Union Budget 2023 – Education Sector intends to seek interest in Education Reforms, Labs and Private Technologies.

Industry experts discuss what the technology and IT sector expects from the Budget 2023–24 as India moves toward becoming a centre for digital capacity.

Despite the IT industry layoffs in 2022, India’s technology sector will have a lot of achievements to add to its resume. The Indian IT sector has been eagerly servicing the “good change” while also preparing for the new ones, from rising use of digital services and surging demand in new-age technologies like artificial intelligence (AI) etc., to the debut of 5G services.

Over 70 million students are enrolled in one of the largest higher education systems in the world in India. Additionally, the nation has built new facilities to accommodate an additional 40 million students during the past 20 years. Spending on higher education already exceeds INR 46,200 crore, and by 2025, it is anticipated that spending will increase by an average of nearly 18% annually to reach INR 232,500 crore.

Education Reforms

“The Indian ed-tech industry can use the budget of 2023 as a pivotal turning point to solidify its leadership in the international markets. government programmes, including Digital India and the National. The UGC and education policy reforms will keep fostering an atmosphere that is favourable to the expansion of the edtech sector as a whole. The NEP had set a goal for investing 6% of GDP in education. It is anticipated that the government would raise spending on the education sector, which can produce better results for the whole economy, given that we are now at about 3% of GDP “said  Prateek Bhargava, Founder and CEO of Mindler

Tax incentives and investments in technology infrastructure for schools should be some of the main edtech priority areas of the Budget 2023.

Innovation Labs

“Recently we have seen an increased shift from reform efforts to redesign—moving away from trying to ‘fix’ parts of education that are not working well, to a design mindset of creating and driving towards the learning futures we desire. STEMROBO being one such organisation is not just setting up the STEM, Robotics, Coding, and AR/VR labs but rather making this in its DNA to take care of the End-to-end execution of these labs and ensuring a visible ground Impact measured through continuous assessments for Schools, Teachers, and Students” said Rajeev Tiwari, Co-founder of Stemrobo Technologies.

Today, schools and education systems globally face complex questions about how to organise themselves to most effectively support learning and overall student development in an increasingly challenging world.

Private Technologies

“The government’s focus on expanding access to education and technology, particularly in rural and underserved areas, could lead to more partnerships with private companies that specialise in providing technology-based education solutions. Additionally, the government could also consider providing tax incentives for companies operating in the ed-tech sector or investing in ed-tech startups to promote innovation and growth in the industry” said  Mr.Mayank Singh, Co-founder of Campus 365.

The government has been actively collaborating with private organisations and companies in various sectors, including education. These collaborations can take various forms such as partnerships, public-private partnerships, and investment in edtech startups