Education is an integral part of any development process. Any country is the globe requires the basic schooling and further the college and post-graduation systems to be active and running. India too has a long dated development record in the field of education as today it has come and long way and established a name among the leading education providing destinations. This sector plays a vital role in pulling up the nation’s economy upward and gain greater revenues in all other industries by laying a learning path for generations that take charge.
India is one of the biggest hubs of education as it houses around 1.4 million schools, 700 universities and more than 35,000 colleges that offer educational and training services in order to cultivate the essence creativity and expertise among the robust population.
Indian educational sector is a buzzing one for most of the annual as it has an enrollment size of more than 25 million students per year; this includes both the regular batches and the distance education groups. The country possesses 10 of the top 100 locations which are apt for education around the globe. Its market size was valued at 3, 41,180 crores INR by the end of 2012 and it had a CAGR growth of 16.5% from the year 2005-2012. The higher education segment of the industry consisted of 34.04% in the year 2010 and had a CAGR growth of 18.13% from the years 2004-2010. However, parents are allowed to home teach their wards if they wish to. The concept of homeschooling is not illegal in India, it’s just important that parents are willing to adapt the concept and they have the means to do it systematically.
There is a ‘10+2+3’ system followed in the country which is schooling till the tenth grade and then the students can opt for their streams as per their interest. These streams are majorly segregated into Science, Commerce and Arts. There are other fields as well like Engineering and its kinds which have equal value and demand among the learning group. The higher secondary segment holds the major share in the overall educational sector with a strong 59.7% share, it is followed the school education segment which holds 38.1% and the pre-schooling segment with the multi-media section comprises of 1.6% and 0.6% respectively. The above numbers are sufficient to provide the segmentation of the industry and give us an idea of the contribution it does to the overall economy.
With an average age of 25, the country is a youngster’s depot having a count of 550 million people aging under the age of 25 years. As per an industrial research the private sector alone is predicted to reach $ 115 billion by the end of 2018. The K-12 (Kindergarten-12th grade) segment is expected to require an additional 34 million seats by 2018 thus growing to a colossal number of 351 million. This section was accounted $ 24.5 billion by the end of 2008 and is estimated to grow at an annual CAGR of 14%. Further the segment is expected to reach more than a doubling value of $50 billion by the close of 2015. Government initiatives such as the mid-day meals, Sarva Shiksha Abhiyan (SSA) and the latest Right to Education (RTE) act passed in 2009 have assisted in developing the K-12 segment of the educational sector.
Therefore, it is needless to say that there is a presence of heavy investments from all over the globe and this pattern of pushing in capital and providing advanced assistance is ought to grow in the years to come.
The ministry for education is planning to increase the count of skilled employees in the department through vocational educational and training programs and add a notable number of 70 million employees in the next 5 years. This is sure to improve the quality of teaching, bring in newer technologies and enhance the overall experience for everybody involved.