Rapid economic growth is creating an enormous demand for skilled manpower, which can only be fulfilled by education institutions preparing students to be future-ready, says DR VIJAY PATIL

India is believed to be the epicentre of knowledge and education. The evidence of this is present in places like Takshila and Nalanda. These places had pioneering institutions, and the ruins still stand tall on their grounds. However, over the last few centuries, the legacy of the Indian education system was sadly lost. Post the British rule, Indians realised the existence of these education hubs and excavated their ruins for further study. Since independence, there has been an immense focus on the improvement, growth and development of this critical sector.

The progress of any country is primarily judged by the status of its education and healthcare industries. The Indian education system is expected to reach a valuation of USD 225 billion by FY 2025. The subcontinent is at a crossroads in terms of providing leadership in education.

India is poised to be perhaps a superpower in its own right, and the expectations of the world from India make these two factors especially important as markers for our progress. Further, with the second-largest population across the globe and youngest population in the world, education becomes an imperative aspect for the subcontinent’s growth.

Even the states and central governments are realising the cruciality of this sector. The education policies that are being formulated in recent times are embedded with strong reforms that encourage the private sector to contribute to the field of education. The inclusion of private parties will help in boosting the quality of education that is imparted.

There will be greater academic and administrative autonomy, which will lead to the rapid growth of research-oriented institutions. Again more knowledge centres will lead to a majority of the country’s youth having access to thorough education. Access, equity and inclusiveness are the fundamental goals the New Education Policy 2020 entails to establish India as a global hotspot for quality education. It aims to provide all the facilities available to students abroad at much lower costs. Such measures are indicators of the fact that this sector has adopted an upward trajectory.

Further, the rapid economic growth in the country is creating an enormous demand for skilled manpower. This growing requirement can only be fulfilled by education institutions preparing students to be future-ready. Many schools and colleges have redesigned their curriculum to adopt an industry-first approach. Students are now gaining theoretical knowledge as well as advancing their skill-set. They are not only trained to be strong on the theory front. The motive is to imbue in them qualities like critical thinking, analytical skills, creativity and problem-solving, among others. It is safe to say that the development of other industries, be it IT or Finance, depends on the output offered by the education sector.

Looking at the current trend and talking about the next five years, the education market in India is expected to become US$ 225 billion by 2025. This will eventually put a lot of pressure on the existing educational institutions to fulfil the workforce requirement necessary to facilitate such growth. It will also pave the way for numerous new schools and colleges, increasing the availability of courses, modules, curriculum and institutions for students. There have also been modifications made in the pedagogy, and teachers are encouraging students to indulge in more and more exhibitions, training programmes and internships.

 With the wheels of such dynamic changes set in motion, India can become the land of opportunity and a premier destination for education, even for international students.

After all, it is not by accident that there are multiple Indians who perhaps started their education domestically and are now holding leadership positions in companies that are international giants.