Gearing Up for a Transition from Knowledge to Skill
The Largest workforce: A boon or bane?
While it is laudable that India has one of the largest workforce populations in the world, it is appalling that over 70% of it is still unemployed. Many students spend hoard loads of money on higher education in the hope of finding light at the end of the tunnel, only to end up in darkness and confusion.
According to a recent review of the Indian education scenario, over 35,541 engineering graduates are looking for work. But things are not looking bright for graduates from other fields too. Currently, about 3,369 medical and 1,320 agricultural graduates are on the lookout for a job. And with the load of student loans on their shoulders, the situation is quite grim for many students.
Declining Standards A Major Concern
This ever rising unemployment rates can be attributed to a sudden spike in the number of technical institutes and an obsession for white collar jobs. With the sudden increase in quantity, quality has taken a backseat as far as technical education in India is concerned. It is pertinent to note that the launch of the Make In India campaign by the Govt of India has pushed the engineering sector to the forefront.
Yet, in spite of the great heights that the govt has envisioned for the nation, the quality of education plays spoilsport. According to a recent study, only 20 percent of B.Tech graduates in India are employable. Among other graduates, the employability level is just 10 percent. This declining standard of the engineering education (excluding the prestigious IITs and other eminent technological institutes) is of grave concern.
Our Obsession With White
Coupled with this is the fact that every student aspires to have a white collar job, relax in a revolving chair and take home a hefty paycheck at the month’s end. What gets spent in the hope of accomplishing these dreams often goes down the drain since a lot of them end up with a job that hardly helps make both ends meet.
This morbid obsession for white collar jobs that has resulted in a rat race also spells disaster for the Indian economy. With certain sectors showing a splurge in workforce while others show a stark deficiency, the balance has tilted, putting the economy at risk.
Underskilled Workforce: A Repelling Factor
Even though such a large number of graduates can be regarded as a rich vein of talent and potential for the industry to tap into, the lack of skills is a major cause that drives away potential investors. This lack of skill is also the result of underpaid workforce in the country. Despite the fact they have shelled out lakhs of rupees to get their diploma, most graduates end up with a job that offers a paltry sum.
It is high time the country made a transition from a mere knowledge based education system to one in which skills are given a higher priority. After all a diamond’s worth increases with polish. Such a skill-based system would help boost the flexibility and efficiency of labour and on the same note help resolve skill bottlenecks. Current curriculums must be attuned to global standards by promoting creativity and hands-on experience.
“To achieve this India needs a flexible education system: basic education to provide the foundations for learning; secondary and tertiary education to achieve core capabilities and core technical skills; furthermore with lifelong facilities for further learning”, as quoted from the journal by Indian Institute Of Management, Bangalore.
Role Of Student Loans And Scholarships
Consider a Venn diagram in which one circle comprises students with potential but lacking the funds or means to avail the quality they deserve. The other circle comprises resources that provide a helping hand through student loans at reasonable rates. The intersection of these two sectors will result in enhancing the outlook of the workforce, bringing the fruit of development to the lower most strata of the society. By ensuring that financial support does not turn into means of torture, professionals will have the opportunities to acquire more skills without having to burn a hole in their pocket.
Most of us have talent hidden in us; all we need is a little push. Scholarships and such incentives have the capability to help students focus their efforts and energy on a productive means. Scholarships that use skills as a one of the benchmarks can help boost the skilled workforce. So to achieve this feat, scholarships that focus on skills and loans that do not come with a baggage is instrumental.
How are we making a Change?
So all this makes us wonder whether there exists a platform where you can sharpen your skills and avail scholarship and choose loans that don’t burn your pockets. The answer is yes, such a platform does exist. We at Peerfin make sure that no talent goes unrewarded.
At Peerfin, students can avail loans that are tailored to meet their needs. We reward students with special points for their skills which can enable you get your dream job. We firmly believe that the time has come to globalise our education system, so that students can develop the necessary skills that would increase their worth in the job market.