Amidst the thriving education industry in India, which is expected to grow from $117 billion to $225 billion by 2025, concerns have been raised about the compromised quality of education due to the emergence of several private colleges that produce incompetent graduates every year.
A Bloomberg report quoting talent assessment firm Wheebox says that about half of the students who graduate from India are unemployable due to problems in the education system.
Students are paying for multiple degrees in the hope of securing a job, and some are attending colleges housed in small apartment buildings or shops in marketplaces. Such colleges often lack regular classes, employ underqualified teachers, and provide outdated curriculums with no practical experience or job placements. This issue has led to the country's unemployment rate remaining above 7%, despite the country being the fastest-growing major economy globally.
The government is aware of the issue and has emphasized the need to increase the number of young people in the workforce. However, this focus on quantity over quality is hindering progress, with many businesses struggling to hire skilled employees.
The lack of job-ready graduates is also a significant issue for Prime Minister Narendra Modi, who promised to create millions of jobs in his campaign speeches.
Experts suggest that India must address the shortcomings of its education system and focus on providing quality education that meets the needs of the job market. This includes upgrading curriculums, investing in teacher training, and offering students practical experience and job placements. If the education system's problems are not addressed, it could hinder the country's economic growth and competitiveness in the global arena.
According to the India Brand Equity Foundation, a government trust, the education industry in India is expected to reach $225 billion by 2025, up from $117 billion in 2020. However, this projection is significantly smaller than the US education industry, which has an estimated spending of over $1 trillion. Public spending on education in India has remained stagnant at approximately 2.9% of the GDP, which is much lower than the government's target of 6% set in the new education policy.