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Higher education leads to higher unemployment rates in young educated Indians, ILO reports

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The International Labour Organisation (ILO) reveals data that indicates, in India, young individuals with higher education degrees are experiencing substantially higher unemployment rates than those without formal education. Specifically, graduates face a jobless rate of 29.1%, nearly nine times the 3.4% unemployment rate of their uneducated counterparts.

This trend underscores a growing issue within the Indian labour market, where unemployment is significantly more prevalent among the youth, particularly those with secondary education or higher. The ILO’s findings show that the unemployment rate for young people with at least secondary education is 18.4%, six times higher than those without education.

The data suggests a pronounced disconnect between the skills the education system provides and the job market demands. Renowned economists, including former central bank Governor Raghuram Rajan, have voiced concerns that the inadequacies in India’s education system could impede the country’s economic growth in the long term.

Despite a decrease in the overall share of young unemployed Indians aged 15 to 29, from 88.6% in 2000 to 82.9% in 2022, there has been an increase in the proportion of educated unemployed youths, rising from 54.2% to 65.7%. This shift highlights the challenges in generating high-quality jobs for the burgeoning educated youth in the non-farm sectors.

Women, in particular, are disproportionately affected by this trend, representing 76.7% of the educated unemployed youth, as opposed to 62.2% for men. India’s female labour force participation rate is among the lowest globally, at around 25%, though it saw some improvement during the pandemic due to a rise in subsistence employment.

The report also touches on the situation in urban and rural areas, indicating a widespread challenge across different geographies. Comparatively, China’s youth unemployment rate for individuals aged 16-24 was 15.3% in the early months of the year, significantly higher than the 5.3% rate for the urban population.

Odisha joins forces with centre to implement PM SHRI school scheme

PM SHRI school scheme

The Odisha government has agreed to join hands with the Central government to roll out the PM Schools for Rising India (PM SHRI) scheme. This collaboration was formalised with an announcement from the Ministry of Education on Wednesday, indicating Odisha’s readiness to sign a Memorandum of Understanding (MoU) with the Centre. This step is crucial in the scheme’s deployment nationwide, highlighting Odisha’s role as a forward-thinking participant in educational advancement.

With this agreement, Odisha moves ahead in the national educational reform agenda, distinguishing itself from West Bengal, Kerala, and Delhi, which remain the only states yet to sign an MoU with the Union Ministry of Education for the PM SHRI scheme. This initiative directly reflects the National Education Policy (NEP) 2020’s vision, aiming to revolutionise the Indian school education system by setting up model schools across the country. These schools are envisaged to serve as benchmarks for quality education, integrating holistic learning approaches that cater to the all-round development of students.

The PM SHRI scheme is not just another educational program but a strategic endeavour to enhance schools’ infrastructure, curriculum, teaching methodologies, and technological integration. It aspires to create an ecosystem where schools become the cradle for nurturing future generations, equipped with knowledge, skills, and values essential for the 21st century. The scheme underscores the importance of access to quality education for every child, aiming to bridge the gap between urban and rural educational standards.

Odisha sets a precedent for educational excellence and innovation by agreeing to implement the PM SHRI scheme. This partnership between the Odisha government and the Centre is a testament to their commitment to uplifting the educational landscape, promising a brighter future for students nationwide. The MoU, to be signed before the beginning of the 2024-25 academic year, marks the start of a new era in school education, emphasising collaborative efforts to realise the goals of the NEP 2020.

Implementing the PM SHRI scheme in Odisha is expected to catalyse a transformative change in the educational sector, making schools more inclusive, learner-centric, and conducive to fostering students’ critical thinking, creativity, and problem-solving skills. This initiative paves the way for Odisha to become a beacon of educational reform, inspiring other states to follow suit and contribute to the nation’s collective aspiration for a revamped educational system.

UGC calls on state boards to promote CUET UG 2024 applications

UGC

The University Grants Commission (UGC) has appealed to state education boards across India, encouraging them to actively promote the Common University Entrance Test Undergraduate (CUET UG) 2024 among students. In an official notice, the UGC highlighted the CUET (UG) as a pivotal platform that offers students a unified opportunity for admission into Central Universities (CUs) and various other participating institutions, including State Universities, Deemed, and Private Universities nationwide.

