Physics Wallah (PW) Co-founder Prateek Maheshwari urged the government ahead of the announcement of the interim Union Budget next month to reduce the GST slab on educational products and services which will eventually ease the financial burden on parents, promoting affordability.
Maheswari, also co-chair of the India Edtech Consortium (IEC), said “In view of the upcoming interim Union Budget, we would like to appeal to the government to increase the education sector’s budget and reduce the GST slab from 18% to 5% on educational products and services.”
He added that Physics Wallah (PW), India’s leading edtech platform that provides affordable, accessible and high-quality education at scale, aims to “establish a strong foundation for the country’s children, particularly those from economically disadvantaged backgrounds”.
He also called for the enhancement of digital infrastructure to increase accessibility and facilitate the seamless implementation of learning solutions for children in the remotest corners of the country who seek access to high-quality online content.
As per the recent Annual Status of Education Report (ASER), more than half of the youths aged 14 to 18 in rural India still struggle to solve basic division problems and lack access to digital tools and skills. Bridging this gap requires a robust digital infrastructure.
Maheshwari focused on the need for collaboration between the public and private sectors to drive a change in the sector at scale.
“Given the evolving world and our shifting approach to education, driving a change to ensure affordable and quality education at scale needs more collaboration for the public and private sectors. For this, reducing the GST on educational services would also remove financial strain on parents, promoting affordability,” he said.
Emphasising the importance of upskilling the youth with industry-relevant skills, he said, “Focusing on collectively enhancing youth skills to increase employability and reduce skilling gaps is imperative for the Indian economy’s growth.” Physics Wallah (PW) is initiating its journey into solving the skilling problem in India by equipping learners with industry-relevant skills and plans to add 30-40 lakh learners for upskilling in 2024.