The education sector in India is presently at a point of inflection. There 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:
More than 50 per cent of the Indian population is under the age of 25, this leads to increased demand for quality higher education and a skilled workforce.
High income households (more than $10,500) are expected to increase from 5mn to 14mn by 2018 resulting in higher affordability. This will propel awareness towards education as a priority and an essential tool for career growth.
Knowledge led economy
The share of services in India has increased from 31 per cent in 1991 to 55 per cent in 2010. This increase in the services sector has led to a steady increase in the demand for an educated skilled workforce.
Young working population with a median age of 25 years, nuclear families, along with emerging job opportunities in the services sector driven economy, have led to an increase in the number of working women in India. The population of working women is estimated to be more than 25 per cent by 2015.
Globalisation has led to the increase in newer employment avenues. Industries such as outsourcing, legal, retail, aviation, and so on, have increased employment opportunities, and the demand for highly skilled manpower.