The challenges in
higher education are highlighted by Budget 2024
Budget 2024 for
Education : How Educators, Students and Parents are reacting to the Budget 2024
The challenges in higher education are highlighted by Budget 2024. To attain global recognition, Indian students require loans. While Finance Minister Nirmala Sitharaman's emphasis on youth is commendable, the same cannot be said for credit. Sitharaman's focus on 'Empowering Amrit Peedhi, the Yuva' is clear, stating that our prosperity relies on equipping and empowering the youth. The National Education Policy 2020 is ushering in transformative reforms, and initiatives like PM Schools for Rising India are contributing to quality education.
According to Sitharaman, the Skill India Mission has successfully trained and upskilled millions, and numerous institutions, including IITs, IIITs, IIMs, AIIMS, and universities, have been established. These declarations align with the All-India Survey on Higher Education (AISHE) 2020-2021, revealing an increase in total enrollment to nearly 4.14 crore in 2020-21.
Despite progress, the downside is the insufficient funds for scholarships, especially for graduate, postgraduate, medical, and engineering students. The Annual Report of the Ministry of Education 2022-23 provides examples, such as UGC's "Basic Science Research Faculty Fellowship" and the Dr. D. S. Kothari Post-Doctoral Fellowship. However, the overall scholarship expenditure seems inadequate, as highlighted in the 'Regulatory and Advisory Bodies' chapter.
Sitharaman's mention of PM Mudra Yojana, supporting entrepreneurial aspirations with 43 crore loans totaling ₹22.5 lakh crore, is noteworthy. Yet, the absence of no-interest or low-cost loans for higher education in India or SAARC countries remains a concern for students.
A graduate student's question reflects a common sentiment: Why aren't young adult students eligible for affordable finance for further studies? Despite loans for two-wheelers and computers, access to financial support for higher education is limited, forcing students to rely on family assistance. A proposed 'Become the Vishwaguru' student loan could be a transformative solution, offering monthly scholarships, study grants, travel grants, and thesis preparation expenditure over 15 or 20 years.
Criticism is directed at the inadequacy of scholarship amounts, such as the Department of Higher Education's scheme providing ₹12,000 per annum at the graduation level and ₹20,000 per annum at the post-graduation level. The 'Become the Vishwaguru' student loans aim to address this by disbursing ₹25 lakhs per loan for 50 lakh students in phase 1.
Sitharaman's focus on high GDP growth aligns with the proposed student loans, aiming for 'Governance, Development, and Performance.' The potential transformation is eagerly awaited by the young student audience, who believe it can address the current limitations. The American Institute of Indian Studies website offers a possible solution, citing a model developed over 60 years ago that supports scholars and artists in various disciplines.
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