Budget 2024: On July 23, 2024, Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget. The Modi 3.0 administration’s first comprehensive budget will be this one. In light of the public’s high expectations, especially in the field of education, let’s examine what parents and educational institutions anticipate from Budget 2024.
Parents Hopes for the Education Sector
- Stricter Measures Against Exam Paper Leaks: Parents are quite concerned about the numerous exam paper leak events that have occurred in recent months. They are requesting that the Finance Minister implement strict legislation to stop these kinds of disclosures, guaranteeing their kids’ academic futures.
- Regulations on College Fees: Due to the hefty fees, parents who are struggling financially frequently find it difficult to enrol their children in top colleges. They are hoping that measures to lower the cost of higher education would be introduced in Budget 2024.
- Simplified Education Loan Process: Many parents are forced to look for education loans due to the high fees at reputable schools. But the difficult application procedure frequently leads to loan denials. In order to make education loans more accessible, parents are pleading with the government to streamline this procedure and lower interest rates.
Educational Institutions’ Demands
- Quality Education Standards: Many elite universities demand high fees yet fall short in providing a quality education, according to experts. Institutions are searching for government actions to guarantee that students obtain the excellent education they have paid for.
- Improved Infrastructure: There is a growing need on the government to fund school and college infrastructure so that students can study in a pleasant environment.
- Establishment of More IITs and IIMs: The limited number of IITs and IIMs in the country forces many students to either study abroad or pay exorbitant fees for domestic institutions. Educational institutions are demanding the creation of more IITs and IIMs to offer high-quality education within India.
GST Exemption for Educational Expenses
Experts recommend that all educational costs, including exam preparation and job-oriented training courses, should be 100% GST exempt for students from Below Poverty Line (BPL) and low-income families. They believe that the existing tax on education, which is 18%, is on the higher side. The government must create a system that allows more kids to have access to and afford great education.
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