The Changing Gears Of Education Higher education has the maximum potential for investment on the back of The Education 4.0 revolution to create opportunities for lifelong learning, build a future-ready workforce
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There is a huge market for education in India, with over 500 million people in the age group of 5 to 24 years. Favorable Government policies and programs such as Skill Up India aim to transform the Indian education system to meet the needs of the 21st Century. Higher education has the maximum potential for investment on the back of The Education 4.0 revolution to create opportunities for lifelong learning, build a future-ready workforce.
However, a lot of young Indians move to other countries such as the UK, Canada, Australia for studies because they get a high paying job against the money spent on their education there, "We need to create such an environment in India. Until the time we have the right ROI delivered against the higher education program a person is pursuing, there is nothing very concrete," said Akshay Chaturvedi - Founder & CEO - Leverage Edu.
"The real growth will come when schools that are not necessarily following international curriculum can adapt and adopt the best practices from international education," said Kunal Dalal, MD, JBCN Education. Today, how much ever developed we are, Indian education is still revolving around the unhealthy pursuit of marks. "Soul searching needs to be done whether in terms of technology or internationalization of how students can be skilled in a way that offers them jobs easily," said Raghav Podar, chairman, Podar Education. Sharing a similar view, Smita Deorah, LEAD, co-founder and co-CEO, said, "Parents aspire that their kids are able to apply the learning from schools in real life. In this regard, the regulatory ecosystem is going to change and national education policy is a step forward to it."
With the largest young population for the next few decades, and an increasingly affluent middle class that considers education their key priority, India has a vibrant market for education investments. The middle age population has the most propensity to spend on education. According to experts, this group is about 432 million which will rise to 750 million till 2030 and to 1.02 billion by 2047. This means the propensity to spend on education will also increase. "This sector's revenue quadrupel or will be even more in the coming years. Quality institutions for a larger population also makes it a very lucrative sector to invest in," said Narayanan Ramaswamy, Education, Skill Development, Future Workforce, KPMG, India.
The speakers were speaking at the Entrepreneur India's Entrepreneur Live X Summit in Mumbai.