To make its workforce globally employable, India has to overhaul its higher education system, according to Panagariya

According to former NITI Aayog vice chairman Arvind Panagryia, India has to restructure and enhance its higher education system to capitalize on the dwindling working-age population in industrialized nations like the US and Europe.

“The overall picture… what is actually occurring is that most of the populations are aging, and as a result, the working age population — those between the ages of 15 and 64 — is dropping in the majority of the big nations. China, the United States, and European countries would all see a reduction in it, he said.

At the occasion for the publication of the study titled “The Rise of India’s Middle Class,” he said that India would be the only significant nation, apart from Africa, that would be positively contributing to the working age group of the globe.

 

Citing statistics from the United Nations demographic Division, he said that by 2040, India will have about 150 million more people in the working age demographic group (15–64 years old).

 

He said that it is obvious that the Indian population would make up the majority of the world’s labor force given potential shortages elsewhere.

 

“This is where I believe the middle-class transformation that is taking place will be really, incredibly important, since that is the demographic from which many would move. Since there would be a need for a highly educated workforce globally, it is crucial for India to reform its higher education system, he added.

 

Because India will eventually define the global workforce, it is even more important to reform higher education and raise educational standards.

 

He said, “It also appears to me that the acceptance of the Indian diaspora in the place of destination is, typically, much greater than probably the most of the nations because we culturally have amazing potential to integrate in any local community into which we travel.

 

He said that despite anti-immigration laws and other measures, “I don’t think that it will be able to halt the flow of the workers. The demand is likely to increase significantly.