India plans to raise its expenditure in the education sector by about a quarter reinforcing the country’s push to create a skilled workforce to keep up with fast-paced growth.
Over 70% of Indians will be of working age in 2025. In this context, universalising access to secondary education, increasing the percentage of our scholars in higher education and providing skill training is necessary.
India’s $86 billion education sector is increasingly joined by private players in its rapid expansion, while increased government spending and fresh interest from foreigners and large funds who are pumping in money in services, technology and infrastructure play the catalyst.
In India only about 5% of students have access to any vocational training as compared to about 60% in developed countries so the gap is very big and the government is also trying to fill it by ensuring students who graduate have the necssary skills which helps them get employment.
The government will also infuse as much as Rs 2 billion each in Indian Institute of Technology, Kharagpur, the nation’s premium engineering institute, and Maulana Azad Education Foundation, apart from other grants to various institutions.
The National Skill Development Council (NSDC) is on course to create 15 crore skilled workforce two years ahead of 2022, the stipulated target year.
One of the prime challenges for India’s surging growth is severe skills shortage – spanning all levels, from management to frontline operations, and all sectors, from IT to fast food.
The government will also invest as much as Rs 210 billion in Sarva Shiksha Abhiyan, its elementary education programme.