Union Budget 2024: Investments in digital infrastructure, focus on immersive learning, demands EdTech sector

NEW DELHI: Union finance minister Nirmala Sitharaman will present the Union Budget 2024 on July 23. As India gears up for the Union Budget 2024, EdTech leaders are emphasizing the need for substantial investments in education and technology to propel economic growth. EdTech experts urge the government to focus on infrastructure development, digital tools, and immersive learning technologies to boost the education sector.

Jaideep Kewalramani, COO and head of employability business at TeamLease Edtech, has outlined key areas where the government needs to focus. He advocates for prioritizing infrastructure development, fostering a robust startup ecosystem, and creating policies that support investment and skill development, particularly in emerging sectors like AI, semiconductor technology, and the green economy.

Work linked degree programmes

Kewalramani said, "The growth rate of investment and jobs in these sectors will be fast paced and the focus should be on creating the talent pool. The job sentiment will remain positive with the exception of one or two industries that have a strong linkage to global headwinds and certain geopolitical situations. The industry will continue to demand a skilled workforce however talent mobility and lack of higher education remains a challenge in creating the match between jobs and job seekers. Thrust on work linked degree programmes will help create a workforce that will serve the fast growing knowledge and digital economy. Businesses are keen on developing a strong talent supply chain that is career oriented. Workforce with Digital and AI skills will be in demand as businesses embrace the power of technology. "

Investment in digital infrastructure

Shantanu Rooj, founder and CEO of TeamLease Edtech, also stresses the significance of investing in the education sector to capitalize on India’s economic potential. Rooj points out that substantial funding is needed for integrating digital infrastructure in educational institutions and enhancing internet connectivity, particularly in rural areas. He advocates for increased support for online learning platforms and tax incentives for EdTech startups, as well as measures to upskill educators in digital tools. Rooj proposes embedding industry-relevant skills and vocational training into curricula and fostering public-private partnerships to address the skills gap and improve student employability.

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Vocational training

“Additionally, tax incentives for EdTech startups and initiatives to upskill educators in digital tools would greatly benefit our mission to make quality education accessible to all. To improve student employability, we suggest policy steps such as embedding industry-relevant skills and vocational training into the curriculum, promoting public-private partnerships to bridge the skills gap, and offering incentives for internships and apprenticeships.”, said Shantanu.

AI-enabled learning

Nischal Narayanam, founder and mentor at Nischal's Smart Learning Solutions, emphasizes the value of immersive learning technologies in education. With the EdTech industry now valued at $10.1 billion, Narayanam suggests that Budget 2024 should allocate resources to AI-enabled learning and AR/VR technology integration. He advocates for investments in kinaesthetic EdTech tools and the establishment of more institutions like the Regional Institute of Education (RIE) for teacher training. Narayanam believes that such investments will not only enhance teaching methods but also support Public-Private Partnerships (PPP) to improve educational infrastructure.

Supporting PPPs

“The budget should also facilitate the establishment and success of Public-Private Partnerships (PPP), fostering collaboration between the government and the private sector to enhance educational infrastructure and resources. By investing in these areas, Budget 2024 can revolutionize education, ensuring that all students have the chance to perform their best in a way that works for them," said Narayanam.