India has a robust education system for its billion-plus population, with over 500 universities and more than 25,000 colleges with an enrolment of 13.6 million students in higher education. The country is currently experiencing growing global integration and changing macro-economic trends are influencing the composition and preferences of students, leading to new demand, according to a study released by Ernst & Young (E&Y) in association with FICCI. These include increasing spending on education, new categories of students, willingness to pay for academic quality, increasing demand for global education and demand for employability-linked education.
The Indian government has played a key role in augmenting supply in the higher education sector through enhanced funding and by setting up new institutes. India’s expenditure on higher education is expected to grow by nearly 13% annually in the next 10 years driven by the private sector, according to a joint report by E&Y and FICCI.
While there is no official estimate of the number of teachers India will require by 2020, a rough estimate by the IIT’s pegs the country’s need at around 4.2 million lecturers to teach 42 million students at the higher educational level. The country is currently facing acute shortage of faculty at the higher education level. There exists a huge demand supply gap, and the sector is currently reeling under a huge talent crisis.
At Educop we are closely following the sector and are tuned into the challenges as well as the dynamics of operating in this sector. Given the sharp gap in demand supply ratio, institutes are gradually coming forward and seeking consultants to recruit/retain the best talent.