The Union Budget for the year 2022-23 will be presented by Government of India on February 1, 2022 and expectations are building up from different corporates including educationist. Education Industry Expert, Mr. Nitin Vijay, MD & CEO, Motion Education Pvt. Ltd., Kota, Rajasthan – India’s leading organization which excels in Ed-Tech landscape and prepares students for JEE, NEET, NTSE, KVPY, Olympiads, and other competitive exams in India since 2007, decode what is needed for the education sector from Budget 2022-2023 in the current fragile state of economy.
Mr. Nitin Vijay, Founder & MD, Motion Education
The Indian education sector is currently going through disruptive and revolutionary changes. It is also struggling with infrastructural and financial challenges. But it remains one of the priority sectors for the country. The 2022 Union budget has the potential to provide a platform to the education sector to launch itself into an era of exponential growth.
The pandemic wreaked havoc on several businesses. Education, Healthcare, Finance have all undergone major changes. The Indian education sector too went through major transformation in last two years. According to UNICEF, 1.5 million schools in India’s primary and secondary schools were closed during this pandemic, affecting 247 million children. Hybrid learning culture played a huge role in sustaining the momentum and we saw a huge rise in tech start-ups that are now contributing to the countrys economic growth. Ed-Tech institutes are forerunners in offering vital skills to aspiring professionals and also bridging the gap between demand and supply. One of the key expectations from Ed-Tech industry is to reduce the GST slab of 18 per cent to 5 per cent for financial assistance. This will make the industry an attractive proposition for driving investments. The NEP 2020 was a visionary step for the industry, we expect moves on such lines that can bring about pivotal change in the remote learning sector.
Also for the Ed-Tech to realize its true potential, the government should invest heavily in laying digital infrastructure in tier 2 and tier 3 cities along with rural areas. We already saw many students in smaller towns and rural areas struggled to get them. In our country where 70% of population lives in rural areas, just one out of four students have access to internet and digital assets. The deeper internet penetration will help institutions to take classrooms to the remotest part of the country and will help the underprivileged. There is an urgent need to develop infrastructures for better connectivity and access to mobile devices or computers to bridge the digital divide.
We expect that the government will also make announcements that will encourage online learning and especially on models that will focus on learning of new-age skills and employability. We are living in a digital era and learning models that focus on concepts like AI, VR, Machine learning should also remain in focus. However, technology is expensive and requires heavy investment. The education sector hopes that the government will provide support to the educational institution in the adoption of technology.
An increased focus on promoting R&D is another expectation of the sector from the upcoming budget. The country has seen a surge in new research, developments, and innovations. However, there is still a lot of gap for the R&D in the country.
Besides increasing the spending on basic education, the education sector also expects the budget 2022 to focus on short-term learning courses, promotion of local languages, increased capital expenditure on the creation of infrastructure for practical skill development. It will indeed be a welcome step and produce enough number of skilled professionals to keep our country’s industries fed.
Motion Education and Way Forward in 2022 (www.motion.ac.in)
Nitin Vijay is the MD & CEO of Motion Education Private Ltd., India’s leading Ed-Tech brand based out of Kota, Rajasthan and prepares students for JEE-MAIN & ADVANCED, NEET, NTSE, KVPY, Olympiads, and other competitive exams in India since 2007. Nitin Vijay started his entrepreneurial journey with only 10, 000 rupees when he was just 23-year-old. After 14 years of indomitable efforts, Motion Education along with its study centres in 44 cities across India, is all set to achieve over Rs. 100 crores revenue in the current fiscal (FY 2021-22). For the last couple of years, Motion Education is witnessing steep growth in admissions. From 9,000-plus in 2020 to 12,000-plus in 2021, there was a growth of 33 per cent in students’ strength. With 50 new centres, the institution expects 25,000 admissions in this year.
The COVID-19 crisis hit revenue of the education industry. However, Motion Education swiftly adapted to the Ed-Tech and students enthusiastically welcome the change. Thereby making up revenue by increasing the number of students by 32 per cent. Today, the organisation excels in the Ed-Tech landscape with the launch of many customized courses backed by hybrid learning models. Recently, on Motion Education’s 15th Foundation Day, Nitin Vijay announced the opening of more than 50 centres all over India in the coming financial year to bring the total to 100 and revenue to around Rs. 300 crore.