Budget 2024: 8 policy measures to expect for higher education from FM Nirmala Sitharaman this year
Here is a detailed overview of the major areas in higher education that need to focussed attention in Sitharaman’s Union Budget 2024-25.
Increased funds for scholarships and financial aids
Accessibility remains a major challenge in Indian higher education. Scholarships and financial aid programmes can play a significant role in ensuring that talented students from economically weaker sections can pursue higher education. The Union Budget 2024 needs to increase allocations for merit-based and need-based scholarships, and offer more grants, making higher education inclusive and equitable.
New model for higher education funding
In higher education funding, a noticeable imbalance exists. Historically, central institutions receive a substantial portion of the budget, whereas state universities and colleges struggle with inadequate resources. This shortfall hampers their ability to attract top-notch faculty, maintain crucial infrastructure, and build the advanced labs and libraries necessary for a contemporary education system. The Union budget 2024 is the best opportunity to reconsider this funding approach. A viable solution could be for the central government to design grant programmes specifically targeted towards state universities and colleges. These grants could be dedicated to supporting high-quality scientific research in emerging fields that align with the vision of a Viksit Bharat
Infrastructure development and campus modernization
The state of infrastructure in Indian universities remains a significant concern for students and educators alike. Many institutions struggle with outdated facilities, inadequate classrooms, and insufficient amenities. Hence, expectations from FM’s Budget 2024 include allocation of substantial funds towards infrastructure development, including the construction of new campuses, renovation of existing facilities, and the provision of modern amenities such as laboratories, libraries, and sports complexes. Improved infrastructure is not only crucial for enhancing the learning environment but also for attracting talented faculty and students.
Increased support for research and innovation
Research and innovation are integral to advancing knowledge, driving economic growth, and solving societal challenges. So, it is expected that the Union Budget 2024 will prioritize funding for research initiatives within universities, including grants for research projects, establishment of research centres and incentives for collaborative research with industry and international partners. In order to boost funding for research and development in higher education, the government can amp up grants and subsidies for university-driven research. This will drive innovation and ensure that India continues to lead globally as thought and innovation leader.
Expansion of skill development programmes
In today’s competitive job market, employers increasingly value practical skills and industry-specific knowledge. Therefore, there is a growing expectation for Budget 2024 to allocate resources towards expanding skill development programmes within higher education institutions. Introduction of vocational training courses, industry-academia partnerships, and certifications that align with emerging job trends are some of the initiatives that will be appreciated.
Additionally, promoting investments in skill certification and leadership development programs through tax incentives can greatly enhance both individual and organizational preparedness for future challenges. Budgetary measures that support a skilled and adaptable workforce, will help establish India as a centre for innovation and sustainable growth.
Offering tax incentives for EdTech startups and investing in digital tool training for educators would significantly advance the goal of widening the accessibility of quality education. To enhance student employability, incorporating industry-relevant skills and vocational training into educational curricula is highly recommended. It will foster public-private partnerships to address the skills gap, and provide incentives for internships and apprenticeships.
Focus on digital transformation and access to technology
The COVID-19 pandemic has underscored the importance of digital learning and technology-enabled education. It is expected that Budget 2024 will prioritize funding for enhancing digital infrastructure, expanding broadband connectivity, and promoting the integration of technology in teaching and learning processes. Access to digital resources, online courses, and virtual laboratories is seen as essential for bridging educational gaps, especially in remote and underserved areas. Furthermore, investments in digital education can facilitate personalized learning experiences and prepare students for the digital economy.
Making international education accessible to Indian students
In the Union Budget 2024, key policy initiatives should focus on making international education more accessible to Indian students. This can be achieved by increasing scholarships and financial aid for studying abroad, establishing bilateral agreements with foreign universities for exchange programmes, and reducing bureaucratic hurdles for obtaining visas and foreign study permits. Additionally, incentivizing partnerships between Indian and international institutions can create joint degree programmes and research collaborations. By implementing these measures, the government can empower Indian students with global educational opportunities, fostering a more globally competent and competitive workforce.
Inclusive policies and support for marginalized communities
Ensuring equitable access to higher education remains a pressing concern. Aspirants expect Budget 2024 to introduce inclusive policies and support mechanisms for students from marginalized communities, including Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), and persons with disabilities (PwDs). This includes increasing the allocation of funds for reserved seats, enhancing infrastructure in minority institutions, and providing financial assistance to economically backward students from these communities.
