Budget 2024: Transforming Education with Tech and Tax Reforms

Finance Minister Nirmala Sitharaman's impending presentation of the interim budget for the fiscal year 2024-25 has stirred anticipation, especially within the education sector. Stakeholders are closely watching for fiscal decisions that could shape the trajectory of the sector toward global leadership.

AI Integration:

One of the primary expectations is the integration of Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), metaverse, and other technologies into the education sector. This move aligns with the National Education Policy (NEP) of 2020, emphasizing the importance of learning and skill development. AI has the potential to transform learning methods and skill enhancement, bringing them in line with the objectives outlined in the education policy.

Devyani Jaipuria, Chairperson of Dharav High School in Jaipur, stresses the need for a national framework to progressively include tech and AI in K-12 and early education. She emphasizes the significance of hybrid education, a blend of traditional and tech-driven learning approaches, and calls for increased investment in tech and AI initiatives for K12, foreseeing it as a game-changer for the sector.

Reduction in GST Rates:

Stakeholders are hopeful for a reduction in Goods and Services Tax (GST) rates in the education sector. They believe that lower tax rates can make educational services more affordable and student-friendly, encouraging more investments, particularly in the Edtech sector. Dr. Raghukumari Suresh, an Associate Professor at K J Somaiya Institute of Management, advocates for the government's use of ed-tech platforms to provide e-learning, emphasizing its potential to reduce inequality and improve cost-effectiveness.

Strengthening Digital Infrastructure:

The permanence of Edtech underscores the importance of strengthening digital infrastructure. This includes internet access in rural areas, digital classrooms, and trained educators to support the goals of the National Education Policy, 2020. Kavita Sharma, Co-founder and CEO of Ziyyara Edutech, anticipates substantial support for the educational sector in the upcoming budget. She highlights the government's commitment to NEP 2020, signaling an intent to drive reforms and embrace digital education, with a focus on innovation, skill enhancement, and quality learning.

As we approach Budget 2024, the education sector remains optimistic about the potential transformative impact of these expectations. The alignment with NEP 2020 and the emphasis on technology-driven education indicate a strategic move towards shaping India's global education standing and fostering competitiveness in the evolving educational landscape.