The commission’s outreach aims to ensure that students from all corners of the country are made aware of and motivated to seize the opportunity presented by CUET UG 2024 for their higher education aspirations. This initiative seeks to streamline the admissions process into undergraduate programs, making it more accessible and equitable for students from diverse backgrounds.

Scheduled to take place in a hybrid mode from May 15 to May 31, the CUET UG 2024 will accommodate linguistic diversity by offering the examination in 13 languages. These include Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, Marathi, Punjabi, Odia, Tamil, Telugu, and Urdu, thereby catering to a wide array of students across the country.

The UGC has also indicated that the results of CUET UG 2024 are expected to be announced by June 30. However, it was noted that the specific dates might be subject to changes aligned with the National Election Schedule, ensuring that all students can participate in the exam without any scheduling conflicts.

IIM Bangalore and FPSB India unite to launch executive program in financial planning

IIM Bangalore and FPSB India

The Indian Institute of Management Bangalore (IIM-B) and the Financial Planning Standards Board India (FPSB India) announced a partnership. This collaboration marks the beginning of an innovative executive education program in financial planning to elevate the nation’s professional and educational finance landscape.

The memorandum of understanding (MoU) signed by the two esteemed institutions introduces a curriculum specifically tailored for working professionals and students. This initiative responds to the increasing demand for sophisticated financial planning education, combining IIM Bangalore‘s and FPSB India’s expertise to offer comprehensive learning experiences that align with the industry’s evolving requirements.

Professor Rishikesha T Krishnan, Director of IIM Bangalore, emphasised the program’s aim to bridge the academic-industry gap in personal finance. “We are excited to collaborate with FPSB India to nurture future finance professionals equipped for success in the dynamic business world,” Krishnan remarked.

Krishan Mishra, CEO of FPSB India, echoed this sentiment, highlighting the unparalleled opportunities this partnership will provide for students aspiring to excel in the financial planning sector.

The program will focus on theoretical knowledge and practical insights through joint events such as workshops, seminars, and conferences. These events aim to promote financial literacy, encourage research, and address the changing needs of the personal finance sector.

Also Read:- IIM-Bangalore launches healthcare incubation programme

Furthermore, FPSB India has committed to offering five scholarships based on merit to support deserving candidates aspiring to become certified financial planner professionals. This initiative underscores the partnership’s dedication to empowering individuals with the necessary skills, knowledge, and certifications for a successful career in financial planning.

IIT Kanpur launches new online master’s degree programs in finance and sustainability

iit kanpur gate

The Indian Institute of Technology Kanpur (IIT Kanpur) announced the introduction of new eMasters degree programs. These cutting-edge online programs, including specialisations in climate finance, business finance, fintech, and quantitative finance, aim to prepare ‘future-ready’ finance professionals to meet the increasing demand for skilled talent within the finance sector.

The new offerings by IIT Kanpur come with a flexible duration of 1-3 years, making them accessible to a broader range of professionals looking to advance their careers. Notably, admissions to these courses will not require a GATE score, thereby widening access to a quality education from one of the country’s premier technology institutes.

The eMasters in Financial Technology and Management program is designed to merge traditional finance principles with the burgeoning field of fintech, providing participants with an in-depth understanding of how technology is reshaping the financial industry. Similarly, the quantitative finance and risk management program emphasises research and practical training to enhance risk management competencies.

Furthermore, the business finance program aims to equip professionals with advanced knowledge in finance and economics, preparing them to make strategic decisions in their careers. The climate finance and sustainability program addresses the urgent need for expertise in carbon management and ESG, offering specialised training that blends finance with environmental sustainability.

Administered by the Department of Management Sciences and the Department of Economic Sciences, these eMasters programs offer a blend of live interactive weekend classes and self-paced learning options. With a 60-credit curriculum designed to meet industry standards, the programs also provide a pathway for credit transfers towards higher education opportunities, such as MTech and PhD programs at IIT Kanpur, further emphasising the institute’s commitment to creating a seamless educational journey for its students.

