Union Budget 2024 Expectations: 'Opportune moment to outline strategies and allocate resources to make education more accessible'

Budget 2024 Expectations: With the student population in the country steadily growing, the imperative to address the need for new educational institutions and infrastructure upgrades has become paramount. And Rohit Gajbhiye, Founder and MD of LEO1 - a platform that helps parents/students pay their fees in easy installments, says that the forthcoming Union Budget presents "an opportune moment to outline strategies and allocate resources for making education more accessible across India".

He states that over the past few years, influenced by the country's journey towards a digital future, India's education sector too has undergone a significant transformation. "This transformation has been marked by a noteworthy shift from conventional rote learning methods to a more dynamic and skill-based approach. As technology continues to play a pivotal role in shaping the educational landscape, we expect that the government will keep focusing on provisions that improve access to modern teaching methods, cutting-edge technology, and innovative pedagogy for educators and students alike to enhance their skills and knowledge," he opines.

The founder and MD of LEO1 informs that the infusion of technology has been particularly impactful in tier 2 and tier 3 regions, where access to quality education has been traditionally limited. The emergence of EdTech initiatives has broken down barriers, making education not only accessible but also more affordable for students in these areas. Talking about his expectation from the Budget, he says, "There is a growing expectation for the upcoming budget to allocate additional government resources and support for EdTech initiatives, recognising their pivotal role in the development of our learning ecosystem."

"As we anticipate the budget, there is a need for a delicate balance between in-school and after-school learning, leveraging the benefits of technology. We are hopeful of a holistic approach to solving issues of access, equity and education quality and would like to see the key focus on strengthening the digital capacities of schools while simultaneously creating an enabling environment for asynchronous learning at home," he adds.

He hopes that the Budget's priorities will align with the National Education Policy (NEP) of 2020 and initiatives such as PM SHRI schools.

Furthermore, in order to enhance accessibility for the last mile, he says that the government should acknowledge the potential of the edu fintech sector. "By leveraging various financial models, the edu fintech sector has already been playing a vital role in making quality education more accessible. Traditional financial institutions often have rigid structures and limited geographic coverage, making it challenging for students from diverse socioeconomic backgrounds to secure financial support. In contrast, fintech platforms have revolutionised this landscape by adopting broad-based underwriting policies, thereby extending their reach to students across Tier 1 to Tier 4 cities," he avers.

The upcoming Union Budget will present an invaluable opportunity to address the evolving needs of the education sector and will provide the country with a peek into what future growth entails. In this context, he sums up his expectations from the Budget 2024 saying, "By allocating resources to support EdTech initiatives, enhancing digital capacities in schools and recognising the potential of the edu fintech sector, the government can take significant strides in making education more accessible and inclusive for all students, regardless of their geographic location or socio-economic background."