As we await the announcement of the Union Budget 2023, we anticipate budget reforms that give priority to policies and programmes that will stimulate employment by prioritising education and making more investments in human capital for India to realise its greatest potential.
The education landscape in India has experienced a significant uptick in recent years. A number of urgently required interventions from the National Education Policy (NEP) 2020 and technology-enabled learning have been implemented as a result of meaningful changes made in the education sector, setting the pace for impactful skill development for India’s youth.
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These reforms have been further supported by the International Financial Services Centers Authority's recent notification of the Regulations for the Establishment and Operation of International Branch Campuses and Offshore Education Centers, 2022 which invites education institutions to set up international branch campuses and education centres In India.
India is steadily emerging as the hub of education globally. Education, skill development, higher education, and employment have all become intrinsically linked. As we await the announcement of the Union Budget 2023, we anticipate budget reforms that give priority to policies and programmes that will stimulate employment by prioritising education and making more investments in human capital for India to realise its greatest potential. The upcoming budget must also focus on enhancing capacity utilisation and boosting social infrastructure.
To further propel our upward momentum, extending the ideas behind successful initiatives like PM e-Vidya and One Nation, One Classroom into a wider range of developmental economics must be encouraged. Investments in the improvement of human capital and skilling will help fuel a sharp rise in productivity. However, the implementation of additional tax advantages for upskilling and education in digital fields will go a long way in bolstering employability. Making provisions for teachers’ upskilling, adequate pensions and ensuring other measures to lower the cost of capital, power, and logistics would also be most welcome.
Globally, challenging macroeconomic and geopolitical concerns in recent times have clouded development prospects; yet India has demonstrated its acute resiliency by placing a significant emphasis on our digital economy, innovation, skilling, and sustainability. I look forward to a Union Budget that will advance the ‘Digital India’ agenda, provide GST reduction on educational goods and services to aid businesses in diversifying their product offerings, and support the cause of transformative education and skill development for all.
—The author, Divya Gokulnath
, is Co-Founder, Think and Learn Pvt. Ltd (the parent organisation of BYJU's). The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Jan 31, 2023 9:24 AM IST
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