India Employment Report 2024 reveals persistent youth unemployment, urges focus on education and skilling

Employment Report

The India Employment Report 2024 has brought to the forefront the ongoing challenge of high unemployment among the country’s educated youth, with an alarming 82.9% of the total unemployed population comprising young individuals in 2022.

The report, prepared jointly by the Institute for Human Development and the International Labour Organization, underscores the persistent issue of youth unemployment, particularly among those with secondary education or higher. It highlights the intensification of this problem over time, signalling a pressing need for practical solutions.

Despite these challenges, the report emphasises India’s potential to leverage its demographic dividend through significant improvements in education levels. Access to better quality jobs is a critical determinant, underscoring the importance of enhancing educational opportunities for youth.

A notable finding from the report is the increased proportion of educated youth among the unemployed, with women representing a significant share. This trend highlights the concentration of unemployment among educated youth, particularly in urban areas.

Drawing on data from the National Sample Survey Office’s Periodic Labour Force Survey, the report reveals a correlation between education level and youth unemployment rates, with graduates experiencing higher rates than those with lower educational attainment. However, there was a notable decline in the unemployment rate among educated youth between 2019 and 2022.

Despite this decline, the report underscores the stark disparity in unemployment rates between educated and illiterate individuals, with rates among the former being significantly higher. In 2022, the unemployment rate among graduates was nine times greater than those who couldn’t read or write.

Universities addressing real-world challenges

Shanti menon

All great civilisations had one thing in common – great cultivation and great reaping from education. Education was instrumental in preserving the values of these great civilisations. Education has been and always will be the fulcrum of advancements in societies, social structures, and human capital, as well as innovations, discoveries, inventions, and explorations. Universities should use various methods and strategies to prepare their students for real-world challenges. And this should be one of their most significant pursuits as an academic entity. As an institution, we have constantly and consistently emphasised imparting creativity to our students through structured programs or informal events. We are convinced this will keep them in good standing when they graduate and face the real world.

Replicate real-world scenarios in their classrooms

Educators should replicate real-world scenarios in their classrooms to make the driving theme and its learning content more accessible, more flexible and more meaningful. This positions students to take ownership of such learning in a much easier and more meaningful manner. Also, programs should be designed to allow students to learn self-guided, which puts them in a better position to take learning ownership easily. While doing so, another significant aspect is to align their thinking and mindset with emotional hue and shades with a social emphasis toward communication with their team and with each other, more so of the right type apt to the situation at hand, problem-solving skills, empathy and a helping attitude towards the team as a group of knowledge seekers. These attributes will position them with the right attitude, providing them with the maximum benefits from acquiring knowledge and the zest and passion to know more.

We also use practical approaches while delivering knowledge and skills to the students through project-based works aligned with their theoretical absorption. This approach will develop their abilities, such as how to examine a problem critically, the time-bound nature of the work, how to collaborate with other team members, and collectively and individually how to synergise critical thinking. The project-based work entails a good amount of interaction with other team members. They will inculcate excellent soft skills, team and situational adaptability, refined communication processes, and a sense of belongingness as a team toward a specific project objective. Such project situations will also encourage the students to produce great work together.

Challenges and personality developments

All the above entails challenges and personality developments at various levels, facets, and situations depending on the objectives. Some challenges could be performing research work for academic writing or project work or performance in academic expectation by the University– these fall within the four corners of ‘academic challenges’. The others could be in the form of ‘personal challenges’, and sometimes these challenges go together hand in hand for a student. Teachers should always be ready to guide, mentor and help students with these challenges to make them good students and, in the future, be prepared to face the real world when these challenges pop up on almost all fronts of life – professional and personal. These challenges are better examined and addressed in the context of a student’s personality-positioning while handling them. We address personality challenges first by giving them confidence and trust to handle situations as they arise. This is probably the most challenging part of a teacher’s role. Teachers are great and passionate in their jobs, and their ultimate focus is their students, and their glory lies in their accolades and achievements.

