In the dynamic landscape of higher education in India, several pressing challenges impede the progress of students and institutions alike. The nation’s vast and youthful population, estimated at approximately 60 crores, holds the potential to propel India to new heights as an economic powerhouse. However, a scarcity of financial and infrastructural resources, coupled with a shortage of qualified teaching staff, remains a significant hurdle for educational institutions.
India’s demographic dividend, with the world’s largest youth population, is a unique advantage in the global context. While many countries grapple with declining youth populations, India’s abundance of young talent presents an unprecedented opportunity. Nevertheless, several obstacles hinder this demographic’s path to success, notably the lack of access to quality education and the financial constraints that often force students to drop out of the education system prematurely, pushing them into the workforce without the requisite skills for gainful employment and career progression.
To address this complex issue, it is essential to delve into the realm of Gross Enrolment Ratio (GER), a crucial metric for evaluating the higher education landscape. Calculated by the Department of Higher Education within the Ministry of Education, GER measures the percentage of students enrolled in higher education institutions relative to the eligible population aged 18-23. While there has been a gradual increase over the years, the current GER of 27.3 percent in the year 2020-21 still falls short of the desired benchmark. The Indian government aspires to elevate this figure to 50 percent by the year 2035, reflecting the commitment to expanding access to higher education.
Both students and higher education institutions face multifaceted challenges. For students, particularly those residing in smaller towns, cities, and rural areas, the most immediate concern is access to quality education. Conversely, educational institutions struggle with limited financial resources, inadequate infrastructure, and a shortage of qualified faculty. Consequently, students often lack the opportunity to acquire the essential skills required to secure well-paying jobs and advance in their careers.
In response to these challenges, many parents and students turn to loans to fund their educational aspirations and unlock brighter future prospects. These loans are commonly obtained from banks or non-banking financial companies (NBFCs). While NBFC loans may carry a slightly higher cost than traditional bank loans, they are customized financial products designed to cater to the unique needs of a diverse customer base, particularly individuals from unbanked, rural, and financially constrained backgrounds. These loans serve to finance school education, diploma courses, skill enhancement programs, and higher education, offering a lifeline for students seeking a pathway to a brighter future.
Notably, NBFCs harness technology to enhance the customer experience, simplifying the application process and facilitating the submission of necessary documents online. This innovative approach ensures that financial constraints do not stand in the way of accessing quality education and a brighter future.
In the pursuit of empowering India’s youth, addressing the challenges of access to education and enhancing the quality of higher education institutions remains a critical imperative. The government, financial institutions, and educational stakeholders are called upon to collaborate in creating a more inclusive and prosperous future for the nation’s aspiring youth.
