving Rs 1.12 lakh crore compared to the budget allocation of Rs 1.04 lakh crore in the previous fiscal year 2022-23. The budget for FY 2023-24 comprised Rs 68,804 crore allocated for school education, Rs 44,094.62 crore for higher education, and Rs 37,453 crore for the Samagra Shiksha Abhiyan.