Ashoka Founder Pranav Gupta states - Education sector will be an important contributor for India's $5 Trillion Economy Goal

 

Education is an integral component of every nation's growth and development since it has a substantial influence on economic prosperity. India's goal to have a $5 trillion economy by 2025 may be advanced significantly by the education and skill system in India. Pranav GuptaAshoka University Founder highlights, “Education helps to improve the quality of life, aids in the growth of human capital, productivity, ingenuity and the alleviation of poverty. It helps in the promotion of entrepreneurship, technological breakthroughs, social development, as well as other aspects where economic development can be accelerated. No nation can advance its economy in the long run without making significant advances in its human capital. The education industry will be a major contributor to India's $5 trillion economic goal with the new initiatives introduced by the government to better the entire sector.”

Educators and technologists worked arduously to develop tech-enhanced solutions, aiming to establish a new platform for students who were restricted to their homes due to the Covid-19 pandemic. It has opened the door for digital technologies, virtual learning and other equivalent innovations to support the continued quest of knowledge. Due to this now, learning has evolved into an experience that is far more intriguing, captivating and futuristic. The outcome was positive, since the market for education and skills in India is expected to grow by a factor of two over the next ten years. “This would help in the creation of jobs further and put India's economy firmly on the fast road to higher growth. A country's future prosperity and technological advancement is guided by the education system. A slew of modern educational startups are springing up all throughout the country as a result of its prominence. The Prime Minister's goal for the nation is to have a fully realized successful reality and education is believed to be a game-changer in achieving that goal,” states Pranav Gupta.

The expansion and evolution of India's educational system strives to boost employment rates, the establishment of startups and the country's general economic growth. India intends to reach a $5 trillion economy by 2024–2025 as per Financial Express report. India has to expand at a real-terms pace of 9% annually between the fiscal years of 2020 and 2025 to get there. The government is implementing policies that can support the expansion of the economy and educational sector in an attempt to render investment possibilities more accessible. The goal of achieving 100% foreign direct investment via automated channel is a noteworthy step in this approach.

“To improve the level of expertise among India's growing workforce, skill training is prioritized alongside the Prime Minister's $5 trillion economic goals. New education policies, skills training and development, an infusion of investment possibilities and plans to create a vibrant economy is the momentum currently needed to move ahead as a fulfilled nation. Start-ups and entrepreneurs will unleash tides of transformation by tapping on this market's enormous possibilities,” shares Pranav GuptaAshoka University Founder.

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Education is crucial for a nation to prosper and to uplift every section of the society. Along with education, vocational training is essential, particularly for the population belonging to the lower section of the pyramid. For those in the low-income group, education is necessary to improve quality of life, increase literacy levels and promote overall development. Although the digitization of education during the pandemic assisted in keeping the education sector afloat, it was not without some amount of disparity. Children from low-income and rural backgrounds encountered a number of challenges, including the lack of smart phones and problems with network connectivity that caused them to lag behind their peers.

The Digital India project of the Ministry of Electronics and Information Technology has immensely changed the society with its initiatives in order to tackle these concerns. An economic survey by Financial Express showed that the percentage of people who own smart phones increased from 36.5 % to 67.6 % in 2021. According to a report published in the Economic Times, almost 87% of Indian households will have access to the internet by2025, and mobile internet connectivity has increased in length by 21% since 2019.

“Inclusiveness is necessary for any kind of welfare and development we seek. India is creating a healthy ecosystem through a range of comprehensive and integrated initiatives that not only aim to grow the nation's economy to $5 trillion but also uphold the idea of achieving holistic development for the nation. The nation's education sector, its innovations and the up-and-coming startups are ready to be at the centre of this ecosystem. Prime Minister Narendra Modi aims to turn India into a $5 trillion economy as well as a worldwide economic powerhouse by 2024–2025. This goal is ambitious but doable as additional reforms are implemented. No goal is insurmountable if indeed the focus is sustained as a country that values and promotes education,” concludes Pranav Gupta Ashoka University Founder.