Economic Survey 2021 reaction: Mr. Vikram Kumar, CEO, Lrnable Group
Allocate dedicated funds to ramp up digital access in the next three to five years to make India $Five Trillion Economy by 2025
“Government must look at offering workable digital access to all, so that 75% of Indian population which lives in the rural/sub-rural rungs, is not left behind in this push”: Vikram Kumar, CEO, Lrnable Group.
The Economic Survey towards the Union Budget 2021 looks at the untapped potential and future of start-up companies and their importance for economic growth.
With added and renewed focus on building a strong digital infrastructure and financial support to Public-Private Partnerships (PPPs) in Infrastructure Viability Gap Funding (VGF) Scheme being extended till 2024-25 along with investment in electricity, technology, power, roads, etc., towards quick adoption of digital learning/online education, the EdTech and skilling sector is assured to meaningfully contribute to Prime Minister’s vision of India becoming a $ Five Trillion economy and making the nation the Skill Capital of the World.
The survey also points out at intensifying the focus of the government in areas such as education and health, and, embracing technology along with digital inclusion.
Education/Learning (and awareness of it), is the most powerful wheel for change. The dimensions of learning and assessment will see a quick transformation with new technologies and integration of various allied tools and techniques making education reach every doorstep of India.
But the race between education and technology can also lead to inequality and broader divide between those with access and without, if the latter, in remote areas, are unable to access technological innovations.
Thus, in the Budget, Government must look at offering workable digital access to all so that 75% of Indian population which lives in the rural/sub rural rungs, are not left behind in their quest for acquiring learning & skills. A dedicated fund may be a good initiative and act as a catalyst to ramp up the digital access for learning, across length and breadth of the country.
Notably, in the US, inequality is being witnessed now. Learning from the global practices, we can see what needs to be done, in terms of immediate allocation of funds, especially to leverage the demographic dividend of India.
An estimated 121 million jobs were lost during the COVID-19 period, reports say. The reason is stringent skills assessment during COVID, towards employing only those employees who remain relevant to the company.
Also, the Indian workforce observed the highest skill gap, where 94 per cent of employees reported a skill mismatch. The solutions are available; there are various EdTech start-ups and skill providers, which need a boost, towards bridging this gap. The companies in this space must respond to the current challenges of students, institutions, and employers across different industries.
Lrnable Group, through its ecosystem, is targeting to train about 50 lakh students & professionals, aspiring to enter the job market/transform their skills, in the next two years. The Group intends to create India’s first sustainable and inclusive academic learning, workforce transformation, talent mapping and management ecosystem through its Mytat and Lrnable platforms.
Currently, it is looking at forging alliances with academic institutions, organisations and corporates across the nation. The outreach plan for 2021-22 is to reach at least 50 cities across eight to 10 states.
The company currently offers skill-building across many sectors including IT/ITES, and pharmaceuticals. We have helped some of our partners reduce hiring times by more than 60 per cent.