The Business Of Education In India : A Catalyst For Economic Growth And The Future Of The Education Sector In Contributing To GDP

Abstract

India's education sector has significantly contributed to the country's GDP, with a focus on schools, colleges, universities, vocational training centers, and digital learning platforms. The sector is complex, involving economic impact, private sector change, digital transformation, quality and accessibility, government policies, and skill development. India's education landscape is expected to change in the next decade due to economic growth, demographics, and politics. Rapid education internationalization, global competition for talent and research funding, and education commodification are also influencing change.

India's middle classes will grow rapidly, with 25 million households expected to earn $15,000 and pay for higher education in the next decade. The Indian government has taken steps to improve primary and higher education and develop human capital. Education has become a larger share of GDP than other spending between 1952 and 2010.

The Indian education market is worth USD 91.7 billion and is expected to grow due to rising demand for higher education and government support. The Indian government wants USD 150 billion in international investment over the next decade. The K.B. Pawar Committee of the University Grants Commission proposed four working higher education PPP models: core infrastructure, outsourcing, equity or hybrid, and reserve system outsourcing.

The private tutoring and coaching market in India has grown rapidly, with 26% of students attending private schools. Education in India is expected to reach US$225 billion by FY 2024-2025, growing 14% CAGR.