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Business is booming in India’s $117 billion education industry and new colleges are popping up at breakneck speed. Yet thousands of young Indians are finding themselves graduating with limited or no skills, undercutting the economy at a pivotal moment of growth. From a report: Desperate to get ahead, some of these young people are paying for two or three degrees in the hopes of finally landing a job. They are drawn to colleges popping up inside small apartment buildings or inside shops in marketplaces. Highways are lined with billboards for institutions promising job placements. It’s a strange paradox. India’s top institutes of technology and management have churned out global business chiefs like Alphabet’s Sundar Pichai and Microsoft’s Satya Nadella. But at the other end of the spectrum are thousands of small private colleges that don’t have regular classes, employ teachers with little training, use outdated curriculums, and offer no practical experience or job placements, according to more than two dozen students and experts who were interviewed by Bloomberg.
Around the world, students are increasingly pondering the returns on a degree versus the cost. Higher education has often sparked controversy globally, including in the US, where for-profit institutions have faced government investigations. Yet the complexities of education are acutely on show in India. It has the world’s largest population by some estimates, and the government regularly highlights the benefits of having more young people than any other country. Yet half of all graduates in India are unemployable in the future due to problems in the education system, according to a study by talent assessment firm Wheebox. Many businesses say they struggle to hire because of the mixed quality of education. That’s kept unemployment stubbornly high at more than 7% even though India is the world’s fastest growing major economy. Education is also becoming an outsized problem for Prime Minister Narendra Modi as he attempts to draw foreign manufacturers and investors from China. Modi had vowed to create millions of jobs in his campaign speeches, and the issue is likely to be hotly debated in the run up to national elections in 2024.
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