How the revolution in educational sector is affecting the economy?

Education has a huge impact on our economy. The revolution that is sweeping through the educational sector has created a transformational change in our economy also. In this blog, we will like to share with you how different factors related to the educational sector has helped bring about significant changes that shaped our economy in a positive manner.

1). Approval of FDI in the educational sector: Till now, the educational sector was stifled due to a large number of laws that affected its growth. Furthermore, the lack of resources in the educational sector has held it back from achieving its true potential. The educational sector in India had islands of excellence, but the vast majority is of average quality. To change the morbid state of affairs in the educational sector the government took a very significant decision of allowing a hundred percent FDI in the sector. This has created a huge opportunity for the private sector to create world-class educational infrastructure in India. Nowadays, all the states are rolling out the red carpet for investors who want to open educational institutions in the state. Therefore, you can find a large number of that college that offer a different type of courses like bachelor of physiotherapy, engineering or fashion designing courses in Punjab and other states are commonplace. Earlier, students from different states used to go to metro cities to pursue the course of their choice. However, now they can find it in their own city.

2). Use of modern technology in education: Modern technology has helped a great deal with the Indian universities to compete effectively with foreign universities. If you look at both the Govt. aided or private universities, you will find that many of them are using the latest technologies. These technologies are important to teach the students the most complex concepts of different subjects in an easy to understand way. Additionally, these ultramodern and cutting-edge technology has enabled our students to do research on subjects that are considered as the latest frontiers of science. This has, in turn, helped our industries to develop critical technologies that will allow them to compete globally.

3). Changing the course material: One of the pet peeves of Indian industries for a long time was related to the backdated curriculum of our education system. Most of the companies want employees that have advance knowledge about different machines and how they are operated. Thanks to the huge influx of private investment in the education sector, new universities are also changing their curriculum so that it matches with the market demand.

4). Giving practical training: Earlier, the main emphasis of our education system was to teach students by rote. However, this type process of imparting education is gradually phased out in favour of providing them hands-on approach so that they understand the basic concepts of the subject. For example, if someone is pursuing a diploma in physiotherapy, then having an internship of six months to one year in a hospital will give the student valuable experience in how to apply the skills they have learned in their college in the hospital. This is slowly creating a large bank of skilled manpower which is helping the Indian industry to get the right man for the right job at the right time.