What EdTech Founders, Ed Leaders & Investors Say About Union Budget for Education

Finance Minister Nirmala Sitharaman has just presented the Union Budget 2022 and made several announcements in her budget speech for the growth and development of the country.

Of the many path-breaking announcements and initiatives, the Finance Minister said that a digital university will be established to provide access to students across the country for world-class quality universal education with a personalized learning experience at their doorsteps. She said that the content will be made available in different Indian languages and the best institutions in the country will collaborate as a network of hub and spoke.

Reacting to the announcements made by the Finance Minister, many welcome the move, and here is what some of the EdTech founders, education leaders, and investors say about the Union Budget on education.

Gerald Jaideep, CEO, Medvarsity, India’s emerging healthcare ed-tech brand, offering online/ blended learning fellowship and certificate courses to healthcare professionals

“In her Budget 2022 address, Hon’ble Finance Minister Smt Nirmala Sitharaman made several announcements which collectively will boost the health EdTech sector. The rollout of 5G was much anticipated, and the tech industry is elated to learn that 5G spectrum auctions will happen this year. This will definitely open up tremendous opportunities for the online education sector to leverage high-speed data connectivity and innovate better learning and education products especially in subjects like medical education where visual demonstrations play a big part in imparting knowledge and virtual experience. With the budget, the Government has reaffirmed its position on three important verticals: the ramping up of digital infrastructure across the urban and rural landscape, the launch of an open platform for the national digital health ecosystem, and the increased focus on online education, learning, and skilling through initiatives such as the launch of PM eVidya, Digital University, Digital Ecosystem for Skilling and Livelihood – the DESH-Stack eportal. All these initiatives will further knowledge transfer, education, learning, and skilling across geographies through digital means. As a leading health ed-tech company, we look forward to the integration of these factors with that of health education and medical training, which will help the sector scale and further advance level health education to healthcare workforce across India.”

Dr. Sridhar G., Founder, Deeksha

“Increased focus on delivering education in regional languages will help improve learning outcomes by overcoming the language barrier. The pandemic has brought out the need of using technology to curate content to individually fit students’ learning needs and the government’s focus on delivering personalized learning at the doorstep is a step towards that. Increased focus on technical skills in ITIs will help promote the employability of students and further put India on the world map as the hub of engineering excellence. In addition to this, the opening of a digital university will not only improve access towards higher education learning in India, but it will also improve access of international students to Indian education.”

Chitra Ravi – Founder and Chief Executive Officer at Chrysalis, India’s leading educational research and innovation organization headquartered in Chennai

“The pandemic has completely altered the way of learning and has increased the pace of digital adoption in the education sector. With improved digital infrastructure and the new initiatives introduced by the government such as the ‘One class, one TV ‘, strengthening online education, quality education can now be possible. As Educators, we should realize Technology has opened up lots of possibilities to improve the quality of education. Tech can be used for the professional development of teachers and also get assessment insights from children. We can safely say that Technology has the potential to solve some of the traditional challenges and pandemic related challenges as well.”

Amit Ratanpal, Founder & MD, BLinC Invest – India-based Venture Capital firm committed to funding EdTech and FinTech startups focused on building a better tomorrow by harnessing the power of technology

“With Budget 2022, the government has clearly taken a stride in the right direction to support inclusion of technology in the education and financial services sectors. With initiatives like digital DESH e-portal, digital university, digital currency, and credit extension to MSMEs coupled with ease of doing business, increasing the penetration of EdTech and FinTech products to the masses will be the key area of focus for the coming years. However, a closer alignment with the budget allocation as per the New Education Policy would have added significantly to the current momentum in the EdTech sector.”

Karanvir Singh, Founder & CEO Pariksha, Vernacular EdTech Platform

“Digital education became the familiar way of new-age learning following the lockdown. The new trend has been well accepted by the government as the way forward for upskilling, widening access to education, and strengthening the higher education system in the country. Additionally, the budget too circumscribed the fact that in a diverse nation like India, education can only be delivered by understanding the vernacular requirements of every region. The expansion of ‘One Class One TV Channel’ to provide supplementary education in regional languages for classes 1-12 will boost the early and secondary education in the country. And the proposed launch of the digital university will simultaneously cater to the requirements of higher education. Thus, the budget has served, end-to-end, to raise the education system in the country in a holistic manner.”

Piyush Bhartiya, Co-founder of AdmitKard- EdTech for higher education abroad

“The budget has been very much in line with the latest trends and changing paradigm in the education system. We are glad that the government is promoting digital education in India. The budget mentioned the launch of a nationwide digital university, which might be the answer to the long-prevailing gaps in the higher education system. What initially started as a result of the global lockdown, has now been acknowledged as the probable solution to the difficulty of accessing higher education in the country where 65% of the population resides in the rural region. Simultaneously, stressing on Higher education will reflect in the next generation’s culture and quality of skill-set in the employment market.” 

