The Only Education Marketplace In India Serving 1.3 Billion Potential Customers
Message: INDUSTRY BULLETIN: How Edtech players are contributing to the Indian economy
Governments and academic institutes, as well as entrepreneurs, are jointly transforming the definition of learning.
This collaborative approach and deep knowledge have led to the rise of vibrant and dynamic edtech industry. (Representational Image)
In this fast-paced transformation era, education and skilling are crucial to the progress of the country. It is a key benefactor not just to economic growth but also to greater economic equality.
Education indeed transforms lives but the fundamental question today is, what is transforming education? It is the digital disruption, and the inception of edtech players in the market are significant holders of the transforming norms of education around the corner. Governments and academic institutes, as well as entrepreneurs, are jointly transforming the definition of learning. This collaborative approach and deep knowledge have led to the rise of vibrant and dynamic edtech industry.
Startups in edtech sector
The edtech industry has emerged over the past few years, propelled by startups looking to address the issue of both reach and quality of education by leveraging modern-day technology. These startups have also started contributing to the economic prosperity of India by accelerating the process of job creation, an increase in GDP and wealth creation.One such promising paradigm of the startup ecosystem is the EdTech or Education Technology. Startups in edtech sector have rolled out offerings such as personalized assessments, VR content, parent engagement, gamification, soft skills development, digital libraries, student networking, test preparation, procurement marketplaces, learning analytics, language tools, internship location, and real-time scenario engagement.
Didactics of edtech
Mr. Piyush Nangru, COO and Co-founder, Sunstone Eduversity, says, "With the help of technology, edtechs are bridging the skill gaps, therefore generating employment for the youth. Tech-enabled pedagogy helps quantify the learning outcomes, measure student performance and determine appropriate remedial actions."
Edtech industry in India
India is no doubt set to be one of the leading players in the global ed-tech space with innovation taking center-stage. The ed-tech industry is expected to touch about USD 2 billion in India by 2021, industry trackers said. The country today has more than 4000 Ed-tech startups who are fuelling the education system; thus in return, accelerating the economy. According to the report released by Google and KPMG, the online education industry will grow at a healthy rate of 8x, to become a 1.96 billion dollar industry by 2021. Also, it says that the paid user base will grow 6X from 1.6 million users in 2016 to 9.6 million users in 2021.
Contribution of Govt
The Government of India is also driving major initiatives in terms of leveraging technology for education. The spirit of innovation along with an emphasis on skill-based development, has been the primary objective of the government led by Hon’ble Prime Minister Narendra Modi. SWAYAM is an initiative by the Ministry of Human Resource Development to provide courses from Standard IX to post-graduation via its IT platform, free of cost to all residents of India. E-Basta is a platform that allows publishers of schoolbooks to upload digital formats of their books online for easy access by students. Diksha, an initiative by the National Council for Teacher’s Education, provides interactive learning resources to teachers, students as well as parents.
Edtech players driving the force of economy
Arman Ahmed, Co-Founder & CEO, EdYoda, explained how edtech players are helping students to outshine their way out. He said, “Today the Indian economy is suffering because there is a shortage of skilled manpower. The education sector in India is not just inefficient- it is nearly broken. Only a few leading universities and colleges provide quality education- a prerequisite for professional success. Also, having many well-educated professionals is essential to drive innovation, which in turn is essential for a robust economy.” He further said that the vast majority of Indian graduates don’t have skills that allow either. Rather than learning in a traditional university or college, most of which don’t educate well, students will do better when they enroll in courses offered by ed-tech players. After graduation, they will be more likely to achieve professional success and contribute to the economy because they will be productive and, unlike traditional graduates, more successful entrepreneurs.
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