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.
Moreover, the aim of the Government to raise its current gross enrolment ratio to 30 per cent by 2020 will also boost the growth of distance education in India.
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 and universities in India reached 39,931 and 993, respectively, in FY19. India had 37.4 million students enrolled in higher education in FY19. Gross Enrolment Ratio in higher education reached 26.3 per cent in FY19.
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.
Investments/ Recent Developments
The total amount of Foreign Direct Investment (FDI) inflow into the education sector in India stood at US$ 3.24 billion from April 2000 to March 2020 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:
Following are the achievements of the Government in the past four years:
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 in April 2020, Rs 1 = US$ 0.013123
References: Media Reports, Press Releases, Press Information Bureau, RNCOS Report, Department for Promotion of Industry and Internal Trade (DPIIT), Union Budget 2020-21
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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