'Higher Education Can Help India Compete In Global Economy'

Only 40 percent of Indian industry executives said new employees recruited in local labour markets have necessary skills, according to a new study conducted by IBM Institute for Business Value (IBV) to evaluate country's growing skills challenge and proposed recommendations to bridge the gap.

61 percent of India’s higher education leaders said that the education system is unable to respond to society’s changing needs. A majority of Indian executives surveyed in a recent IBM Institute for Business Value (IBV) global skills study said the quality and quantity of skills in the country’s workforce are at least comparable to those of other countries, and many reported them to be superior.

DP Singh, Vice President and Head HR, IBM India/ South Asia said, "Skill is emerging as the new currency across businesses globally and in India. Today's rapidly evolving economic environment makes up-skilling an imperative across job profiles and sectors. India is stuck by both a skill gap and a higher education sector struggling to keep up. That is why it is critical to take proactive measures to transform the higher education system to create a new model that better aligns with industry imperatives.

TalentSprint has been contracted by National Skill Development Corporation to up-skill and empower one million young job seekers to pursue careers in information technology, banking and financial services, and education.

Santanu Paul CEO and co-founder of TalentSprint told BW Businessworld, “We are focusing on the freshers looking for jobs, instead of professionals who have been fired by the companies. There are 1.5 million graduates coming out in the industry and the number will increase even more in the next 5-10 years. Seniors are being laid off and freshers are hired to complete the task with more energy at a lower price.”

The survey extracts understanding from academic, corporate-recruiting and emerging education leaders in India. The survey also analyzed results of recent surveys of start-up entrepreneurs, venture capitalists and corporate executives.

New technologies, ever changing skills requirements and outdated curriculum are challenging India’s higher education system in its efforts to equip graduates with job ready skills. India should consider providing students with requisite skills by partnering with industry, adopting new learning technologies and delivering experience-based, applied learning.