Union Budget 2022: Support research, reduce student loan interest, revise GST rates, promote edtech startups, require VCs from private colleges, principals.
Union Budget 2022: Private colleges and universities demand overhaul of GST rates, involvement of edtech startups mostly
NEW DELHI: Principals and Vice-Chancellors of Private Colleges and Universities Demand Better Research Systems, Strengthened Education Infrastructure, Reduced GST Rates, Encouragement and Involvement of Private Edtech Startups in 2022 Union Budget Finance Minister Nirmala Sitharaman will present India’s 2022 budget at 11 a.m. on February 1 in parliament.
Kulneet Suri, Principal Director of the Institute of Management Studies (IMS) Noida expects the government to support the higher education sector in terms of research, especially medical care. He expects bigger and more robust systems to be created to drive research for better preparedness for pandemic-like situations. “Micro-campuses are the need of the hour. Online learning should be promoted to reach tier 2-3 urban youth,” he said.
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Niranjan Hiranandani, Provost, HSNC University expects a boost in infrastructure, both physical and digital. The 2022 budget must also consider increasing the amount of education loans by reducing the interest on these loans to address the financing gap that is the reason for dropouts in higher education, he said.
“Not to mention that GST rates also create financial pressure on the middle and lower strata. Revising the GST rates for educational services will have a significant impact on national literacy as it will help aspiring students continue and complete their academic education,” he added. The 2022 budget should make all the facilities for students, teachers, institutions and all associated actors, who have been deprived of them, due to the pandemic, he further declared.
Involve edtech startups, revise GST rates
YSR Murthy, Founding Vice-Chancellor of RV University Bangalore, said: “…As two-thirds of the higher education sector is in private hands, it is time to encourage philanthropy from private enterprise…We also need to create an enabling environment for the private sector to come forward and establish new institutions Contributions made by a company or foundation to a university, research center, research center, excellence or a new government-approved university or a program approved under a university-industry partnership, should be eligible for a deduction from taxable income to the extent of 300% of this contribution.
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He also expects the government to set up a scholarship which will be called “The Indian Corporate Higher Education Scholarship” with a corpus of Rs 1,000 crores contributed by the top 1000 companies in the country. This scholarship should be managed by a distinguished independent board and encouraged by the government by providing full matching grants, he added.
Raj Singh, Vice-Chancellor, JAIN (Deemed-to-be-University) said, “EdTech startups providing services to universities or students directly are required to levy 18% GST on the fees they charge, which which increases the cost to customers. Tax removal or a significant reduction for all edtech companies, especially startups, will definitely boost online education, which will help achieve a higher gross enrollment ratio (GER) , as foreseen in the new NEP 2020.”
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