Budget 2023: The Indian EduTech sector is facing a crisis these days. Veteran edutech companies like Byju’s have also had to resort to layoffs to grow. The educational technology sector has high hopes from the upcoming budget, so that they get relief soon.
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Budget 2023 Expectations: During Corona in 2020 and 2021, investors invested in Indian EduTech Took a big step in the sector. In the beginning, they got a lot of growth, but with time, the companies in the education technology sector all over the world including India had to face tough challenges. At present, this sector is surrounded by a big crisis. Education sector has always been important for any economy. Improvement in education results in faster economic growth. Union Budget on February 1, 2023 (union budget) will be introduced, in such a situation, this sector has high expectations from the upcoming budget.
Edutech sector urgently needs more funding, be it direct funding or indirect funding. Its effect will be seen on the investment of undergraduate and graduate education. In the upcoming budget, it is expected that the government will maintain the importance of technology in education. The government can pay more attention to the level of education, especially in rural and underdeveloped areas.
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Promotion of education through NEP and technology
Along with school education, the New Education Policy (NEP) also focuses on skill development. For the next financial year, it is expected that the government will increase the budget of the education sector. From the upcoming budget, the edutech industry hopes that the government will pay more attention to promoting digital education in Tier 2 and 3 cities. For skill-based courses coming under NEP, it is necessary that classroom education should be transformed. Technology can make an important contribution in this.
Effect of Metaverse and ChatGPT
Talking about technology advancement, Metaverse and ChatGPT are likely to have an impact on the whole world. With this, the learning ability of the students can go to the next level. How about if young children are given the real experience of STEM lab through 3D technology and virtual settings. Looking at the future, it is necessary that attention should be paid to smart education in the upcoming budget, so that the children of the country can mingle with this kind of technology from now itself.
hope of tax rebate and exemption
We all know that most of the goods and services in the country come under the purview of GST. Seeing the importance of education, the government gives tax exemption on the core service of this sector like books etc. However, GST is applicable on online courses and skill based courses. The sector hopes that rebates will be given to companies involved in skill development or preparing curriculum for online courses and providing educational solutions.
importance of edutech
With GST refunds and exemptions, there is a possibility that affordable education solutions will be available in small towns as well. Recently we have seen that edutech companies like Byju’s, Unacademy and Vedantu have resorted to layoffs to reduce costs. This sector is currently going through a crisis. However, students can be taught with more creativity through films, augmented reality, audio files, e-books etc. Now it has to be seen what the government has to give to this sector in the coming budget.