Education - #SectorUpdates
This year, 2 million students are anticipated to take the Common University Entrance Test (CUET) for 200,000 undergraduate university seats. The test preparation business in India has grown as a result of the existence of such a big number of exam takers. In 2020, the Indian private tutoring industry is estimated to be worth over $ 45 billion. The test preparation segment has grown to include a combination of classroom delivery, study material, live and pre-recorded video sessions provided online dissemination, and testing, with students gaining access to course content through online portals and smartphone apps. According to different estimates, the test preparation segment is a well-organized market that accounts for around 22 percent of the entire private tutoring industry.
Analysts raise concerns about the socioeconomic impact of the growth of the test preparation industry because (a) it is rather easily accessible to students from economically better off backgrounds, (b) there is pressure on students to crack examinations more than ‘lesser relevant’ aspects of education, and (c) stress on students due to excess hours studying without any break. This business requires the attention of the country’s thought leaders since it has a significant impact on the livelihood prospects of millions of young people. Education is on the Concurrent List of the Indian Constitution, which means that it can be regulated by both the Central and State governments. Today, education is transitioning from a public good service for human development to a marketable commodity. Perhaps this calls for an effective structure for regulating and streamlining this market, in consultation with all stakeholders, including students, job seekers, parents, instructors, and test preparation businesses entrepreneurs.