India's huge population is one of the biggest factors to every business success. India is the second fastest growing economy in the world. Its growth in recent years has been led majorly by the services sector, this trend is certain to continue but India faces the challenge of generating an appropriate supply of skilled manpower to sustain the present growth. The education system at all levels is in advanced stage of disrepair and disarray. Thus, it has become the top most priority for the country to have a strategy that will enable it to effectively address the multiple challenges in the education sector which can supply the adequate and skilled manpower to industry.
A study by the Ministry of Human Resources and Development puts the shortage of skilled manpower at more than 1.2 million in 2014. The industry estimates say that nearly 80% of all graduates in India are unemployable since they do not have the required skill sets. While the Indian economy is poised to move on a double-digit trajectory, dearth of skilled manpower has proved to be a deterrent for many industries in this country. Time and again, industry has expressed concern over the shortage of skilled resources in India. Here, we would like to put few facts for your attention: -
- India is home to 17% of the World's total population
- It is accommodated in an area that is 2.4% of the World's total area
- It is the fourth largest economy in terms of purchasing power parity
- It has 1.4 Million Schools and 28,000 Higher Education Institutes making it world's largest market for Education & Training Resources
- As against 2820 languages in the entire world, as many as 325 languages are effectively used in India alone
- It is World's second largest English speaking Country
- It is the largest home for consumers of education services in the World
- It has the third largest Higher Education system in the World
The education sector in India is presently at a point of inflection. Due are rapid changes occurring across the various educational segments. The government is supporting multiple initiatives as the private investors seek to resolve issues of access and formats. This has in turn given rise to challenges around affordability and accountability which have to be dealt with in order to catch up with the gap in capacity. Key factors influencing India's increasing education appetite are
- Demographic advantage
- Increasing affordability
- Knowledge led economy
- Women participation
- Employment avenues
- Every third person in an Indian city today is a youth. In about seven years, the median individual in India will be 29 years, and very likely a city-dweller
- By 2020, India is set to become the world's youngest country with 64 per cent of its population in the working age group. With the West, Japan and even China aging, this demographic potential offers India and its growing economy an unprecedented edge that economists believe could add a significant 2 per cent to the GDP growth rate. The population in the age-group of 15-34 increased from 353 million in 2001 to 430 million in 2011. Current predictions suggest a steady increase in the youth population to 464 million by 2021.
- A closer analysis of the urban youth suggests that greater political participation, engagement at a policy level and urgent attention to improving their quality of life can ensure that India enjoys the benefits of this dividend.
- While India is undergoing a demographic transition, regional disparities in education mean the benefits will not be evenly spread across the country. The report says the southern and western States will be the first to experience a growth dividend as they accounted for 63 per cent of all formally trained people. The largest share of youth with formal skills was found in Kerala, followed by Maharashtra, Tamil Nadu, Himachal Pradesh and Gujarat. Among those undergoing training, Maharashtra had the highest share, Bihar the lowest.
- The unequal access to opportunity and the lack of emphasis on education remains a persistent problem. The report finds that a person in an urban area has a 93 per cent greater chance of acquiring training than someone in a rural area.
"Source State of the Urban Youth, India 2012: Employment, Livelihoods, Skills, a report published by IRIS Knowledge Foundation in collaboration with UN-HABITAT."
Franchise Opportunities in education sector
There is an increase in franchise business. People are looking out for various franchise opportunities for income so we are training our students and encouraging them to go for franchise business.