The other challenge we face is helping students to be well-balanced individuals. These challenges are – to help them learn how to persevere through everyday and unique situations in life, to identify whether a problem is solvable and if it is challenging to be aware of the difference, how to find the best or optimal way to solve such a problem and what personality to wear mentally when such a scenario arises. Likewise, another challenge is to encourage students toward personal growth. This would include motivating the students to self-introspect for strengths and weaknesses. Address strengths by adding new skills while recognising weaknesses by working toward translating them into strengths. Such initiative will increase students’ confidence levels and their awareness about themselves regardless of their settings. Such initiatives will also develop students’ positive attitudes, sense of self-importance, and time management skills. These would later in real-world-life prove to be beneficial to them to have better professional and personal relationships, high levels of confidence, better job satisfaction, more excellent growth prospects, and a greater probability of being liked by everyone in the organisation, prepare them to use the correct responses to job situations, and to have a passion and motivation to learn and grow.

To address the above challenges, we have frequent industry workshops to give a first-hand opportunity to understand the real world. By engaging students in internships and corporate training, we encourage them to interact with industry professionals and understand how real-world corporate offices and organisations work. Our workshops periodically facilitate the students’ networking with the corporate sectors. In addition, we have an active soft-skill and personality development program for the students that runs alongside the course curriculum. We know that such soft-skills and personality development programs are not mere programs but are an essential interface between curriculum learning and its practical application in the real world. All these would go to help students with better employability prospects. At Stirling, RAK, we endeavour to engage students in community programs as this brings purposefulness and pride in belonging to society. Any strategy we adopt should directly impact preparing its students for the real world later. It is imperative, therefore, to stress that our University’s overarching pursuit of providing academic consumption to its knowledge seekers should be to make them real-world ready in all senses of meanings it may import.

Views expressed by Ms. Shanthi Menon, SFHEA, Director, Internal Quality Assurance Department (IQAD), University of Stirling, RAK Campus

Avanse Financial secures INR 1,000 crores funding from Mubadala Investment and Avendus

Avanse Financial

Avanse Financial Services Ltd. (Avanse) has announced a significant milestone, raising a primary capital of ₹1,000 crores in its latest funding round. The investment was spearheaded by Mubadala Investment Company (“Mubadala”), with participation from Avendus PE Investment Advisors Private Limited via its fund, Avendus Future Leaders Fund II.

This infusion of funds is poised to fortify Avanse’s position in the dynamic education financing sector. The company intends to leverage the capital to enhance customer experiences, drive sustained profitable growth, and fuel innovation initiatives, as outlined in a recent company statement.

Over its decade-long journey, Avanse Financial Services has played a pivotal role in fulfilling the educational aspirations of Indian students worldwide. The company’s assets under management (AUM) as of December 2023 stand at an impressive ₹12,147 crores, underscoring its significant presence in the market.

Amit Gainda, Managing Director & CEO of Avanse Financial Services, expressed enthusiasm about the growth prospects enabled by the recent capital infusion. He highlighted the company’s commitment to enhancing its brand proposition, integrating digital solutions, and expanding its product range to deliver enhanced value to stakeholders.

He further emphasised the company’s dedication to empowering students towards academic success, citing the influx of capital as instrumental in realizing this vision.

The financing deal saw Nomura Financial Advisory and Securities (India) Private Limited serving as the exclusive financial advisor to Avanse, with legal representation provided by AZB & Partners. Warburg Pincus offered legal counsel to the company, while Khaitan & Co. and Latham & Watkins LLP acted as legal counsel to Mubadala. JSA provided legal counsel to Avendus Future Leaders Fund II.

IIM Calcutta and Emeritus collaborate to launch advanced programme in strategic project management

iim cal pic

The Indian Institute of Management, Calcutta (IIM-C), in partnership with Emeritus, has unveiled an Advanced Programme in Strategic Project Management, aimed at tackling the complexities of modern projects. Tailored for mid and senior-level executives, this nine-month intensive program is designed to equip participants with the skills needed to lead strategic initiatives with a project-oriented approach.