Ankit Maggu, Co-Founder, Geekster, an EdTech platform that focuses on providing quality technical education to aspirants wanting to build their career in technology

“The biggest challenge that our youth face is the lack of in-demand skills, the reason for this is that our higher education has not been able to adapt as per the changing Industry requirements. The new-age entrepreneurs are trying to address this gap through different models making skill-based education accessible to the masses but a lot more needs to be done. The launch of the digital university is a great step, as it will increase the penetration of quality education even in the remotest areas at affordable price points. Additionally, Digital DESH e-portal will help further refine the skills of the youth making them more employable and will reduce the skill gap, benefiting both – job seekers, and employers.”

Himanshu Tyagi, Founder & CEO of Digikull, an EdTech providing Full Stack Development Course, with pay after placement only service

“The long-prevailing skill gap in the market was a challenge for both- the recruiters, and youth of the nation too. With the launch of Digital DESH e-portal we can expect to fill in this gap to a certain extent. The interesting part is that following the lockdown, the adoption of digital media had increased. The budget has leveraged this shift in behaviour to add to the ultimate aim of digital India. If the execution is right, we can gradually expect digital learning to become the primary education system 5 years down the line.”

Pratham Barot, Co-Founder & CEO, Zell Education, a specialised EdTech that offers courses in finance and accounts

“With the rise in online education and the constant need to upskill, the government’s decision to provide international education for courses in financial management and fin-tech is truly a game-changer. India today faces a major talent gap when it comes to qualified finance professionals. With the constant increase in demand for such professionals, this announcement will allow Indian students to study international courses in a more centralised and efficient manner. This is a win-win for both companies and students as pursuing these courses will also allow students to have higher earning potential post-graduation to kickstart their career with the right education to make them job-ready.”

Divya Tej Periera, Founder, Tutrrd, an online platform that connects students with teacher after school

“It is very promising to see that education has found a prominent place in this year’s budget. The government’s decision to introduce a digital university with an aim to provide quality e-content is definitely a forward-looking proposition aligned with improving learning and teaching methods during the second year of the pandemic. Also, the union budget’s introduction to provide digital training for teachers while focusing on personalisation by using the hub and spoke method will definitely be a game-changer in the learning methods for students. This is a significant move for the edtech industry as it pushes it towards Edtech 3.0. With digital education being the core of the conversation this year, EdTechs that provide personalised learning to students to be better equipped will only help boost this vision that has been laid down in this budget. Additionally, the PM’s eVidya program which is set to provide supplementary education in regional languages will sure be instrumental in contributing towards the major government priority of inclusive development of the country’s education sector.”

Prateek Bhargava, Founder & CEO of Mindler

“One of the biggest highlights of the Union Budget 2022 is the announcement of establishing a Digital University which shall democratize access to world-class quality education for students in different languages. With hybrid learning models expected to be the future this is a great initiative by the government. Another major highlight was World-class foreign universities and institutions to be allowed in GIFT IFSC to offer courses on FinTech, Science, Technology, Engineering and Mathematics. Allowing world class Universities to offer courses free from domestic regulations will be great for students as this would make such education more accessible and affordable.

 

The budget also recognized the need to impart supplementary teaching and build a recipient mechanism for education delivery.  To compensate for the pandemic-induced impact on education, a very promising move has come in to ensure the reach of needed coaching and guidance to the rural population via PM’s eVIDYA program in their regional languages. This will ultimately boost the content creation, adaptable mechanism for the students and will empower and equip teachers with digital tools of teaching to facilitate better learning outcomes, which is the need of the hour. The Union Budget 2022 also talks about the need to empower and equip teachers with digital tools of teaching to facilitate better learning outcomes, which is the need of the hour. Focus on promoting critical thinking skills and stimulated learning environment through virtual labs and skilling e-labs is also an excellent move.”

Vinay Sharma, CEO & Director – Convergia (S Chand Publishers)

“Budget really builds on the digital transition in education and takes measures to strengthen and broad base it. One key initiative is the creation of high-quality content which can be delivered through multiple means like mobile, cloud, TV, etc. along with professional development of teachers to equip them in using digital tools and pedagogies. This will help towards improving the quality of learning outcomes. Another significant initiative is a creation of a digital university which will deliver quality education to students across the country using remote delivery. This can help in bridging the skilling and knowledge gap because of limited physical infrastructures like universities and colleges.”

Manoj Chawla, CBO, Tribyte Technologies – Bengaluru-based Future Ready Interactive Learning Platform

“Digital ecosystem for skilling & livelihood (DESL) portal is an acknowledgment that online education can support the traditional learning pedagogies. Allocation towards Education has been increased to 1.42 Lakh crore. This is a significant change from previous years. The fine print may reveal investment in resource development, something which was much needed.”

Dr. Atul Nischal, Founder – Director, International Council for School Leadership (ICSL)

“I am delighted that teacher training has become an investment priority in addition to building the educational e-infrastructure by developing quality content and creating channels for mass access. I wholeheartedly welcome the government’s commitment to digital learning as a solution to mend the pandemic-induced losses as well as achieve the goals of the NEP 2020. There are close to 1 crore school teachers in India who need to be supported with a minimum of 50 hours of quality professional development every year. Without the support of e-Learning it is impossible to achieve this scale. As a next step, the government should create provisions for not-for-profits, such as International Council for School Leadership, to play an active role in empowering and enabling teachers in India.”

