Online Degree At Top 100 Education Institutes – Finance Minister Nirmala Sitharaman
India will start issuing online degrees at top 100 educational institutes, Finance Minister Nirmala Sitharaman announced during her Budget speech. This step could boost educational technology startups including Eruditus, Coursera and upGrad.
Sitharaman said that in order to provide quality education to students of deprived sections of the society as well as those who do not have access to higher education, she proposes to start degree level full-fledged online education programs. The step, according to experts, is aimed at increasing India’s low gross enrolment ratio (GER) – a percentage of students in higher education of the total eligible population in the 18-23 age group. It stood at only 26.3% in 2018-19 in India, according to the latest government data.
Source – Economics Times
This will boost India’s edtech sector as the Indian higher education industry is currently valued at USD 19.17 billion and is expected to increase to USD 35.03 billion by 2025 at the rate of 11% CAGR. This growth will be fuelled by the rise in government spending and private investments on technology in terms of developing digital learning platforms, implementation of AI, ML, VR, AR, Blockchain and Cloud Technologies to be potentially adopted by higher education institutes and universities.
The global EdTech market is expected to grow at 17% per annum to USD 611 Bn by 2025 led by explosive growth in the Asian region. By the year 2025, the Asian EdTech market, led by India and China, is expected to have a 24% share of the global EdTech market. The Indian EdTech market potential is expected to reach USD 30.8 billion by 2025 with a CAGR 42.5%.
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