India is one of the countries that cannot be taken away from the attention of the rest of the world. The reason is fairy simple. So much of a contribution to the global work force stems from India’s quarters. But how is the situation within India? Are there enough jobs in the market? And if there are, is the education system doing enough to support creation of new jobs?
This could perhaps be an interesting maze at this time. There are some glaring statistics that stare the country directly in the eye. It is believed, India needs to create a whopping 8.1 million jobs annually, starting from 2018. However, the situation last year in 2017- the situations were grim.
Only 5.5 million jobs were created to keep up with the momentum needed till 2025. Truth be told, the public spending on education is even lower than developing countries like Malaysia and Brazil. The situation at vantage point, below the sheen of the booming economic picture is often a grim one. Every country runs on the churn between the interaction of education and prospect employment. In India, the churning mirrors the contradictions arising from a vibrant economic sphere and job-related crisis.
It is estimated that by 2022 alone, there’ll be over 104 million fresh entrants in the market. Lest it be forgotten that this is a young country where over 50 per cent of the nation’s population constituent are its youth, there shouldn’t be a surprise in knowing this. While economic forecasters predict a bright future where economy is concerned, predicting that India’s will be the third-largest economy by the next decade, factors like unemployment continue to dull the picture.
This is both surprising and grim. India is walking on a tightrope between unemployment on the one hand and fresh labour/talent availability on the other. So what exactly are the problems that are contributing to unemployment and could these be stemming from the fallings of the eduction sector?
Syllabus in schools- a widespread contributing factor to India’s dampener on the job market is owing to the lack of any newness in the syllabus. Globally, the job market is constantly evolving and it’s being said that the job-market and syllabus haven’t kept up with the constantly evolving business needs.
The OECD highlighted that lack of quality jobs in the market coupled with complex labour laws are undoing all the good work done by India’s economic score-sheet, of late.
So, could it be that what India needs urgently today is creating a reservoir of sorts of skill-base? Absolutely, where the experts stand. The World Economic Forum is known to have said, in becoming a centre for innovation, India will benefit from having both its people and its new job sectors ready to adapt to new technologies. This should be a constant especially when the government at both central and state levels is instituting various vocational skill learning centres. There’s hardly a dearth of Industrial Training Institutes either.
Conclusion: In order for the economy to sustain its robustness, it is imperative for India’s educational construct to mould itself in a way that upholds the growth of a new ‘skilled India’. This will be vital for the sustenance of the economy as well.