Budget 2023 is expected to enhance funding for the education sector, which is exciting news for universities, EdTech businesses, and schools. They want to see more money allocated towards R&D, fewer taxes placed on private schools, and a greater emphasis placed on the use of digital tools in the classroom, such as a wider variety of online resources made available to both students and teachers. Listed below are numerous recommendations:

Learning new skills is essential. Government should take strong action to support vocational education. When secondary vocational education is connected to higher education, only then can the concept of vocational education be useful. The National Skills Qualifications Framework (NSQF) includes four levels of competency: 4.5, 5.5, 6.7, and 7. The government should recognise and encourage a continuum of vocational education from K-12 to HEIs through the three-year BVoc (undergraduate programme) and postgraduate programme related to these levels. Possibilities of finding a job are improved.

Madhushree Sekher, Tata Institute of Social Sciences, Mumbai; Dean, School of Vocational Education

Money is required for research and development.

High-quality research-intensive universities should be prioritised and supported financially. The money can be used to improve the facilities and faculty of select public institutions already conducting research. Even though the opportunity and the need for life- and livelihood-altering research are felt equally across the country, especially in semi-urban and rural areas, today, government research grants are only available to a select few elite institutions - public institutions or accredited private institutions. As a result, the upcoming budget will be able to fund research at all state and federally recognised universities. Located in Bengaluru, India, CMR University's School of Management and School of Economics & Commerce are led by Dean Sugant R.

Encourage corporate philanthropy

With a thriving economy comes a need for trained workers. As the private sector controls two-thirds of the higher education sector, it is time to heavily incentivize private corporate philanthropy through tax breaks and other means. As a result, we must lay the groundwork for the private sector to step up and found new organisations. Despite the importance of the NR Narayana Murthy Committee's findings, many of its recommendations from 2012 have still not been implemented. In particular, the following should be given careful thought: "Contributions made by a corporation, a foundation, or any other grant-making entity to a university, research centre, centre of excellence (being part of a university or higher education institution), or new university approved by the government, or approved programme under a university-industry partnership, should be eligible for deduction from taxable income to the extent of 300% of such contrib." YSR Murthy, RV University's first vice chancellor

Giving impetus to job creation

The business community anticipates the finance minister to outline a strategy to double funding for education over the next three years by reducing or reallocating a variety of grants, subsidies, and other financial sops. Significant changes are required in the current skilling ecology. As BOAT has done with the National Apprenticeship Training Scheme, allocation of funds should go directly to the employer, resulting in actual employment creation rather than theoretical preparation.

–Chocko Valliappa, vice chairman, Sona group of Education Institutions

Raise the bar for instructional excellence

Though it has one of the world's greatest youth populations, India is not yet known as the "teaching capital" of the globe. Higher interest rates on education are a major growth inhibitor since they increase the cost of higher education for everyone involved: students, working professionals, and their parents. The widespread adoption of online education will be greatly aided by legitimate financial incentives, such as larger tax credits and deductions for applicants. We anticipate that the forthcoming budget will encourage greater collaboration with EdTechs in order to (a) co-create a K-12, test-prep, and higher education curriculum that competes favourably with our international peers, and (b) further scale quality education across levels, thereby, accelerating India's GER ratio.

-Mayank Kumar, head of India's educational technology group (IEC)

Ease students’ financial burden

The education sector is analysing the budget in the hopes of seeing significant funding allocated to improving skill development, employability, and the digitalization of the learning ecosystem. In particular, people are looking forward to paying less in taxes on educational programmes than the present rate of 18%. Millions of students would benefit from this since it would make it easier for them to participate in programmes that improve their employability by increasing their level of education.

-Pro Vice-Chancellor Pragna Rao of Manipal Academy of Higher Education (MAHE), Bengaluru Campus

Loan amounts for higher education should be increased.

By 2024, an estimated 2 million Indians will have left their homes in search of a higher education outside of the country. It is reasonable to anticipate that the government will lower interest rates on student loans, allowing more brilliant and worthy students to afford to pursue their goal of studying abroad. Indian workers sent home a record-breaking $100 billion USD ($12 billion more than in FY21) in FY22. There are a lot of folks here who have studied abroad before. We'd like to see the government push public sector banks to expand the maximum loan amounts for higher education.

-South Asian & Mauritius Regional Director Piyush Kumar

Exemption period should be increased to 15 years.

In India, student loan interest can be deducted from their tax returns for up to eight years. Since many students today take out loans for 12-15 years, it would be beneficial if the current 8-year exemption maximum could be increased to 15 years.

-CEO of Fateh Education, Suneet Singh Kochar

In order to successfully implement NEP 2020, teacher preparation is crucial.

Even while recent budgets have adequately funded public school infrastructure improvements and teacher compensation, it is now more important than ever to invest in teachers' ongoing professional growth. We anticipate a sizable investment in the professional development of public school teachers, at least 2%-3% of the total budget allotted for the Department of School Education and Literacy.

- Naman Jain, Director (Development) of Silverline Prestige School in Ghaziabad and an authority on educational policy.

Invest in building new schools in outlying locations.

Expansion of digital infrastructure for education, including improving access to online resources for students and teachers, as well as investment in skill development programmes, should receive favourable allocation in the budget. Scholarship and other forms of financial aid for students from low-income families should be increased. New pedagogical approaches, such as technology-enabled learning, and enhanced vocational training programmes are being used to provide students with marketable skills. Invest more in educational research and development, especially in underserved rural and distant areas, and build more schools.

-Canadian International School of Bangalore Managing Director Shweta Sastri