The initiative targets individuals with both direct and indirect project experience, offering a pathway for transitioning between project management domains or preparing for more challenging roles in Strategic Project Management. It also caters to those aspiring to shift from project execution to overseeing project portfolios for business growth, aligning projects with organizational objectives, fostering innovation through sought-after techniques, and refining leadership abilities for efficient project and team management.

Featuring over 120 hours of live online sessions conducted by esteemed faculty from IIM-Calcutta, the course incorporates case studies, real-time project simulations, actionable insights from industry experts, peer-to-peer learning opportunities, and two seven-day in-campus immersions. These immersions provide participants with hands-on experiences and further reinforce theoretical learning.

A key component of the program is the Capstone project, which offers participants the chance to apply their newfound knowledge in a real-world setting. Covering macro perspectives, tactical and operational issues, as well as behavioral aspects of project management, the modules are meticulously crafted to provide a comprehensive understanding of Strategic Project Management.

This collaboration between IIM Calcutta and Emeritus signifies a commitment to delivering high-quality education and addressing the evolving needs of professionals in the project management domain. Through this advanced program, participants are poised to enhance their capabilities, drive organizational success, and navigate the complexities of modern project landscapes with confidence.

The Role of Adaptive Learning and Data in Education Transformation

dimpy

In the ever-evolving landscape of education, there has been a growing buzz about a much-needed shift—a shift from the tried-and-true methods of personalized learning toward the dynamic realm of adaptive learning. This transformative journey is being fueled by a blend of data insights from everyday school assessments and standardized benchmarks. The mandate for schools is crystal clear: allow technology to be a friend to educators, guiding students toward reaching their full potential through evidence-based practices. Beyond traditional observation methods, this approach aims to boost overall academic success, shed light on teaching and learning blind spots, and potentially reshape how we design our curriculum.

Schools, savvy to the limitations of the old ways, are now pivoting towards adaptive learning. This cutting-edge approach cleverly uses technology to tailor instruction based on each student’s journey. At its core is a blend of qualitative data drawn from keen observations and casual assessments, combined with quantitative data from various formal tests. This fusion equips educators with a treasure trove of insights into student understanding, strengths, areas that need a bit more polish, and, perhaps most importantly, their attitude toward learning and life.

We find ourselves in a time where technology isn’t the harbinger of obsolescence for teachers, but rather a collaborator in the grand symphony of education. Adaptive learning platforms, powered by a mix of qualitative and quantitative data, unveil a panoramic view of each student’s academic adventure. This wealth of evidence-based information empowers educators to make informed decisions about teaching strategies on a day-today basis, breaking free from the shackles of waiting until the end of the term. The shift to adaptive learning, coupled with data-driven insights, sparks a paradigm shift in goal-setting for students. Every learner is now encouraged to chart their unique course based on their progress, fostering a tangible sense of achievement and motivation. Moreover, the reflective learning process takes centre stage as students actively engage with their data, resulting in a profound understanding of their strengths and areas for growth – like giving them a personalized map for their academic journey.

Ensuring Progress in Overall Attainment

The marriage of adaptive learning and data-driven practices equips educators with a robust system to monitor and nurture student progress. Liberated from relying solely on observation and experience, educators can now supplement their insights with concrete data points. This broader understanding of each student’s academic journey enables targeted interventions to address specific challenges or elevate the learning experience for those who demonstrate exceptional abilities.

Amidst the transformative potential of adaptive learning and data-driven approaches, the heart and soul of education – the personalized touch and passion of educators – remain irreplaceable. Educators, akin to alchemists, possess a unique ability to support students holistically, leaving an enduring mark on the tapestry of their hearts and minds. The inspiration and motivation emanating from passionate educators transcend the narrow scope of academic growth; they permeate the very fabric of character and aspirations within students.

Views expressed by Dimpy Choudhary, Principal, Gulf Model School, Dubai, UAE

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