The Union Budget 2021 Expectations by Education sector
Schools & colleges around India will need to revamp their education models to comply with the recently announced National Education Policy 2020. This will require additional government funding to enable this to happen. India spends only 4.6 per cent of its total GDP on education, and ranks 62nd in total public expenditure on education per student, according to IMD. Budget 2021 should allocate at least 6% of Indian GDP to the education sector, which is in line with recommendations by Niti Ayog.
Additionally, the changes envisaged by NEP 2020 cannot happen only with government funds. Private investment & FDI should be encouraged in mainstream education with an expectation of a reasonable return. The budget should also provide incentives for universities to conduct research & scholarships for student entrepreneurs who wish to create innovative products.
– Dr. Akhil Shahani, Managing Director, Thadomal Shahani Centre for Management, Shahani Group and Ask.Careers