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Education market set to grow - 30-Oct-2008
Education is to enable the students to acquire knowledge and skill in the prescribed study. It is a conscious effort to assist in the intellectual growth of an individual.
Realizing the importance of revamping the education system in the country both in terms of quality and quantity, the government has decided to invest Rs. 85,000 crores under the 11th Five Year Plan period for the expansion of higher education facilities.
As education must be objective-oriented and must consider the facilities and resources available to the students, the government has determined to inflate higher education facilities in Indian institutions.
But the amount said to be invested is insufficient when considering a country with 11% Gross Enrollment Ratio {GER} Moreover The General Agreement on Trade in Service {GATS} has suggested removing all trade barriers on the way to higher education in order to make it a Global commodity.
Market Pundits are also expecting deregulation of the education market soon because of the existing disproportionate ratio between Indias population and number of institutions offering higher education,{ for eg.USA with a population of 300 million has 2364 universities where as India with more than 1 billion people has only370 universities}. It is sad to note that in India with a population of more than one million people nearly 35% are illiterates and the government initiative alone will not suffice to make it a knowledge-based society.
Considering the fact that 90 million students are already enrolled in the private schools and flourishing business of the coaching classes, the worth of India''s education market is ready to soar. As preschool education has become an integral part of education in urban areas, analysts anticipate tremendous growth in this sector too.
As per CSLA report the value of the Indian educational market at present is $40 and in the next 4 years {2012} the merit of the entire educational field will go up to $70 billion, with 40% of the urban children attending Pre schools while about 90,000 attending private K-12 schools.
At the college level, there is expected to be an addition of 800 Engineering, 300 MBA, and 60 Medical colleges to cope with the increasing demand for technological education. With the increasing demand of education and technological advancement, various other education service providers naturally reap benefits. Thus apart from stationeries, preschool education learning aids, e-learning business is expected to ascend despite the slowdown of IT and some other areas of India''s economy. No doubt Indias educational market has gone to an unbelievable level.
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