India’s education system is often cited as one of the main contributors to the economic rise of India. The Higher Education sector ensures the quality of the educational process with the help of accreditation agencies established for the purpose. The main agency which accredits universities and colleges in general education is the National Assessment and Accreditation Council (NAAC) established by the UGC in 1994. The association between higher education and its impact on economy is of immense import to India. It would not be far-fetched to claim that the Indian higher education system has witnessed a metamorphosis of monumental proportions.
The most noticeable aspect has been the recent trend and is certain to continue, is big boom in the BPO/KPO sector. India faces the challenge of generating an appropriate supply response to retain its existing advantage. It should be noted that Indian’s spend nearly $4 billion annually to send their children abroad for higher studies and technical training while there is no reason for India not emerging as a global hub for higher education and technical training. The real challenge therefore, is to expand capacities in higher education to keep ahead of the curve of rising domestic and global demand.
Today's economic climate is challenging for any corporation and exploring the likely challenges ahead for India in deriving full advantage for students which they should be aware and ready to seize. Today, academicians do not need to spend much time to counsel students for jobs, as there are huge opportunities available for them in market. The growth in economy of country and the demand for more educated employees has created diverse space for new employees to get in industries. The students need to be in regular contact and check for the availability of jobs.
There has been a general trend towards liberalization and opening of education sector to private initiative. India needs to have a proactive demand based policy towards private higher education including foreign institutions/universities desirous of setting up campus in India or entering into joint-ventures. India’s growth model will be driven by technological innovation and heavy-engineering related industries. It will draw on its competitive advantage in efficient and low-cost manufacturing, which will ultimately make a huge opportunity for the new graduates which one needs to know how to choose.
Graduate recruiters seek for graduates with skills that are an asset to a company because they will be able to spot gaps in the market and innovate which creates the demand and need for students with creative thinking and at the same time opens opportunity for them, which one should know how to seize.
