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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Achieving Excellence in Higher Education

The education sector in India is set to reach new heights with top Indian B-schools and technology colleges spreading their wings. The entry of foreign universities into the country also shows positive signs for students who will now be endowed with better academic opportunities.

Union Human Resource Development Minister, Kapil Sibal is spearheading a huge reform by asking focus on increasing the number of college enrollments and the creation of more infrastructures for education institutes.

According to him:

-Education sector should be given priority lending rates and not commercial rates to enable construction of more schools and colleges across the country.

-The gross enrolment ratio (GER) should be improved which demands focus on substantially increasing the number of college going and research students. The GER of other countries varies from 40 to 50% whereas it is as low as around 12% in India, thus, becoming a matter of serious concern.

The coming up of new institutions would definitely add volumes to the opportunities available in higher education. This will help in potentially increasing enrolment and improvement of quality both directly and indirectly. But, this will help only if the foreign universities impart education in line with the goals, objectives and mission of Indian higher education.

The importance of creativity, new ideas and innovation has to be understood by our education system. It must give space to students and help them develop the qualities they already possess rather than forcing them to follow conventional study patterns. The scope and extent of collaborative learning and exchange programmes is huge and needs to be taken advantage from.

The mission of higher education in India is better access and excellence. As more students pursue higher education and take up research, it will bring immense benefits for the country and its economy.

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