By taking crucial steps in the financial budget 2023-24, the government has made it extremely clear that the nation is serious about further boosting the Ed-Tech sector. To enhance the current National Education Policy, the committee prescribed a 6% GDP investment goal for the growth of the educational technology sector in India.
With so many other comprehensive steps, the existing pathway looks extremely bright for the future of Ed-Tech in India. The ministry has also defined in its official statement how leading Ed-Tech platforms are offering external support in strengthening the overall national academy. In the media, there are reports that the government has decided to formulate a committee to collect insights on how the existing Ed-Tech status can further be improved. The major objective of the committee remains to collect findings on how the fastest-growing Ed-Tech companies in India like Jaro Education are accelerating their learning experiences. It will also collect reports on what further support from the government they need to continue enhancing learners’ experience.
Let’s look at on what the new budget offers to the education sector and how it will help in shaping the future of the Ed-tech industry in India.
Tax Deductions Will Let Ed-Tech Players Adopt Innovation
Ed-Tech was expecting a slight tax relief and the government did the same in the current budget. This step has allowed major players like Jaro Education to keep on continuing their efforts to adopt innovation in education. With the upgradation in technology, learners further get more advanced learning methods, AI-based learning experiences and many other significances of adopting new technology in education. The government is planning to make the entire Ed-Tech ecosystem more reachable to everyone in the country.
The New Budget Will Boost Investment in Technology Infrastructure
With significant new reforms, the government has reflected its visionary approach to implement hybrid education in all parts of education. The officials are looking very much excited while noticing how leading Ed-Tech players like Jaro Education have enhanced learners’ experience by employing hybrid education in their mainstream courses. They are developing plans to emphasize the significance of educators through this revolutionary learning module. The government cleared its intentions in the budget to normalize the future of Ed-Tech in India.
Develop Technology-Driven Solutions in the Education Sector
To create a win-win situation for all stakeholders in the education technology sector, the officials are advised to take necessary steps to further develop more technology-driven solutions. It will not only assist learners to make comprehensive career decisions but will also help educators to strategise their planning by implementing cutting-edge technology into their mainstream courses or programs.
Emphasize on Upskilling
The government officials said to the media why upskilling is important to strengthen our young talents with future-ready skills. The new budget brings many significant reforms to encourage upskilling among individuals, the workforce and industry leaders. They expressed to the media how important is to upskill talents to create a $5 trillion economy for India. The government will further make necessary investments to encourage retraining and upskilling among employees.
Encourage Funding in the Ed-Tech Sector
In the new 2023-24 financial budget, the government has made it very clear that it will try its best to encourage funding in the Ed-Tech sector. To encourage Ed-Tech businesses to expand quickly, they will soon implement their plans and strategies like lowering the tax on long-term capital gains, offering domestic and international investors more favourable grounds in the country to invest their capital to further support emerging Ed-Tech players like Jaro Education. It will not only help these players to boost business growth but will also let the learners get better chances to connect with them.
We’ve also explored some other points through which the government is trying to emphasize fostering the future of Ed-Tech in India by releasing this Ed-Tech-friendly new budget. Let’s have a close look at the following:
- Providing learners with incentives to pursue further education
- Significant plans to promote online learning
- Significant strategies to innovate the traditional teaching method
- Look for strategies to further enhance problem-solving abilities among individuals
- Planning to create tie-ups with private technologies
- Creating necessary reforms to make India a global educational hub
- Providing subsidies to Ed-Tech startups
With all these significant plans, the government has come to the front foot to further promote the development of the Ed-Tech sector in India. These amazing reforms will not only provide benefits to rising Ed-Tech players like Jaro Education to continue their magnificent services to enhance the skills of individuals but will also encourage them to continue adopting technological innovations. Having such an Ed-Tech-friendly budget, it looks like the future of Ed-Tech and education is extremely bright in the country.
