Fundamentally, the Union Budget serves as a platform for the government to prove its power, aptitude, resources, and sincere implementation plans for future investments. The Indian education technology market is anticipated to grow to $30 billion in size over the next ten years, according to a 2021 analysis by RBSA Advisors. The sector is pleased about the forthcoming Union Budget and anticipates announcements from Finance Minister Nirmala Sitharaman as a result of the market’s expansion and growing size in the nation.
It seems expected that the government will continue to prioritise increasing access to technology and education in the next 2023 budget, especially in rural and underdeveloped areas. This might involve actions like expanding funding for ed-tech firms, offering tax breaks to businesses in the industry, and starting fresh campaigns to encourage the use of technology in education. To keep up with the shifts in the labor market, the government may also place a focus on skill development and vocational training.
Expectations and changes, edtech industry expects from budget 2023.
The New National Education Policy (NEP 2020) has set the pace for skill development for K-12 students. We expect that the Government will increase the education expenditure for the upcoming fiscal year. With more focus on the implementation and last-mile execution of the new policy, quality and tax-free education, and skill development, the reforms will pave the way for outcome-based learning, especially for school students. Classroom education needs to go a complete change due to the introduction of new skill-based courses in line with the recent circulars issued by various state and central bodies around the developments to be made in education, we expect that Government will put more focus on the usage of digital education in Tier 2, 3 cities and envisage avenues to make India as one of the preferred education destinations in the world.”
Initiatives taken by the education industry for making more Innovation labs for students.
Today, schools and education systems globally face complex questions about how to organize themselves to most effectively support learning and overall student development in an increasingly challenging world, perhaps the most challenging task is helping school management understand how to shift to more future-oriented models which cater to all the needs of 21st Century skill development amongst the K-12 Students.
While deep, meaningful, and lasting change has been elusive in systems of education, more recently we have seen an increased shift from reform efforts to redesign—moving away from trying to ‘fix’ parts of education that are not working well, to a design mindset of creating and driving towards the learning futures we desire. STEMROBO being one such organization is not just setting up the STEM, Robotics, Coding, and AR/VR labs but rather making this in its DNA to take care of the End-to-end execution of these labs and ensuring a visible ground Impact measured through continuous assessments for Schools, Teachers, and Students.
Online courses get affected by the Tax/GST which are being offered.
The education sector plays an important role in shaping the future of India. As we all know, a majority of products and services are under the purview of GST in India. Though understanding the sensitivity and importance of the education sector, the GST Act has tried to maintain a fine balance whereby core educational services like books are exempt from GST, and other commercial education services like online courses, and skill-based offline solutions are taxed at a standard rate.
However, as the importance of skill development courses rises day by day, it is much needed to ensure rebates are given to the companies working around to develop curriculum and educational solutions and ensuring the benefit of those rebates is passed on to the consumer I.e. the parents and students in this case.
The rebates/exemptions in GST will help to lower the prices of the courses/solutions offered and thus help the Education solution providers be able to penetrate tier 1 and tier 2 markets at a much more affordable price thus benefiting a large segment of the market.
Tech space gets affected and revolutionized by Metaverse and chatGPT in the coming future.
Metaverse has been one of the most exciting and fascinating developments of technology in the past few years. The metaverse is one of the most important emerging tech trends of modern times and is set to elevate the student learning experience to the next level. How about an immersive 3D digital experience that combines multiple virtual and physical worlds wherein the students get the feel and experience of a STEM lab? Well, this is exactly what the metaverse promises. The concept is being considered the future iteration of the internet and will enable users to meet, socialize, practice, and work with other users within the created environments.
Innovative trends for aiding students.
With the increasing focus on learning by doing and Bringing technology into the classroom, the ecosystem is becoming livelier and more interactive now. With eBooks, the course content can be embedded with videos, augmented reality, audio files, etc which are beautifully managed by Learning Management systems. Unlike a printed book, the new interactive ways of learning allow for more student-teacher engagement to take place in the classroom.
(The author is Mr. Rajeev Tiwari, Founder & Director of Stemrobo Technologies and the views expressed in this article are his own)