INSUBCONTINENT EXCLUSIVE:
Last year, the Budget for education sector was slashed to Rs 93,224 crore in 2021-22.New Delhi: Union Finance Minister Nirmala Sitharaman
will present the Budget 2022-23 on February 1
Ahead of the most important financial event of the year, education sector has very high hopes as last year there was a reduction of 6 per
cent in the annual allocated spending.The Budget for the sector was slashed from Rs 99,311 crore in 2020-21 to Rs 93,224 crore in
2021-22.Here are the expectations from this year's Budget:"At least 8-9 per cent of GDP (gross domestic product) should be put aside for
More allocation isn't only necessary at primary, secondary and higher education but, we need to also look at schemes for skilling our youth
that is outside of the education system and make them eligible for employment opportunities currently there," Prateek Shukla, co-founder and
CEO Masai School said.He also emphasised the need for skill education
Mr Shukla said, "Our education system is too focused on examinations and marks
We are really not looking at skilling
All over the world, we are seeing governments moving to outcome-based learning as the future of education
Private universities are now working with the government in the US to move to an ISA (Income Share Agreement) model as an alternative to
This is something we need to focus on too when it comes to promoting Skilling in India.""Communication and interpersonal skills, cognitive
abilities, logical thinking need to come to the forefront," he added.Mr Shukla also called out for tighter controls on the education
technology (Ed-Tech) companies
"This is something that needs to come out in the policy of the government and not just in the Budget, but right now we are seeing predatory
practices in the education tech space
More and more customers are going in with big bucks to take certifications that have little or no value in the marketplace
We are seeing courses being turned into trends, with people buying courses out of FOMO (fear of missing out)
This needs to be flagged and addressed," he stated.In December last year, the Centre had issued an advisory to parents regarding the use of
caution against Ed-Tech companies
The advisory had mentioned that the offer of free services -- promised by some companies -- has to be carefully evaluated.Separately,
Prashant Jain, CEO, Oswaal Books, stated that the education budget should be increased by 50 per cent
"Last two years already saw a cumulative 15 per cent decrease in the education budget
If we as a country boast about the human capital or demographic dividend we have
We need to realize our luck and immediately begin with investing in it
This decade is the best time to encash on the demographic dividend we have," Mr Jain said.
