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UNION BUDGET 2024-25:


Expectations for Higher


Education Sector

As the Union Budget 2024-25 approaches, the education sector is anticipating crucial reforms and a much-needed boost in financial allocation to boost the sector forward. While the government projects India as a "vishwaguru", the current allocation of approximately 3% of GDP to education falls short of realizing this ambition. In order to compete in the global markets and to maintain competitiveness, higher education needs a substantial revamp and a higher allocation of at least 6% of GDP. International examples suggest that increased investment in education, skill development and R & D pay rich dividends. With several Indian states actively implementing the National Education Policy, we have a golden window to push through long-awaited reforms in the higher education system

As the Union Budget 2024-25 approaches, the education sector is anticipating crucial reforms and a much-needed boost in financial allocation to boost the sector forward. While the government projects India as a "vishwaguru", the current allocation of approximately 3% of GDP to education falls short of realizing this ambition. In order to compete in the global markets and to maintain competitiveness, higher education needs a substantial revamp and a higher allocation of at least 6% of GDP. International examples suggest that increased investment in education, skill development and R & D pay rich dividends. With several Indian states actively implementing the National Education Policy, we have a golden window to push through long-awaited reforms in the higher education system

We need to see a substantial commitment to R&D and research in universities through increased budgetary allocations. India lags behind in R&D spending, allocating only 0.7% of GDP compared to global leaders like China (2.64%) and the US (3.44%) or even the world average of 2.6%. For example, the investments made by China in R& D and higher education has played a critical role in turning the country into an economic power house. We need to see an increase to at least 2% of GDP within the next 4-5 years to avoid falling behind in the global innovation race. Equipping our universities is crucial for achieving this goal specifically through industry-academia collaborations. Importantly, to drive innovation, research funding should strategically target emerging fields across disciplines and aligned with policies of the government like Make in India or Digital India.

Top industry leaders have pointed out the critical skills gap in the workforce. As technology evolves rapidly, upskilling and reskilling the workforce is essential. However, the current 18% GST on higher education, professional training, vocational programs, and e-learning platforms limits access given the low income of the vast majority. By treating higher education as a basic service, reduction of GST of such programs to 5% would be a step in the right direction.

A remarkable disparity exists in higher education funding. Centrally funded institutions receive a significant share, while state universities and colleges are running short of funds to recruit quality faculty, maintain essential infrastructure, and develop the innovative labs and libraries necessary for a modern education.

We need to rethink the funding model. One potential solution is for the central

government to establish grant programs for state universities and colleges, dedicated only to high quality scientific research in newly developing fields aligned with the idea of Viksit Bharat.

Last year's budget allocated significant resources to digitalization, school upgrades, and teacher development – a trend likely to hold as these initiatives are seen as steps in the right direction. The implementation of the NEP and the adoption of a more flexible approach to education provide a right opportunity for heavy investment in higher education sector that can help India position as a global leader in innovation and growth.



Dr. Bipin Sony
Assistant Professor of Economics and Finance
School of Liberal Arts and Design Studies

Top industry leaders have pointed out the critical skills gap in the workforce. As technology evolves rapidly, upskilling and reskilling the workforce is essential. However, the current 18% GST on higher education, professional training, vocational programs, and e-learning platforms limits access given the low income of the vast majority. By treating higher education as a basic service, reduction of GST of such programs to 5% would be a step in the right direction.

A remarkable disparity exists in higher education funding. Centrally funded institutions receive a significant share, while state universities and colleges are running short of funds to recruit quality faculty, maintain essential infrastructure, and develop the innovative labs and libraries necessary for a modern education.

We need to rethink the funding model. One potential solution is for the central government to establish grant programs for state universities and colleges, dedicated only to high quality scientific research in newly developing fields aligned with the idea of Viksit Bharat.

Last year's budget allocated significant resources to digitalization, school upgrades, and teacher development – a trend likely to hold as these initiatives are seen as steps in the right direction. The implementation of the NEP and the adoption of a more flexible approach to education provide a right opportunity for heavy investment in higher education sector that can help India position as a global leader in innovation and growth.

Dr. Bipin Sony
Assistant Professor of Economics and Finance
School of Liberal Arts and Design Studies

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