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Budget 2023: Here’s what the education industry anticipates from FM Nirmala Sitharaman

Budget 2023: On February 1, Finance Minister Nirmala Sitharaman will present the Union budget for 2023-2023. At a time when the world is dealing with inflation, a global recession and the ongoing war between Russia and Ukraine, the budget will be unveiled. The government has recently launched new programs and policy reforms under the national education policy, which is why the education sector has high expectations for this year’s budget (NEP).

Education experts discussed their ambitions and suggestions for this year’s budget. To reach the goal of 25% of the world’s workforce being Indian by 2047, Lejo Sam Oommen, MD of Educational Testing Service (ETS), advises the government to invest in exposure to internationalization at an early stage.

Minal Anand, Founder and CEO GuruQ: Last year, many Ed-Tech companies closed or downsized, resulting in numerous job losses. The government should set rules that make it easier for new companies to operate. The increased government funding and support for internet ventures is one thing that is expected. Some countries will promote innovation and expansion in this industry through government support for subsidized rates and incentives for Ed-Tech companies.

It is important to use the money allocated and the Ed-Tech industry is more than willing to work with the government to accelerate the expansion of education in India. The government should seriously think about reducing taxes on ed-tech goods and services. So naturally we would like to see the government working closely with Edtech companies to realize this vision.

Ankita Dabas, Chief Growth Officer, Veative Group: The education sector has high expectations for the Union budget for 2023-2024, anticipating a focused approach to future-proofing education. According to a recent survey, more than 67% of fresh graduates in India are struggling with placements. As promoters of technology in education, we certainly place our hopes in the forthcoming budget to provide opportunities to bridge the gap between education and employment. While we are making serious efforts to make high-quality digital education more accessible, we look forward to substantial budget allocation to train education professionals in using VR and AR for education and provide teachers with the tools and know-how to effectively implement technology in classrooms. Even today, nearly 60 percent of Indian school children are unable to access online learning opportunities due to poor internet connection. More money should be allocated to creating and distributing high-quality digital content, such as interactive simulations, immersive AR/VR solutions and video lectures, which can make learning more interactive and engaging. This would enable educational content providers to break through the barriers of internet connectivity, geographical challenges and physical infrastructure.”

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Piyalee Chatterjee Ghosh, Founder and Director, Myfledge Institute of Aviation and Hospitality: India must gain a competitive advantage over other global talents, which will only be possible through impactful education initiatives. Students from all corners of India must be empowered through special skills development programs. Greater allocation of resources and the number of centers will also help increase the volume of talent ready to take on tech jobs.

Prateek Bhargava, Founder and CEO of Mindler: Budget 2023 could be a major inflection point for the Indian EdTech sector to establish its dominance in the global markets. Some of the key areas of focus of the 2023 budget from an edtech perspective should include tax incentives and benefits for ed tech players to boost the overall ecosystem and increase technology adoption. This will be important to deliver on some of the massive reforms being rolled out by UGC. With over 50% of our population under the age of 25, the government should be looking at lowering tax rates.

Investments in technology infrastructure in schools must continue to grow given the emerging hybrid educational landscape. The past twelve months have paved the way for the edtech sector towards a hybrid future.



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