India is soon to become a USD 313 billion online education market. This was revealed in a report titled Investing for Impact: Education, Skills &EdTech and released by Aspire Circle. According to a February 2021 study, around 18 million Indians will need to change occupations by 2030 further underlining the need for reskilling and upskilling.
Setting out 10 disruptive investment ideas which can bring about a transformational change in the way Indians receive their education as well as post-education skilling and training facilitated and catalysed by new-age educational and training technologies – the report points a way forward for developing and building human capital in keeping with the needs of the 21st century education and the job market.
The 10 ideas which have been identified in the report can be spelt out as the following sub-segments: technology-enabled K-12 education; online test preparation platforms-led inclusion and affordability; supplemental & extra-curricular education; teacher training and development; affordable education loan platforms; gig economy and unbundled micro-tasking; affordable student housing; innovative finance in education & skilling; micro and alternative credentials for employability skills and social and emotional learning.
The report was written by 17 co-authors and had guest contributions from 19 others. This was the second in a series of reports by Aspire Circle as a part of the larger and overarching programme of generating 100 Impact Ideas for India’s Inclusive Growth with India’s largest collaborative research initiative involving over 200 experts with an eye on shaping India’s Impact Economy.
“The Top 10 Ideas in 21st century education and skills lie at the intersection of technology and impact. India’s Education & Skills market will grow 2X this decade, from $180 billion in 2020 to $313 billion in 2030, while creating 5 million incremental jobs and impacting 429 million learners. We hope investors, entrepreneurs and policy-makers will engage with our research-based recommendations to help India truly realize its demographic dividend”, said Amit Bhatia, Founder of Aspire Circle & Creator – Impact Future Project.
Safeena Husain, Founder & ED, Educate Girls said, “During Covid-19, almost 150 million girls were affected directly with school closures – with almost 90 million girls across rural India without any significant learning opportunity. If technology-driven access to quality learning is provided to these girls backed by adequate investments in affordable education loan platforms, student housing, extracurricular and supplemental education and social and emotional learning as brought out in this report, it will go a long way in unlocking the impact that is much needed at this point.”
Nirav Khambhati, Managing Partner-Kaizenvest said, “The ongoing pandemic has mercilessly stolen invaluable classroom years from well over a billion students around the world including India, severely denting their future income potential. There is an urgent need to comprehensively rethink the way we deliver education and training to our students and youth. While edtech is one inextricable component, we have to remember that the future of work itself is set to undergo massive change. And to make that transition, innovative investment ideas must not only be thought of but implemented with full force and vigour. ”