If we expect our engineers and professionals to bring efficiency and innovation to us, then we need to invest in them first. We should provide them with the best of learning and training ground. We cannot expect a strong country if our education sector is weak. Best of the minds will continue to move abroad if they are not provided with the right environment to be educated and work.
This is the first budget from the third term of the Modi Government and the Indian education sector has some major funding allocations for different areas. Prominent among them is the INR 1.48 lakh crore announcement for education, employment and skills development, education loans up to INR 10 lakhs and stipends worth INR 5,000 in top companies. Here we take a look at what received a red flag and a green flag.
Looking at the Good Part First
The budget allocation can prove to be a game-changer for the educational infrastructure in India. Skilling 20 lakh youth in the next five years and upgrading the ITIs to meet the needs of the industry will improve employability and address the skills gap. Providing internships to one crore youth with stipends and setting up hostels for working women will bridge the education-employment gap and boost female participation in the labour force.
The internationalisation of higher education which is an important section of the National Education Policy stands to benefit from the budget 2024. This means there will be improvements in research facilities, infrastructure, new technology adoption, and overall quality of education to attract international students. However, everything depends on the proper utilisation of allocated funds and attaining the standards as expected at the international level.
Efforts to Contain Movement of Students Overseas
Offering financial support of nearly INR 10 Lakh for domestic education can be seen as a step towards containing the movement of students overseas. However, financial support may not be good enough to make students stay in the country, for it needs to be complimented with standard education facilities and most importantly good employment opportunities.
International universities have already implemented things that the government is planning to bring in. Favourable payment options, huge scholarships, and increased funding are just some of the many facilities that international institutions offer. Plus, the opportunity to work while pursuing your degree is still not seen in our education system. Know more about pursuing education in your dream country, by talking to overseas education consultants in Chandigarh.
Higher Education Sector Facing Funds Crunch
The loan scheme from the government in budget 2024 is for pursuing education from domestic institutions, and less attention is given to students who want to pursue education overseas. Some benevolent loan schemes that could have eased the financial burden for students wishing to pursue overseas education were the need of the hour too. Students who move abroad to pursue master’s and research studies have been completely ignored.
On the one hand, the government is asking for digital growth and allied innovation, but those people and institutions who are engaged in research and development are left with little room for experimentation. When we take a look at the support grant for Central Universities the increase in budget amounts to little when we factor in the inflationary pressure. For those who want to pursue a master’s or higher education, foreign institutions are still the best bet. Talk to immigration consultants in Chandigarh for details.
While the budget has left the higher education intuitions (HEI) segment wanting more, it looks quite generous towards minority and underrepresented communities. Subsidies for education loans to students from these categories have been doubled, and the subsidy plan for scholarships has been revised. With this much financial support, students from these segments can easily access international education opportunities.
Although every segment deserves the opportunity to learn and grow, not at the expense of others. Our country needs to start looking beyond community reservations and give importance to merits, or else we will remain a manufacturing hub and not develop into an innovation hub.
The Takeaway
The budget for 2024 has certainly left many areas untouched in the education segment. On the outside it looks appealing and talks of developing skills and increasing employment. However, when we peel off each layer, things start to turn sour. In the end, students will continue to head overseas as usual.
