The size of the education sector may double to $50 billion by 2015 with the rise in government expenditure along with an increase in middle-class income, an industry chamber study has said.
At present, the size of the education sector is pegged at $25 billion, said an Assocham study.
"The government is planning to spend about 5 per cent of GDP in the next five years on education," it said and noted that the middle-class has started spending more on education and no longer considers it an expense.
Since 2008, about 55 per cent of the country's middle- class households have started saving for higher education of their children compared to about 20 per cent in 2007, the study said.
The chamber, however said, except some select universities and institutions, bulk of the government and private institutions impart higher education, which lacks quality. Therefore, quality education needs to be encouraged for which investments would be forthcoming.