Himanshu Gautam, Co-founder and CEO, Safalta Education Pvt Ltd, a platform focused on quality education, accessibility to all, and economic viability

“The 2022 budget’s approach on aligning education with employability resonates with our vision. The National skill qualification framework will be of great help for the right kind of talent creation for actual industry needs, on which Safalta contributes through its skill courses. We also aim to contribute to the government’s vision of providing supplementary education in regional languages for students of class 9-12th. Safalta provides an affordable, high-quality education through vernacular pedagogy for students of semi-urban and rural India. Our commitment to creating an outcome-based learning Platform leading to employment will be magnified by the government’s push on creating a digital ecosystem through the setting up of a digital university and DESH portal. We welcome the FM’s announcement to extend the period of co-operation up to 31st March’23 for tax incentive of Startups.”

Nirmal Shah, Co-founder of Countingwell, dedicated maths learning app

“We are glad to see the government’s focus on building digital tools and quality content for students. Given that education was one of the worst-hit sectors during the pandemic, the development of a digital university and the expansion of eVidya scheme, along with One Class One TV Channel, will greatly benefit the students to access high-quality education. From the EdTech industry perspective, it brings us into the mainstream, going beyond “had to have it because of Covid”. The impact and benefit of EdTech to the education systems will gain greater visibility with schools and parents, and we expect that to give us great impetus.”

Narayan Mahadevan, Founder, BridgeLabz

“The budgetary allocation this year emphasises on the needs of skilling, reskilling and upskilling citizens. Considering the situation of the last couple of years which greatly impacted the job pool and led to declining job opportunities leaving the employable workforce jobless, this years’ union budget focused on creating 60 lakhs jobs. Hence, by prioritizing skilling and reorienting skilling programs the government will give an immense boost to the youth of the country to get back to work. I wish the government had definitive plans to accomplish the same and even encourage such platforms that work towards skilling from the perspective of employability and create business models on successful employment.”

Nikhil Barshikar, Founder and MD of Imarticus Learning

“Path-breaking initiatives such as digital DESH e-portal, digital university and e-content portal for teachers serve to provide comfort on the acceptance of EdTech by the government and the regulatory bodies. We are pleased with the way Budget 2022 has focused on leveraging technology to drive deeper penetration into the market and breaking barriers to provide access to top-quality education to the masses. We expect EdTech businesses catering to customers in the Tier-II and lower cities to gain significant momentum in the coming years. Education is one of the key pillars of growth and youth upskilling is a major contributing factor. With technology playing a key role in the growth of various sectors, the availability of a skilled workforce will be critical. This provides significant tailwinds to opportunities in the technology upskilling space. Additionally, the focus on agricultural upskilling has given rise to a new opportunity for all the non-technology skilling players in the market.”

Sidharth Agarwal, Director, Spectrum Talent Management

“As per today’s budget announcement by the FM, there will be creation of 60 Lac new jobs. Using a capital investment approach to do so and not making much alterations would work considering how well the corporate sector is doing. Taking into account the last 2 years of the pandemic which has been difficult for all, there wasn’t much for the salaried class/middle class. However, if I must say so, the goal is to improve things through infrastructure investment and by not putting money directly in the hands of the consumers. Introducing Desh Stack e-portal should be a help in creating and stimulating the environment for skill development. In the last year’s budget NAPS was the fourth pillar and now, announcing Desh Stack is a step in the right direction.”

Varun Dhamija, Founder, Sukiru

“There are some significant measures announced for K-12 as there is a learning loss for students throughout the country. Implementation will be the key to watch out as there is going to be a lag effect by the time the measures come into effect. Budget is largely silent on the higher education, up-skilling sectors. Expected some support from the government for the disrupted white collared workforce who are also big contributors to direct income taxes.”

Ashwini Purohit, Co-founder & CEO, Winuall

“It is great to see the government taking substantial strategies to promote digital learning. With the pandemic, we have observed a fundamental digital shift in the way tutors teach & students learn in the past two years. We believe digital tools will become an integral part of the learning experience and evolve our education system in a massive way going forward. The skilling program initiatives will not only help students but will also encourage teachers who face daunting challenges, especially in the rural areas. Education can be digitized in rural areas using technology infrastructure coupled with content and performance improvement recommendations. This will play a massive role in helping teachers and engaging students better. Every tutor will now be able to go beyond their boundaries and scale their business using technology.  This will also enable students in remote areas to have access to top educators across the country in every domain that they could learn from.”

About the Author

Author: Stephen Soulunii

No more a student, but love to learn. Not a teacher, but care about how students are taught. Not an educator, but want everyone to be educated. Not a social worker, but desire to see change. Not a reformer, but always want to see a better world. The author believes that only sound education can bring a better future, better world and technology can help achieve a lot in this field.

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