Interim Budget 2024: Experts demand VR labs in schools, funds for self-financed institutes

NEW DELHI : Industry and academic leaders expect Artificial Intelligence (AI) hubs in smaller cities, virtual science labs in schools, funds for self-funded institutes in the Union Budget 2024. Finance minister Nirmala Sitharaman will present the Interim Budget 2024 on February 1.

Sharing his expectations, 1M1B managing director Manav Subodh said, “In a landscape increasingly shaped by AI, it's imperative to harness its power as an equalizing force; one that can democratize skills and knowledge across different social strata - making quality skilling accessible to all. To realize this vision, I hope that the 2024 budget prioritizes the establishment of AI hubs and centers of excellence, even in Tier 2-3 cities. These platforms will foster innovation and make AI skilling accessible to the youth of our country.”

He added that the emergence of Augmented Reality (AR) and Virtual Reality (VR) infrastructure in schools can bring a change in the traditional learning environments. “By integrating virtual science labs in every school, we can offer immersive and interactive educational experiences that can prepare our students for a future where STEM proficiency is paramount,” he said.

Education budget 2024

As per Professor Vishwanathan Iyer, senior associate professor and director of accreditation - Finance and Accounting, Great Lakes Institute of Management, Chennai, there is a need to align capital expenditure with investments in human resources as the nation is focusing more on education. The implementation of the National Education Policy (NEP) 2020 necessitates a substantial commitment to address the scarcity of human resources in Higher Education Institutions.

The professor pointed to the disparities in the Faculty Student ratio and internationalization indicators, as highlighted in the QS Asia University Rankings 2024 and said that they emphasize the urgent need for substantial fiscal support.

Also read Interim Budget 2024: Experts expect focus on AI integration, equal access to education

“While the proposed 100% increase in the education budget to Rs 2.25 trillion may seem daunting, robust tax collections and a significant surplus in revenue create a conducive environment for a transformative leap. The nation looks to Budget 2024 as a stepping stone towards bridging global gaps in education and fostering a new era of academic excellence,” he added.

Madhumita Chatterji, Director, ABBS School of Management suggests that the Government should earmark specific funds for self-funded autonomous institutions approved by the All Indian Council for Technical Education (AICTE) and those offering the PGDM degree as these institutions have to depend totally on student fees.

She explained that in 2022, the Standing Committee on education, women, children, youth and sports observed that student financial aid schemes were not sufficient to cover the cost of higher education as most of the expenditure from the scholarship is directed towards course fees.