India is a very big country with
huge population. More than 50% of the country's population is under the age of
24 years. The country's literacy rate has increased in the past decade but it
is hovering around 74% from past few years. India is a country that has always
lagged behind as a provider of quality education. Indian educational system is
one of the big educational systems in the world. There has been a significant
increase in the number of schools and colleges across the country but as far as
penetration of educational institutes go, it is still very low. So, potential
for education sector is very big in such a vast country like ours.
The education sector in India is
considered as one of the major areas of investments as entire education system
is going through an overhaul. As India is growing economically, so in order to
support its growth for infrastructure development, there is an urgent need to
develop professionals for it. According to a research firms, Indian educational
sector has a potential for of attracting $100 billion to fulfill demand of
professionals to support country's economic development. India's service sector
has been growing at a much faster rate than other sectors and even country as a
whole. Service sector is the biggest sector in the nations' income pool. So, in
order to meet ever rising demand of producing professionals, nation's
educational system needs further development. According to reports, to meet
this demand nation will need 800 more universities and 35000 new colleges to
provide higher education in the
country.
The enrolments in the Indian
schools and colleges remain very low and which has to increase if country has
to maintain its current literacy rate as population of the country is
increasing rapidly as well. The key drivers for educational sector growth
potential can be high affordability among Indian society, demographic position
of more than 50% population under the age of 24, knowledge led economy and
increasing awareness among women and various employment avenues. These all
factors can take educational sector to other level.
Indian educational system has
various separate authorities to govern different education avenue. We have
Medical council of India that administers medical institutes, AICTE that
approves technical colleges and institutes. Indian institutes of management,
Indian institutes of technology, All India institute of medical sciences, and
Indian school of business are few of the institutes providing higher education
in the country.