India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development in the education system.
With ~26.31% of India’s population in the age group of 0-14 years, India’s education sector provides numerous opportunities for growth.
India has the world’s largest population of about 500 million in the age bracket of 5-24 years, which provides a great opportunity for the education sector. The education sector in India was estimated at US$ 91.7 billion in FY18 and is expected to reach US$ 101.1 billion in FY19.
Number of colleges in India reached 39,931 in FY19. Number of universities in India reached 967 in FY21 (until December 2020). India had 37.4 million students enrolled in higher education in FY19. Gross Enrolment Ratio in higher education reached 26.3% in FY19.
In 2020-21, there were 9,700 total AICTE approved institutes. Of the total, there were 4,100 undergraduate, 4,951 postgraduate and 4,514 diploma courses in AICTE approved institutes. According to the National Institutional Ranking Framework, 7 positions were bagged by prominent Indian Institutes of Technology out of the top 10 institution rankings in 2020.
The country has become the second largest market for E-learning after the US. The sector is expected to reach US$ 1.96 billion by 2021 with around 9.5 million users. In India, the online education market is forecasted to reach ~US$ 11.6 billion by 2026.
Investments/ Recent Developments
From April 2000 to December 2020, Foreign Direct Investment (FDI) equity inflows stood at US$ 4,217.67 million according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT).
The education and training sector in India witnessed some major investments and developments in the recent past. Some of them are:
Some of the other major initiatives taken by the Government are:
In 2030, it is estimated that India’s higher education will:
Various Government initiatives are being adopted to boost the growth of distance education market besides focusing on new education techniques, such as E-learning and M-learning.
Education sector has seen a host of reform and improved financial outlays in recent years that could possibly transform the country into a knowledge haven. With human resource increasingly gaining significance in the overall development of the country, development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade
The Government of India has taken several steps including opening of IIT’s and IIM’s in new locations as well as allocating educational grant for research scholars in most Government institutions. Furthermore, with online mode of education being used by several educational organisations, the higher education sector in India is set for major change and development in the years to come.
Note: Conversion rate used for May 2021 is Rs. 1 = US$ 0.01365
References: Media Reports, Press Releases, Press Information Bureau, RNCOS Report, Department for Promotion of Industry and Internal Trade (DPIIT), Union Budget 2021-22
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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