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The new-found trust between India and Germany is a step forward in laying a strong foundation for the progress and economic growth of both the nations. German Chancellor Angela Merkel’s Bangalore visit for strategic discussions with Prime Minister Narendra Modi is a testimony to our strengthening bilateral ties. It is not a surprise, therefore, that many MoUs were signed and business links established by numerous organisations of the two nations during the Merkel visit. And this is just the start of an era which can witness a snowballing effect of high growth and larger value-creation.
Germany is an important investor for India. The bilateral trade stands at 60 billion euros, with over 1,600 German companies operating in India. However, this is but a scratch at the surface; the investment, growth and value-creation opportunity is much larger. India is home to more than 1.25 billion people with approximately 50% under the age of 25 years, and a lot of them need to be skilled for the jobs that will be created as the economy grows.
German education system is regarded as one of the best in the world, best suited to produce workforce for a global work environment, with keen focus on academic excellence, learning and preparation for work life. Closer ties and collaboration in the education space between both the countries will ensure thinning of boundaries between the teaching-learning community and increase in the number of student/faculty and knowledge exchange programmes.
India has emerged as a strong knowledge economy over the years with a highly skill potential workforce. Adapting to skill requirement for the German industry, it is crucial for Indian academicians and institutions to work closely with German counterparts to develop a sustained supply of manpower suited to the industry.
Further, the Indian schooling and higher education system is one of the largest in the world and is growing at a healthy rate. In FY15, the government increased the budget allocated to education by 12.3% over FY14, with huge emphasis by the Modi government on skill development. The government has plans to provide easier access to education loans and interest subsidies to boost higher education in India. In addition, the Digital India initiative is a statement in itself by the government towards a transformed, digitally-empowered India. All these facts are indicators of the huge growth appetite and potential India has in the education and academic space.
Development of strategic relationships with countries like Germany would play a key role in shaping India of the 21st century. We need to focus on easing trade and market entry norms for companies from such countries. We also have to work in unison as far as exchange between academia and inter-country joint efforts in research, skill development and information/practice are concerned. Further, exchange between teaching/learning community at the university, institution and school level will play a major role in transforming and developing the education system in India.
Germany is an important investor for India. The bilateral trade stands at 60 billion euros, with over 1,600 German companies operating in India. However, this is but a scratch at the surface; the investment, growth and value-creation opportunity is much larger. India is home to more than 1.25 billion people with approximately 50% under the age of 25 years, and a lot of them need to be skilled for the jobs that will be created as the economy grows.
German education system is regarded as one of the best in the world, best suited to produce workforce for a global work environment, with keen focus on academic excellence, learning and preparation for work life. Closer ties and collaboration in the education space between both the countries will ensure thinning of boundaries between the teaching-learning community and increase in the number of student/faculty and knowledge exchange programmes.
India has emerged as a strong knowledge economy over the years with a highly skill potential workforce. Adapting to skill requirement for the German industry, it is crucial for Indian academicians and institutions to work closely with German counterparts to develop a sustained supply of manpower suited to the industry.
Further, the Indian schooling and higher education system is one of the largest in the world and is growing at a healthy rate. In FY15, the government increased the budget allocated to education by 12.3% over FY14, with huge emphasis by the Modi government on skill development. The government has plans to provide easier access to education loans and interest subsidies to boost higher education in India. In addition, the Digital India initiative is a statement in itself by the government towards a transformed, digitally-empowered India. All these facts are indicators of the huge growth appetite and potential India has in the education and academic space.
Development of strategic relationships with countries like Germany would play a key role in shaping India of the 21st century. We need to focus on easing trade and market entry norms for companies from such countries. We also have to work in unison as far as exchange between academia and inter-country joint efforts in research, skill development and information/practice are concerned. Further, exchange between teaching/learning community at the university, institution and school level will play a major role in transforming and developing the education system in India.
http://www.financialexpress.com/article/industry/companies/skill-india-learnings-from-germany/149695/
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