The Indian edtech Industry has rapidly grown since the outbreak of the COVID-19 pandemic. The need for online learning gave rise to a huge number of edtech platforms, which focused on the learning and overall holistic development of students. However, with the market expanding without any regulations, there have been many unethical practices and false claims by various market players.
The upcoming financial Budget should address the growing concerns of the edtech industry and set up a dedicated umbrella body which will govern the Industry and bring about the much-needed regulations and standardisation in a rather unregulated market.
Budget 2022-23 should also launch an edtech-focused fund, which will assist small and mid-size cap companies to raise the funds needed to address such issues of accessibility and infrastructure. These firms can eventually become collaborative partners and reduce costs for the government by providing education to all. They can ensure that the correct mode of education reaches the required masses in the most convenient, affordable and authentic manner.
The aim is to ensure that there is transparency in communication and the claims made by these companies are genuine. The Budget should propose a well-structured roadmap for the growing educational sector. This roadmap will ensure that the edtech space is ever-growing and extremely reliable especially for the K-12 audience.
The edtech Industry in India was worth $750 million in 2020 and is expected to reach $4 billion by the year 2025. This results in a Compound Annual Growth Rate (CAGR) of 39.77 percent. With such a massive growth, the government should step forward in bringing in law and order to an industry which is going through a massive setback in terms of regulation. With the budget proposing regulations in the edtech space, communication between the various stakeholders i.e., students, parents, teachers, educationists, tech-based companies and non-for-profit organisations will be smooth and easily accessible.
The National Education Policy (NEP) 2020 highlighted the vision of bringing education to all. Implementation of this policy and schemes such as Ayushman Bharat will massively improve the quality of education, as the investors and government will come in alignment with the long-term goals of the educational requirements of the nation.
Edtech companies are popular in providing hybrid learning solutions, empowering teachers and enhancing the overall development of the students. However, there are many edtech players who showcase offerings that appear to be ‘free’ or low-cost, only to earn money in an unethical way. The students and parents largely face the issue in identifying which edtech platforms are authentic and real. To curb the fraudulent practices of various online players, a regulatory body will ensure that the EdTech platforms are verified and provided with the authentication which will reduce such malpractices.
The edtech sector has largely been working with Information and Communication Technology (ICT), which focuses on bridging the gap between delivering education and making learning effective. The goal is not only to digitise content, but also provide unlimited access to learning which can be enhanced in the most personalised and customised manner.
The Internet and Mobile Association of India (IAMAI) has set up an autonomous body called the India EdTech Consortium (IEC) which focuses on safeguarding the interests of consumers by forming a code of conduct to be adhered to by the EdTech players. However, this is not enough as government intervention through Budget 2022-23 will ensure that the regulations are centralized and the mandatory policies are followed by the entire industry.
Education is the most important requirement in the ever-changing world. With the Budget setting up an umbrella body, the aim is to easily provide high-quality education to the students who are currently unable to access these services in the ‘new normal’. Moreover, the regulatory intervention will ensure that there is standardisation and a strong framework for the EdTech companies. This will not only shift the focus from technology to education but also focus on the overall growth and development of the learning population of India.
(The writer is Divya Tej Periera, Founder, Tutrrd)
