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India is already referred to as a Knowledge Economy by the World Bank with a vision that it has the maximum potential to achieve thought leadership in selected segments like information technology, healthcare, science and technology, social entrepreneurship, art and culture and other service driven industries.
To attain this India needs a flexible education system:
First on the list is Basic education, to provide the foundation for learning; secondary and tertiary education to develop core capabilities and core technical skills; and further means of ü achieving lifelong learning.
The education system must be attuned to the new global environment by promoting creativity and improving the quality of education and training at all levels.
Establishing links with industry and employers is crucial to ensure quality of education and employability.
Greater impetus on skill development and vocational institutes to push growth of the economy should be facilitated through suitable policy framework. Ensure awareness among the employers to take certified skilled workers and fixing the lower limit of pay-scale.
Establishing Skill development Framework to enhance employability potential should be undertaken to reap benefits of the demographic dividend of the country.
Ensure Quality and Accreditation –Upgrading the course structure and inviting experts from the industry to contribute to skill development would help improve the ü quality of education in India.
The investment deficit in the education and skill development sector is significant. With limited public funds and several other priorities for its spending. There is a need to induce greater participation and investment from the private sector to supplement public investment. Encouraging Private Sector to set up affordable higher education institutes as well as institutes for skill development centers/training institutes would also bridge the gap between demand and provision. Conclusion: Education Catalyzing Equitable Growth Chapter5 35 Skill Development and Higher Education in India.
Private sector participation, particularly in the case of social sector projects can include all non-Government agencies such as the corporate sector, consortiums, special purpose vehicles, development agencies, non-profit organizations, self-help groups, partnership firms, individual entrepreneurs and community group based organizations. The effort is to induce investment and enhanced capabilities of each of these participants to strengthen the delivery and reach of the service already being extended by the Government. PPP in social sectors such as health and education are sometimes referred to as Public-Social Private Partnership (PSPP).
Some innovative structures for Public Partnerships are:
- Basic Infrastructure Model: The private sector invests in infrastructure and the Government runs the operations and management of the institutions in turn making annualized payments to the private investor
- Outsourcing Model: Private sector invests in infrastructure and runs operations and management and the responsibility of the Government is to pay the private investor for the specified services
- Equity Hybrid Model: Investment in infrastructure is shared between the Government and the private sector while operation and management is vested with the private sector
- Reverse Outsourcing Model: The Government invests in infrastructure and the private sector takes the responsibility of operation and management.
Conclusion
Higher Education and Skill Development plays a crucial role in enhancing the human capital, of the country, pushing the economic growth and sustainable development. Skill development enhances the earnings of individuals and plays a significant role in reduction of poverty. With increase in demand for skilled workforce, higher education requires focused attention. Suitable policy impetus can foster growth of the education sector, equip people with the right skills and stimulate economy, putting India on the track development
