Tuesday, June 8, 2010

Indian Education Industry Going Places

The ever growing education market of India is expected to reach a staggering US$50 billion by 2015 according to industry estimates. The Associated Chambers of Commerce and Industry (Assocham) in its recent study said that more than 50% of Indian middle class families have started saving for their children's higher education.

I. With nearly a 20 to 25% rise in the income levels, the saving ratio has considerably gone up reflecting potential for growth in education industry. Till few years ago, it was looked upon as an expense but the need for higher education has been felt increasingly by Indian middle class. India has one of the largest middle class in the world which is calculated to be about 300 million.
India’s total education market size is valued to be around US$25 billion of which higher education sector contributes nearly US$15 billion. It is expected to more than double in next five years as evaluated by Assocham’s projections.

II. Not only this, education boom in India is spreading its wings to Canada and UAE as well. Canadian universities and colleges are opening up their doors to welcome higher number of Indian students. Canada India Education Council (CIEC) founded by former Canadian foreign minister Pierre Pettigrew believes that their education system is among the best and there is a need to build the bridge between India and Canada to promote it as an education destination. CIEC will endeavor to operate exclusively and strategically within the burgeoning Canada-India education corridor by creating a social, legal and physical presence in both India and Canada.

III. A human resource meltdown has been predicted by Kapil Sibal, HRD (Human Resource Development) minister of India. He foresees a shortage of young professionals as the population ages and is making efforts to come over the deficit by engaging in talks with other countries like UAE.


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