Education in Indian offers huge business potential for the private sector in view of the persisting gap between demand and supply.

It is borne out by the increasing share of private schools in the country between 2009 and 2015, says a report by the ratings agency, India Ratings and Research (Ind-Ra), released on Tuesday.

“In FY15, the percentage share of government and private schools out of the total schools in India were 77% and 23%, respectively, compared with 81% and 19% in FY09,” says the report.

Citing a study by India Brand Equity Foundation, Ind-Ra said that India needs an additional 2 lakh schools, 35,000 colleges, 700 universities and about 40 million seats in vocational training centres.

India had 14.25 lakh schools and about 37,000 colleges at the end of 2013-14, according to provisional data presented by the union ministry of human resources development (MHRD) in a December 2014 presentation.

Ind-Ra pegged the market size of the education sector at about Rs.7,80,000 crore (Rs. 7,800 billion) in the current fiscal, up from Rs. 6,42,300 crore (Rs. 6,423 billion).

Source: IBTimes