The education sector is pivotal in driving a nation’s economic growth and development. According to the World Bank, each additional year of schooling results in a 9% increase in hourly earnings globally. Education is a cornerstone of human capital, technological innovation, and socio-economic advancement.
“Schools play a crucial role in this process by providing essential education that fosters critical thinking, problem-solving abilities and creativity, thereby laying the foundation for a skilled workforce.” Sumeet Mehta, Co-founder and CEO of LEAD Group, said.
Challenges in India’s educational system and proposed solutions
Experts believe that many of India’s 1.5 million schools still rely on rote learning. Students in India’s smaller towns and villages face learning gaps, particularly due to poor English proficiency, which hampers their understanding of other subjects. While both Indian and global educational institutions are integrating technology, global systems tend to be more advanced and widespread. “In India, schools in metropolitan areas have access to advanced learning technologies, but those in rural areas struggle with a lack of access to meaningful and affordable educational resources tailored to their needs,” he said.
Additionally, experts suggest that the government should prioritise increasing the education budget beyond 13% to provide continuous support for educational initiatives and strengthen the educational framework. This increase would enable more robust funding for critical programs, infrastructure development and technological integration in schools and higher education institutions. Furthermore, the government should reduce the Goods and Services Tax (GST) rates on digital educational content and services.
“Lowering these rates would significantly enhance the affordability of online learning, which is increasingly vital in today’s digital age. This measure would benefit students by making high-quality educational resources more accessible and support ed-tech companies by fostering an environment conducive to innovation and growth,” Sumit Singhal, Subject Matter Expert, S.N. Dhawan and CO LLP, said.
Global research ecosystems vs. India’s challenges
Globally, higher education institutions have a strong culture of research and innovation. In contrast, India’s research ecosystem faces challenges such as insufficient funding, brain drain, weak industry-academia collaboration, emphasis on quantity over quality, lack of interdisciplinary research, slow publication processes, and limited awareness of intellectual property rights, as per the experts.
“Increasing women’s participation in STEM fields can drive India towards becoming a talent superpower. With broader opportunities, innovative approaches, and stronger government support in 2024, our tech-savvy youth will be better positioned to drive innovation and growth. These measures would set a positive tone for realising the nation’s potential and achieving new heights with ‘Viksit Bharat,’ Mayank Kumar, Co-founder and MD, upGrad, said.
Despite these differences, Indian students possess considerable academic talent. The primary challenge lies in access to opportunities, particularly in rural and small-town schools. India’s education sector is poised for innovation and growth, supported by visionary policies like NEP 2020 and NCF 2023. The Indian school sector is expected to grow at a compound annual growth rate (CAGR) exceeding 10% from 2024-2032, as per the experts. “By focusing on scaling multimodal school ed-tech, India can create a future-ready education system through school transformation. This will ensure that education in India is inclusive, equitable, and globally competitive, preparing students for the demands of 21st-century careers,” Mehta added.