Budget 2024: Invest in skill, leadership development programmes; demands education sector

NEW DELHI: Learning platforms want the government to include expenditure on skill development, leadership training programmes in the upcoming union budget 2024. They’ve put forth demands of higher education commission, research foundation, and policies supporting public private partnerships.

Ravichandran V, chairperson and trustee, eVidyaloka expressed dismay while mentioning that over the past decade, government spending on education has regrettably declined from 3.1% to 2.9% of GDP. The chief of the Non-Governmental Organisation (NGO), which provides education to rural children by connecting them with teachers, listed down the initiatives to address the critical needs of education, higher education, skills development, faculty competency development, and enhancing the employability of graduates.

He said, “Firstly, it is imperative to increase spending on education and skill development to 6% of GDP initially, with a progressive target of reaching 7% over the next five years. This investment is essential to ensure that our education system is adequately resourced to meet the challenges of the 21st century and beyond.”

Higher education commission, research foundation

“Next, the establishment of a dedicated higher education commission is essential. This commission will play a pivotal role in aligning education with employability, focusing on skill development for employment, fostering collaborations with renowned international universities, and internationalizing the approach of our universities to elevate select institutions into the global top 200 rankings,” the trustee added.

The head of the organisation feels that there is also an urgent need to establish a robust research foundation aimed at funding comprehensive research across various fields and disciplines within the education sector. “Allocating funds in this Budget and operationalizing this initiative by the end of 2024 will catalyze innovation, promote excellence in education, and contribute significantly to India's knowledge economy,” he further opined.

Srinivasa Addepalli, founder and CEO of GlobalGyan Leadership Academy, which offers online management courses, noted that there are already promising efforts underway to strengthen the industry-academia interface and enhance professional skill development. The support of the government in incentivizing internships and apprenticeships will be pivotal in preparing the workforce with practical experience and for employment once they graduate, he added.

Skill certifications, leadership development courses

Pushing for learning, the CEO remarked, “Continuous learning and upskilling are imperative for professionals to navigate evolving market dynamics and technological advancements. Encouraging investments in skill certifications and leadership development programs through tax relief measures can significantly boost individual and enterprise readiness for future challenges. We look forward to budgetary measures that foster a skilled and adaptable workforce, positioning India as a hub for innovation and sustainable growth.

NIIT Ltd CEO Pankaj Jathar “As we near Union Budget 2024-2025, we look forward to a substantial increase in budgetary allocation for education and skill development to about 6% of the GDP which will be vital to reach the full potential of NEP 2020. We appreciate the government's dedication to promoting education and skilling and hope the upcoming budget will build upon these initiatives to create even more opportunities. We anticipate policies that support public-private partnerships, enhancing the reach and impact of our skilling efforts. A focus on sustainable employment opportunities will not only uplift individuals but also drive the economic growth of our nation.”