The Union Budget for this financial year, comprising estimated receipts and expenditures of the government in various sectors, is expected to be tabled in Parliament next month, tentatively on July 23 or 24.

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For the financial year 2023-24, the education sector was granted its highest-ever fund allocation of ₹1.12 lakh crore, compared to ₹1.04 lakh crore in FY 2022-23. 

The budget for FY2023-24 earmarked ₹68,804 crore for school education, ₹44,094.62 crore for higher education, and ₹37,453 crore for the Samagra Shiksha Abhiyan (SSA). Experts urge the newly elected government to increase investments in skill development and focus more on digital infrastructure.

• Managing Director at Cambridge University Press and Assessment Arun Rajamani said, "Supplemental investment will be instrumental in further pushing this sector forward….. Upskilling and professional development of faculty and school leaders are imperative. It will enhance their pedagogical skills and technological literacy, ensuring that they can provide students with an effective, high-quality, and modern education.

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He added, "To supplement the objectives of the NEP (National Education Policy), digitalisation should be at the forefront, ensuring greater access to meaningful and affordable educational resources tailored to their needs."

Rajamani made note of the following expectations from the Union budget:

1. Investments in skill development.
2. Improved access to meaningful and affordable educational resources via digitalisation.
3. Reduction of GST on book printing to 5 per cent to reduce input costs. 
4. Boost India's research ecosystem and innovation landscape through targeted budgetary allocations. 
5. Focused investment in language proficiency, especially in English. 
6. Reduction of interest rates on education loans to lessen the financial strain.

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• Vice Chancellor at BITS Pilani Group of Institutions and former Director of IIT Delhi, V Ramgopal Rao, suggested increased budgetary allocation for research and development. "Despite ranking third globally for scientific research, India's 40th position in innovation is worrisome. With R&D spending at just 0.65 per cent of GDP, much lower than the BRICS average and the global average of 1.8 per cent, it is crucial to enhance this investment," he said. 

"The National Research Foundation (NRF) should play a pivotal role in addressing these gaps. More schemes specifically targeting the academia-industry collaborations is the need of the hour," Rao added. 

He further called for improvement in domestic education standards amid a rising trend of Indian students studying abroad.