Budget for EdTech is expected by the education industry from the union budget scheme
Like every year, the Union Budget will be declared around February and March by the Indian Finance Minister Nirmala Sitharaman. This budget plays a crucial role in the context of different industries as businesses depend on the budget for their growth throughout the year. As the education industry is shifting to digital education, EdTech companies are emerging rapidly. Therefore, there are hopes and wishes that a dedicated budget for EdTech is reflected in the new union budget 2022. EdTech proponents are eagerly waiting for the first February when they will finally realize whether or not the EdTech sector is valued for its endeavors. Besides, as education is majorly being conducted over the online mode for the last 2 years, strong support from the legislative body is necessary to gain confidence towards EdTech.
Here are some suggestions from the EdTech proponents and experts on allotting budgetary reforms towards EdTech this year. These are much like a wishlist that the EdTech industry is penning down in the wake of digital education becoming the primary mode of education. Hopefully, the following wishes are included in the Union Budget 2022 that would signify a budget for EdTech, which is in itself an address of their potential.
Committee For EdTech
Amongst different divisions of council under the administration, an EdTech body must be introduced which would be dedicated sheerly to the EdTech space. The body would include experts from the EdTech space as well as the education industry who can assume greater responsibility for the emerging model of education that would soon culminate in the future of the Indian youth. Accordingly, regulations and frameworks would be passed by them for the growth of the industry. The members of the council must also be empowered to identify unjust deeds amongst the EdTech players and bring in place equitable practices and eliminate the corrupt ones.
There must be a policy under the budget for EdTech in the Union Budget 2022, which would enable more EdTech initiatives to form partnerships such as NEAT. National Education Alliance for Technology is a maneuver, where AICTE and other EdTech companies come under one umbrella concerning k-12 education. By bringing EdTech firms and companies together across the country, there could be an uniformity in education and their structure followed, which is currently scattered and unorganized due to lack of coordination.
Online Tutor Support
Online teaching is a complex process and not quite easily grasped by everyone, along with lectures and conducting classes having astute knowledge of technology is essential. Consequently, empowering online tutors must be a matter of concern and a share of the budget is expected to be allocated for them to acquire the art of teaching online. With this, alongside already existing teachers the Indian economy will be able to cultivate a fresh group of teachers who would enroll in the programme to learn online teaching skills that would also eliminate unemployment to a great extent.
Education industry being the worst hit, the Union Budget 2022 must consider reducing the GST slab from 18% to 5% for the EdTech. This would facilitate greater investment from affluent entities that would further contribute to the growth of an educated base of individuals as access to EdTech becomes easier. The more the investments, the more will be the innovations in the EdTech space leading the Indian EdTech industry to boom qualitatively.
Stipulated Government Fund
Under the budget for EdTech, a specific fund to the EdTech industry must be articulated so that it becomes easier for EdTech initiatives to raise their required amount of funds. Besides providing an impetus to the progress of the education industry operating through a digital medium, a better experience for learners would also be extended. Furthermore, a government investment on the EdTech would also help the EdTech to become accessible to the disadvantaged group or the learners who have so long been deprived of education since physical mode of education has been suspended.