India to soon become $ 313 billion online education market: report
Report by nonprofit Aspire Circle presents 10 disruptive investment ideas that can transform the way Indians receive education
It shows the way forward to develop human capital, keeping in mind the education and labor market needs of the 21st century.
India is set to become a $ 313 billion online education market soon, thanks to the pandemic-induced shift to online courses as the primary mode of education, according to a new report.
The report, titled “Investing for Impact: Education, Skills and EdTech,” was published by Gurugram-based Aspire Circle, a non-profit forum promoting thought social leadership in India through scholarship and research.
The report elaborates on 10 disruptive investment ideas that can transform the way Indians receive education, including skills and training catalyzed by new age educational technologies. It shows the way forward to develop human capital, keeping in mind the needs of education and the labor market of the 21st century.
The 10 ideas that could guide the boom in online education in India are:
- Technology-Based K-12 Education
- Inclusion and affordability led by online test preparation platforms
- Complementary and extra-curricular education
- Teacher training and development
- Affordable student loan platforms
- Gig Economy and unbundled microtasks
- Affordable student housing
- Innovative finance in education and training
- Micro and alternative diplomas for employability skills
- Social and emotional learning
According to Amit Bhatia, founder of Aspire Circle, India’s education and skills market will almost double in this decade, from $ 180 billion in 2020 to $ 313 billion in 2030, while creating five million additional jobs and an impact on 429 million learners.
Investors, entrepreneurs and policymakers will engage with Aspire Circle’s research-based recommendations to help India truly realize its demographic dividend, Bhatia added.
The Covid-19 situation has led to massive school closures, affecting 150 million girls, 90 million of them without any possibility of learning, informed Safeena Husain, founder of the NGO Educate Girls who s ‘strives to provide education to rural and educationally backward girls. belts in the country.
Husain added that if these girls were given the opportunity to access a quality, technology-driven education that is also affordable – including additional social and emotional learning and the lending platforms envisioned in the report – it would go a long way towards helping maximize impact on education.
The three core initiatives of Aspire Circle include Aspire Young Achievers, a scholarship program launched in 2008. The Rs 1 lakh scholarship is awarded annually to three successful young people from modest backgrounds under the age of 30 in the field of sports, art, culture, academics or civil society.
The Aspire Circle Fellowship is a one-year program for CSR leaders, foundation leaders, impact investors, impact entrepreneurs and NGO leaders to inspire thought leadership.
In 2020, Aspire Circle launched RISE Interns, which prepares young people as a new cadre of impact professionals for an impending impact revolution with the aim of improving India’s chances of becoming a global leader.
Last updated on November 20, 2021