February 5, 2023

Budget 2023: Hopes rise for troubled EduTech sector, here’s what to expect from Budget Budget 2023 Expectations Edutech sector seeks revival of digital education in India

Budget 2023: The Indian edutech sector is facing a crisis these days. Veteran edutech companies like Byjus have also had to resort to layoffs to grow. The education technology sector has high hopes from the upcoming budget, so that they get relief soon.

Budget 2023: Edutech sector gets approx.

Image credit source: Focus News

Budget 2023 Expectations: During Corona in 2020 and 2021, investors invested in Indian Edutech Big steps have been taken in the sector. In the beginning, they grew a lot, but over time, companies in the education technology sector across the world, including in India, faced tough challenges. Currently, this sector is surrounded by a big crisis. Education sector is always important for any economy. Improvements in education lead to rapid economic growth. Union Budget on February 1, 2023 (Union Budget) will be introduced, the expectations of this sector from the upcoming budget are high.

The edutech sector urgently needs more funding, be it direct funding or indirect funding. The impact will be seen in investment in undergraduate and graduate education. The government is expected to maintain the importance of technology in education in the upcoming budget as well. Government can focus more on education level especially in rural and underdeveloped areas.

Today’s big news

NEP and promotion of education through technology

Besides school education, the New Education Policy (NEP) also emphasizes skill development. The government is expected to increase the budget for the education sector in the coming financial year. From the upcoming budget, the edutech industry expects the government to focus more on promoting digital education in tier 2 and 3 cities. The competency-based curriculum coming up under NEP requires transformation of classroom learning. Technology can play an important role in this.

Impact of Metaverse and ChatGPT

Talking about the advancement of technology, Metaverse and ChatGPT can influence the entire world. Through this the learning ability of the students can go to the next level. What if young children were given hands-on STEM lab experiences through 3D technology and virtual settings. Looking to the future, smart education needs to be looked into in the upcoming budget, so that the children of the country can be infused with such technology from now on.

Expect tax concessions and exemptions

We all know that most of the goods and services in the country come under GST. Seeing the importance of education, the government provides tax exemption on basic services like books etc. in this sector. However, GST is applicable on online courses and skill based courses. The sector expects exemptions to be granted to companies involved in curriculum development and delivery of educational solutions for skill development or online courses.

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Importance of education

With GST refunds and exemptions, affordable education solutions can be found even in small towns. Recently we’ve seen education technology companies like Byjus, Unacademy and Vedantu resort to layoffs to cut costs. This sector is currently going through a crisis. However, students can be taught more creatively through movies, augmented reality, audio files, e-books, etc. Now it is to be seen what the government gives to this sector in the next budget.

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