- By Aditya Pratap Singh
- Wed, 17 Jul 2024 06:21 PM (IST)
- Source:JND
Union Budget 2024-25: After Bharatiya Janata Party (BJP) returned to power in the center for the third consecutive time, Nirmala Sitharaman, who retained the finance portfolio, will present the full budget for the financial year 2024-25 on July 23. Industry experts from across the industry are expressing their demands and expectations days ahead of budget. Meanwhile, the Education industry is seeking incentives like tax breaks on education loans and a focus on AI to modernize the education sector.
Anil Somani, the Chairman of FOSTIIMA Business School- Delhi anticipates incentives on education loans.
"As the 2024 Union Budget is set to come, we anticipate the government to consider introducing incentives like tax breaks on education loans or scholarships for high-achieving students. This will not only make high-quality education more accessible to people but will also position India as a preferred destination for higher education. Additionally, we expect the budget to focus on providing grants and subsidies which will majorly focus on diploma students and high-school dropouts," said Anil Somani.
"This will address the crucial need for vocational training and skill enhancement and prepare an Indian workforce that is well-equipped for the demands of a dynamic job market. With the government in place, we also expect the budget to allocate at least 5% towards higher education. Lastly, the entire education sector expects the high-end higher education institutions in India to receive financial help to modernize their infrastructure, integrate cutting-edge technologies, and draw in elite faculty while keeping the costs down for the students," he added.
Pankaj Kumar, the Managing Director of Shard Center for Innovation demands focus on bringing Artificial Intelligence in education.
“As we look ahead to the 2024 upcoming union budget, we expect the government to focus on bringing more initiatives related to cutting-edge technologies such as Artificial Intelligence, Machine Learning, Robotics, and Data Science. These modern technologies play an important role in transforming the traditional education system and help to equip today's youth with the skills needed to grow in the future. The government should also focus on establishing strong institutional mechanisms to support educational centers specializing in these advanced fields, with a particular focus on getting a better place in the workplace," said Pankaj Kumar.
"This includes financial support to ensure these institutions have the necessary resources to grow. Additionally, there must be a focus on ensuring the absorption of growing experts into the workforce, which enables us to match with the expertise of the advanced countries. With these dedicated efforts and strategic support, we believe that India has the potential to become the next 'AI Capital of the World’. We are excited to see the detailed measures that will create a diverse and advanced-thinking educational ecosystem while establishing India as a global leader in AI education and its related fields," he added.
Akshay Munjal, Founder and CEO of Hero Vired demands focus on strong tech infrastructure.
In the past decade, the Government has embarked on a transformative journey, introducing major reforms and initiatives in education and skill development. As we aspire to realize our vision of a $5 trillion economy, it is crucial that education, health, and skill development remain at the forefront of our national agenda in the upcoming budget.
Developing a strong tech infrastructure is critical for fueling growth and job creation in high-demand sectors like AI, cybersecurity, and big data. Our policies must equip our workforce with essential digital skills and technologies, enabling India to spearhead global advancements. By embracing research-driven skill development tailored to job creation, we can elevate the effectiveness of our education sector.
