 "Budget 2023-24 Expectation: How government can boost up edtech sector")
The Indian EdTech sector’s ability to establish its dominance in the international markets may be significantly impacted by the budget of 2023. Government programmes like Digital India, the National Education Policy, and the UGC Reforms will keep the atmosphere favourable for the expansion of the edtech sector as a whole.
The National Education Policy (NEP) prescribes a 6 per cent of GDP investment goal for education. Given that government spending on education is now just about 3 per cent of GDP, it is anticipated that this percentage will rise, which could improve the state of the economy as a whole.
From an edtech standpoint, some of the major focus areas of the Budget 2023 should be:
1. Tax incentives and benefits for players in the ed-tech industry to support the ecosystem as a whole and boost technology adoption. This is crucial to achieving some of the significant reforms that UGC is implementing. The government ought to consider cutting tax rates given that more than half of our population is under 25.
2. Given the emergence of hybrid education, investment in technology infrastructure at schools must increase. The past 12 months have prepared the edtech industry for a hybrid future. The post-covid era has emphasised the significance of educators as the most crucial pillar in the educational path of students. The government should keep putting its effort into harmonising significant budgets in this area.
3. Working together to develop technology-driven solutions with ed-tech players might be a wonderful win-win for all the stakeholders. There is a great demand for technology-driven solutions to assist students in making career decisions, and we are seeing schools and institutions implement cutting-edge strategies to take use of technology’s advantages, particularly in allowing students to choose their own career routes. Driving collaborations and encouraging adoption in this area can significantly aid in putting the NEP and UGC reforms into practise.
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View All4. The aim to create a $5 trillion economy will also require a focus on upskilling. For the general growth of talent, the government will need to make significant investments in retraining and upskilling. By enabling access to educational resources and learning opportunities that can assist people in gaining the knowledge and skills they need, educational technology can support upskilling and reskilling efforts.
5. The government should also consider programmes to encourage funding in the ed-tech sector so that businesses can expand more quickly. One of the important improvements the government should consider, for instance, is lowering the tax on long-term capital gains (LTCG) made by domestic investors and making it comparable to the tax that applies to overseas investors.
The author is the Founder & CEO of Mindler. Views are personal.
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