Gokulnath said that the government is bullish about the potential of edtech
She noted that while the global edtech market is growing at a CAGR of 16.4%, the Indian edtech market is growing at 40%
The central government is reportedly working on policies to prevent the exploitation of students by edtech platforms
While the government is working on a policy to regulate edtech players operating in the country, BYJU’S cofounder Divya Gokulnath believes that a strong government policy can give a much-needed boost to the sector. She added that the private-public partnership will help the edtech sector thrive.
Responding to a question about government policies on edtech, Gokulnath, during The Makers Summit 2023, said that the government is bullish about the potential of edtech.
“I am a strong believer that if we have to enable education, we will have to empower and create a global champion coming out of India in the edtech space, …the best is when there is a private-public partnership,” Gokulnath said.
“What we have seen over the last couple of years is that the government is very bullish about the potential of edtech,” she added.
She noted that while the global edtech market is growing at a CAGR of 16.4%, the Indian edtech market is growing at 40%, adding that the government is working on multiple projects to create a change in the education system. She added that there is a lot of focus by the government on future skills under the National Education Policy.
Recently, many experts have raised questions about edtech business models and their advertising campaigns, among others. Member of Parliament (MP) Karti P Chidambaram said that edtech giants are openly violating the Centre’s guidelines at the expense of children and their future.
“In the absence of a law regulating edtech companies, these profit-mongering giants are operating on a business model built around exploitative work culture, demanding employees to intentionally profile, pursue, and pressure children as well as their parents from low-income backgrounds into buying their courses,” he said.
However, the central government is reportedly looking to bring policies to prevent the exploitation of students by some edtech platforms. The Union Education Ministry is in talks with the Ministry of Law, and the Ministry of Electronics and Information and Technology (MeitY) to formulate a common policy.
Last year, edtech platforms formed a self-regulatory body under the Internet and Mobile Association of India (IAMAI) called the India EdTech Consortium (IEC).
Although edtech platforms received a major funding boost in 2020 and 2021, the year 2022 posed a dire funding challenge. Amid the funding winter as well as the reopening of schools, colleges and coaching institutes, edtech startups saw a 44.18% YoY decline in funding and could raise only $2.64 Bn during the year, as compared to $4.73 Bn raised in 2021.
Since the start of 2022, 19 edtech startups, including BYJU’S, Unacademy, and Vedantu, have fired more than 8,460 employees. Besides, at least five edtech startups, including Udayy, Super Learn, Crejo.Fun, Lido Learning and Qin1, have shut shops.