10 predictions for EdTech and higher education ahead of India's Union Budget 2024


New Delhi, Jan 22 (IANSlife): The need for new educational institutions and infrastructure upgrades has become critical due to the nation's steadily increasing student population. This is a good time to lay out plans and set aside funds to improve access to education throughout India in the upcoming Union Budget.

Below are the expectations ahead of India’s union budget 2024 focused to EdTech and higher education:

Digital education and NEP 2020 alignment

With the ed-tech industry projected to reach USD 4 billion by 2025, the budget is expected to prioritize digital education initiatives aligned with the National Education Policy 2020.

Enhancing global education relationships

Acknowledging India's strengthening global education ties, the budget could introduce benefits and support mechanisms for Non-Resident Indians (NRIs).

Taxation relief for overseas education

The budget is anticipated to address the Tax Collected at Source (TCS) rate, which impacts students studying abroad. A focus on reducing TCS rates could ease financial pressures for these students.

TCS impact on educational remittances

Considering the effect of TCS on remittances for education-related expenses, the budget might propose measures to lessen this impact. This includes facilitating options like zero forex international cards, exempt from TCS up to Rs. 7 lakhs annually.

Strategies to counter TCS effects

The budget may offer guidance for parents remitting money for their children's education abroad, focusing on informed financial choices to mitigate TCS impacts on education and travel expenses.

Skill-centric learning and access in remote areas

A shift towards skill-based education, especially in underserved regions, is likely to be emphasized, leveraging technological advancements for better educational access.

Internationalization of higher education

Support for global collaboration in higher education, such as allowing foreign institutions to establish campuses in India, is anticipated.

Budget allocation and tax incentives

The education sector looks forward to reduced GST on digital educational content and services, and increased budgetary allocations for research and development.

Affordable student loans

Proposals for making student loans more accessible, aiming to increase the Gross Enrolment Ratio (GER) to 50 percent by 2030, are expected to be part of the budget.

Digital infrastructure investment

Enhanced investment in digital infrastructure to support online education and teaching innovation is anticipated.

 

 

  

Top Stories


Leave a Comment

Title: 10 predictions for EdTech and higher education ahead of India's Union Budget 2024



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.