Education is the base for economic growth as well as social transformation for any nation. The education system in India is much new improved these days and is one of the leading ones in the world. It is also one of the prime contributors to the economic growth of the nation. Besides an assortment of government initiatives, the function of the private institutions in the development of education industry in India is phenomenal. In India, among all the key indicators of socio-economic development like economy’s development rate, literacy rate, birth rate, fatality rate and infant mortality rate (IMR), the literacy rate of the country is one of the most vital one as the rise and fall of others largely depend upon country’s literacy rate. In India, elevated literacy velocity leads to low birth rate as well as low IMR and it also increases life anticipation rate. So, the significance of education diligence in India can be understood.
Indian higher education has grown by 20% in one year and further more than 5,000 colleges to the system. Experts believe that the involvement of India in the world GDP is estimated to increase from 6% to 11% by the year 2025, while on the flip side the contribution of US in world GDP is presumed to decline from 21% to 18%. This indicates towards the emergence of India as the third biggest global economy after US and China. The assessment is supported by the in general development in all the sectors in India, in which the key sector is the industry belt.
The Industry belt is characterized by an exclusive set of attributes:
Every country tries to achieve maximum economic development. It depends mainly on human resources to a large extent. But human resource alone cannot produce economic development, there must be dynamic entrepreneurs. So the need for leaders, mangers and entrepreneurs has increased drastically. They scrutinize the role that business influential’s play in shaping industries and how the evolving context of industries shapes leaders in turn.
Creating leaders, entrepreneurs all the way:
On every front, this scenario of industry focused education has changed considerably. The national inhabitants have tripled to virtually three hundred million, with forty-eight million students in public schools. Our nation’s postindustrial and increasingly global economy is now driven by knowledge and by higher-order skills like symbolic analysis, investigation and communication. In other terms, the public’s prospect of the system has escalated, such that public schools are now expected to serve all children similarly and well. These alter in potential demands inventive new approaches. Whether at the federal, state, or local level, public policy shifts can create entrepreneurial opportunity by requiring the people within a system to think differently, and also by creating new domain to which nobody has yet laid claim. In other words, this enormous challenge has designed opportunities for entrepreneurs to find more proficient, effectual ways of ensuring that all students receive a high-quality public education.
It is important to understand that entrepreneurs have a vision for a better way of doing things, thinking beyond the inhibitions of current rules and resources. They create new organizations to make the changes they want to see in the world and by doing so, they inspire others to follow. For entrepreneurs, innovative ideas simply aren’t adequate. Their logic of importance and drive to achieve leads them to take action by creating new organizations that will make their vision a reality. Entrepreneurs tend to have a lower risk profile, but a higher tolerance for the frustration caused by trying to create change within a status quo association. Taken collectively, these characteristics permit entrepreneurs to face the potential failure inherent in creating a new organization by focusing on likely success and overcoming all hurdles that stand in the way. It’s clear that even women can add incrementally to a developing nation’s economy. Women in developing nations often lack the capital to start a business and they face many barriers in being granted loans and other financing. Microfinance, with its collateral-free small loans has released tremendous entrepreneurial energy among women in developing countries. Ultimately, every distressed woman who manages against all odds to become a successful entrepreneur is valiant. If you offer a lady in a budding country just a little bit of support for a big business, she may well influence that bear into a brighter future for herself, her family, her neighbors and the humanity that we all share.
As more of these entrepreneurs penetrate education, the skills and behaviors allied with entrepreneurial leadership will manifest, visible and more vastly cherished. Recent educational policies at all levels have aimed at building a greater capacity for entrepreneurial behavior and activities in those entering the workforce. As an effect the irregularity linking industrial behavior and the behavior of the graduates from traditional pogrammes in educational administration will become more evident. Bigger attention to be paid to the expansion of pupil’s knowledge, skills and practice and in particular further support from and collaboration with local businesses and schools is necessary. Industry requires manpower and that comes from education institutions, as a result it should get auxiliary and additional involvement in the process of education.
Prof. (Dr.) Sanjiv Marwah
The author is the Director of JK Business School (JKBS), Delhi’s top Industry anchored B-School (Emerging Management AICTE-CII Survey 2013). An industry-veteran-turned academician, Dr. Marwah is widely regarded for his ability to bridge industry-academia skill gap. He is an active member of various professional bodies engaged in imparting the management wisdom to the budding CEOs and is also an active member of Strategic Management Forum, an IIM consortium supported organization. Presently, Dr. Marwah is the Vice President of Centre for Education Growth and Research (CEGR).