By Abhimanyu Saxena
The year 2020 has been a turning point for every organisation working in the space of ed-tech. It has allowed students and young professionals with ample time and opportunities to build on their skills. Continuing on this journey, 2021 is a crucial year, and it will set the course for the entire industry for years to come.
With the new budget, we expect that the government will lower the GST levied on the ed-tech industry. It is currently at 18 per cent, if it were to go down by even 1 or 2, it would have a significant impact - making online education that much more accessible and affordable. Another thing that could be implemented is allowing working professionals some tax benefits redeemed against the fees paid for online upskilling courses and programs. It is a great motivator for professionals to upskill while allowing our nation to build a more diverse talent pool comparable to the best in the world. Further, interest paid on loans for higher education is exempt from Income tax. A similar policy can be introduced for loans being taken for online courses as well.
Recognition from apex bodies like UGC, AICTE, and NSDC will also help alleviate digital education and upskilling programs' status and awareness. All or some of these measures are sure to encourage more and more working professionals to upgrade their skill levels and knowledge. In the long run, this is bound to better the country's human development index. We are on a cusp of an education revolution, and any impetus from the government will go a long way in establishing India as the hub for skilled talent.
(The author is Co-founder, Scaler and InterviewBit)