Technology in the education industry is among the hottest buzzwords that are in making headlines every now and then.
Today, technology is everywhere. Whether it’s your personal or professional life, technology has managed to become a crucial part of our world, easing things according to our requirement. While some are using it as an effective tool for enhancing their personal lifestyle, others are digging out opportunities for generating more revenues as a business firm.
Technology in the education industry is among the hottest buzzwords that are making headlines every now and then. Every other entrepreneur, franchisor, or educator is trying to renovate their services, innovating and experimenting according to the current trends and demands for sustaining in the populated education industry.
This is why India is witnessing a number of Ed-tech franchises rising in the last couple of years that have managed to revamp the Indian education industry for a better and brighter future. Since technology and franchising together form a deadly combo in today’s time, entrepreneurs could easily shift their interests towards this segment that will eventually boom the industry into one massive one in the upcoming time.
Budget 2019 Coming to the Aid for Education Firms
The Finance Minister of India, NirmalaSitharaman in her maiden, full-fledged budget presented featured announcements regarding schools and higher education, along with skill development for youth.
The Centre has allocated Rs 56,536.63 crore to the Department of School Education and Literacy, and Rs 38,317.01 crore to the Department of Higher Education, making the education budget total of a whopping Rs 94,853.64 crore. This is an increase from the Revised Budget 2018-19, which was at Rs 83,625.86 crore.
With the pool of opportunities expected to get broader with time in this particular sector, franchisors and franchisees could focus and target this segment for making their names in the franchising and education industry.
Increased Funds for Research & Innovation
Research and innovation are perhaps two crucial pillars of the global education industry, including in India. The scenario of the Indian education industry would have remained like it was 10 years ago, if research and innovation wouldn’t have gained popularity over the past few years.
“The Union Budget has holistically addressed the needs of the education sector and laid out a clear roadmap to boost the education sector. The National Education Policy with a proposed investment of 400 crores can go a long way in revamping the sector brings it at par with the global standards.
For long, various stakeholders have stressed the need for a unified regulator in the higher education sector. The proposed move to set up the Higher Education Commission would smoothen the regulatory process and remove jurisdictional ambiguity,” shares Rohit Manglik, CEO, EduGorilla.
Since the government has also announced to increase funds for research and innovation from Rs 243.60 crore to Rs 608.87 crore, we might see franchisees and entrepreneurs targeting and investing in the Ed-tech segment for a fruitful franchising and entrepreneurial career.
Focus on Skill Training & Development
While unfolding the budget for the education sector in India, the Finance Minister shared that the government is currently enabling about 10 million youth to take up industry-relevant skill training through the PradhanMantriKaushalVikasYojana (PMKVY). This scheme has created a pool of opportunities for both learners and entrepreneurs, where the government will be working to broaden and widen this pool with each passing day.
The Finance Minister also mentioned an increased focus on ‘new-age skills’ like Artificial Intelligence (AI), Internet of Things (IoT), Big Data, 3D Printing, Virtual Reality and Robotics, with lucrative job prospects and high salaries.
Amol Arora, MD, Shemrock & Shemford Group of Schools says, “It was great to see the government finally taking notice of industry-relevant skills like AI, IoT, Big Data and reforms in the higher education sector. A humble yet notable announcement was the ‘Study in India’ Programme, which holds the potential to put India on the world map. However, we still need a series of fundamental structural reforms – which I hope will be addressed in the near future.”
Since, skill development and tech-based education is the need of the hour in India, establishing or setting up an education firm catering in the same field could well bring you fruitful results in the near future. Remember, the sooner you make an investment, the quicker you can achieve success.