Budget 2024: Increase CSR funds with cap of Rs 1 crore per university, experts share wishes

NEW DELHI: Union finance minister Nirmala Sitharaman is scheduled to present the full Union Budget 2024 on July 23. The academics have been pushing for higher allocation and are expecting the ministry to increase funding for research, teacher training, and for making international education more accessible. Here are some pre-budget expectations of the industry experts.

Vishal Khurma, CEO of Woxsen University Hyderabad, said: “We expect the government to reduce the Tax Collected at Source (TCS) on foreign transactions related to educational expenses, which will alleviate financial stress on families sending students abroad. This move is crucial for making international education more accessible and supporting India's global educational aspirations. Lowering TCS will ease the financial burden on families and encourage more students to pursue education overseas, thereby enhancing India's representation on the global academic stage.”

Urging the Centre to allocate more funds to higher education, he said: “Fostering public-private partnerships that can drive innovation and infrastructure development. Increased funding for vocational training, research and development (R&D), and teacher training programs is essential to prepare students for the evolving global job market. Strengthening industry-academia collaboration will ensure that academic curricula are aligned with market needs, equipping students with the skills required for international competitiveness.”

CSR spends

Vishal Khurma opined that the full budget should encourage corporates to allocate a minimum percentage of their annual CSR spends towards building research infrastructure, incubation facilities, and research funding at both public and private universities, with a maximum cap of Rs 1 crore per university.

Increasing the CSR spends will “accelerate the Gross Enrolment Ratio (GER) by encouraging and allocating merit scholarships for underprivileged students, particularly female students, to enhance affordability and access to quality education”.

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He also said that uniform taxation norms for Indian institutes and foreign institutes establishing campuses in India can ensure a level playing field. “A renewed focus on skill development programs run by universities, providing grants and subsidies to scale up these initiatives, particularly for high school dropouts and diploma students, is also crucial. By addressing these key areas, the upcoming fiscal budget can significantly enhance the education sector, fostering innovation, inclusivity, and skill development across the country," Vishal Khurma added.

Financial aid for technology innovation

On budget allocation for the education sector, Anunaya Chaubey, Provost, Anant National University said: “We expect the budget to financially aid a teaching approach that encourages creative and critical thinking in school students, fosters an interdisciplinary understanding of community, integrates technology and prepares individuals to become adept problem solvers. One way of doing this could be by allocating funds towards school and design university collaborations.”

“We also advocate financial support for technology innovation by fostering partnerships between ed-techs and higher education institutes. It will prepare a tech-literate workforce equipped to thrive in a competitive marketplace. We also need to enhance industry-academia collaboration to better align academic curricula with the evolving job market. Prioritizing financial support for these collaborations will be crucial, as it helps build strong connections between educational institutions and industries,” Anunaya Chaubey said.