Higher allocation for higher education; student-friendly loans

A reduction or waiver in Tax Collected at Source (TCS) while remitting money for overseas education and ancillary activities will be a welcome sign. Lowering or waiving off TCS will ease the burden on families and encourage more students to explore educational opportunities in their chosen institution

All those who are into facilitating students study abroad are looking for an increase in fund allocation, especially for the higher education segment, in the ensuing Union Budget,

Talking to Bizz Buzz, Saurabh Arora, CEO, University Living, says, “In anticipation of the upcoming budget, we at University Living want to draw the government’s attention to essential measures that can profoundly impact those pursuing education abroad. We feel an increase in allocation, particularly for higher education, will be welcomed by the ever expanding student community.”

Specifying the expectations further, he said, “We believe lower interest rates on education loans will be crucial in alleviating financial burdens for students and their families and thereby enhance access to education in a destination of one’s choice.” He called for an increase in grants and scholarships besides extending essential financial support to deserving students. Scholarships play a transformative role, offering support and opportunities for talented students facing financial constraints, to successfully pursue their academic journey, he added.

Additionally, a reduction or waiver in Tax Collected at Source (TCS) while remitting money for overseas education and ancillary activities will be a welcome sign. Lowering or waiving off TCS will ease the burden on families and encourage more students to explore educational opportunities in their chosen institution.

Lastly, exploring student concessions on air travel is imperative to make global education economically viable for a broader demographic of students, fostering cultural exchange and elevating India's representation on the global academic stage.

Saurabh Arora said that comprehensive budgetary considerations will create a more supportive environment for Indian keen on overseas education, fostering academic growth and contributing to India's global educational standing.

Manisha Zaveri, joint managing director, Career Mosaic, says, “We are anticipating the upcoming budget's potential to unlock new opportunities for international student mobility. We are optimistic about the potential of initiatives fostering collaboration between Indian and international universities, creating avenues for cross-cultural learning and research opportunities. A budget that prioritizes global education will not only empower the vibrant minds of young Indians but also solidify India's standing in STEM fields.”

With the Indian study abroad sector poised for a post-pandemic resurgence, the upcoming budget holds immense significance.

“We expect the government to recognize and harness this potential by implementing measures to make international education easily accessible and affordable”, she said.

This could involve targeted scholarship schemes for Tier 2 and Tier 3 city students, tax benefits for families supporting overseas education, and streamlined visa processes. A supportive budget addressing these aspects will not only enable students to pursue their international education dreams but also contribute significantly to India's long-term economic and intellectual growth.

Anish Srikrishna, CEO, TimesPro says, “Last year’s Union Budget reflected the government's commitment to nurturing skilled professionals amidst dynamic changes. To propel our education system to the next level and achieve 100% digital literacy, I propose implementation of crucial measures, like fostering collaboration between the proposed National Digital University and EdTech entities.”

Joint programmes, certifications and employment opportunities can efficiently upskill a broader Indian population. The incentivisation of such initiatives through tax rebates for EdTech companies will ensure affordability for learners, fostering widespread adoption of technology-led education.

Moreover, increasing public-private partnerships and incentivising the creation of future-centric courses will empower Indian youth for the job market. The reduction of GST on online learning courses and lowering education loan interest rates will make education more accessible, especially in Tier II & III regions. The digital divide is paramount, hence, there should be an increase in infrastructure allocations to improve rural internet connectivity, and tax relief for students acquiring digital devices will ensure universal access to online education, regardless of geographic constraints.

Lastly, earmarking funds for continuous tech development and establishing a regulatory framework are indispensable for sectoral growth.

These initiatives will not only create stability and attract investments but also stimulate innovation, foster entrepreneurship, and ensure the long-term sustainability of the country‘s EdTech sector.