Nowadays, Student protests are creating a lot of noise on national news. The most recent example is Protests against the Introduction of the Agnipath Scheme by the Indian Armed forces (IAF) for the future recruitment processes. According to the data for February 2021 of the Center for Monitoring the Indian Economy, the country’s employment rate has reached 6.9%. It means that out of 100 people who are capable and willing to work, about seven are not getting employment opportunities. On the other hand, India seems to be maintaining the world’s fastest-growing economy position. In the Financial year 2021-22, India’s GDP growth rate was 8.9% and if we compare this to other world economies’ GDP. According to the International Monetary Fund (IMF), the global GDP growth rate was only 3.6% during this year.
Economic development means the increasing value of goods and services made in the country. By this, more people must require to increase production but we have seen a reverse cycle here. According to World Bank, the unemployment rate in 1990 (just before govt. introduced Liberalisation, Privatisation, and Globalisation policies) was 5.55%. From 1991, till 2002 the unemployment rate was constant at around 5.7%. Since the Covid Pandemic started, the unemployment rate has got worsened and reached 8.7%. Let me give you an example; During UP police Group D recruitment in 2018, the required educational qualification was Class fifth pass for 62 vacancies. The shocking fact is among the applicants there were 3,700 PhD holders, 28,000 Postgraduates and 50,000 Undergraduates. We can see a paradigm of the problem in the above example.
Let us discuss the reasons behind these types of situations like above.
Firstly, East Asian countries like China, Japan, Singapore, etc. opened their economies in the 1960s long way before India opened its economy in 1991 because of which India’s growth was largely dependent on the service sector, rather Industrial or Manufacturing sector.
Secondly, Less spending on the Education sector. If we compare India’s budget for the Education sector with other major global economies like the USA, UK, Germany, etc. Then, USA and Germany spend 6% of their GDP on the education sector. On the other hand, India spends only 3% of their GDP on the Education sector that’s why India is lagging over quality and modern methods of Education. Although, the Budget for the education sector in India is far better than a lot of countries like Pakistan and many more.
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