The Union Budget 2022-23 highlighted the importance of education and the various government initiatives taken to enhance the educational sector of the country.
The Budget proposed setting up of various global institutions and universities in GIFT City (Gujarat), which will improve the financial education system, and lead it to growth and expansion. This initiative marks as the beginning of a massive reform in the financial sector, as learning opportunities will increase for the nation.
Various edtech companies have tied up with these international institutions to provide high-quality education to the learning generation. These companies are constantly working on leveraging their expertise and platforms to enhance the growth and development of students.
Financial literacy is an important initiative in the country, to educate the masses in the new digital era. The key focus is to empower the nation to become digitally comfortable and understand the importance of financial education.
The Government of India (GoI) has observed a massive need for educating the growing financial sector with the ongoing changes and transitions. With the ongoing digital disruption, there has been a rapid increase in the number of online financial transactions. This makes financial literacy of prime importance in the current scenario.
These initiatives will ensure that financial education will reach the right audience, which will improve their skills and knowledge. Moreover, the quality of education will be imparted as per the global standards, which is the need of the hour.
Most of the businesses have shifted online, which has ensured massive scalability and global dominance. Therefore, financial education plays a key role as the sector is growing by 8.5 percent approximately per year. With such a huge opportunity, the government measures will ensure that the financial leaders of the country are well-educated and trained as per the global standards.
The COVID-19 pandemic has transitioned the world digitally, which makes digital education important for the learning population in diverse fields and streams. The financial sector has undergone a massive transformation as well, which has increased the need of trained professionals, who can understand and apply the financial concepts effectively.
With the advent of financial literacy, the aim is to revolutionise the learning solutions and make the finance students ready to work in the digital world. With globally accepted learning standards, high-quality infrastructure model, well-trained teachers and an innovative learning platform, these initiatives will ensure that the Indian financial education is moving in the right direction. These changes will ensure that students are at par which the learning standards of the world.
With a strong manpower and financially literate population, India will be a very promising investment hub for the global market. With high quality education, the new generation will be work ready at a very early age. They will be more aligned with the global standards and able to work easily with the rapid changes in the world.
Financial literacy is on a rise and works as a multiplier effect in the economic growth of the nation. Setting up of financial districts like GIFT City ensures that there is standardisation and improvement in the financial position of the country.
India is a growing investment hub and educating the masses ensures that the nation is upskilling and growing exponentially. Going forward, the aim of the government initiatives is to support the learning of students, make them ready for Industry 5.0 and create an ecosystem of constant learning and development in the country. There is a positive transformation awaiting in the finance and education space, which will improve the quality of the future workforce of the nation in the coming years.
(The writer is CEO and Co-Founder, Zell Education-edtech startup)
