Education is the backbone for a growing economy. Education for all was the motto behind Sarvashiksha Abhiyan. Based on this fact, last year as per Finance Ministry website, Rs. 79686 crores was allocated to this sector.
According to World Bank Economic Forum Report, India lags in the WEF inclusiveness index amongst even the South Asian countries. India’s social sector indicators have not performed well, and consequently increased public spending in education is one of the ways to improve this. Focus should be, to align education system to corporate world.
In the ensuing budget, in view of the general election due in 2019, and above factors, expectations for announcements favouring education sector are increasing.
Some expectations of experts in education sector from the budget:
- Higher allocation towards the sector, and provide useful and elementary education for all children in the 6-14 age group.
- Current edition of the National Education Policy should be updated, which should give a clear indication of the Government’s commitment to the agenda of improving the education sector.
- The Government must emphasize on education at all levels, and rationalize taxes, to make books, note books and educational material, including those via e-learning education programs affordable for the masses.
- Robust guidelines promoting Public Private participation (PPP) in education sector would help corporate use their Corporate Social Responsibility funds efficiently.
- Private or public company whose earnings are more than 10cr or revenue is more than 25 cr can collaborate with top 50,000 existing Municipal or Government funded schools in order to introduce international curriculum. This would benefit students and public schools, that intend to provide a new learning approach that promotes creative and critical thinking and better communication skills.
- Performance matrix can be used as a criteria, to provide funds to public schools, which use funds for benefit of students.
- Rapid advancement in technology and business models are creating demand for reskilling of the workforce. Government in the forthcoming budget need to address the issue .
- The education sector in India needs boost in terms of reforms and innovation. Government should provide tax sops to encourage start ups and existing entrepreneurs in this sector.
- GST on higher education should be reduced from current 18%.
- Government in its endevour to attain digital India should encourage digital education by giving tax exemptions on digital products and services.
- Making education loan cheaper and term period bigger.
If the budget can consider the above proposals it would benefit the youth of India and we would progress in providing better skilled human capital to the corporate.