Against the backdrop of India’s rapidly aging population, skill development and education will prove critical for achieving India’s goal of raising workforce participation from 58% to 80% in order to be on par with China. India has one of the largest networks of higher education institutions in the world, and the Government of India’s target of Gross Enrollment Ratio of 30% for higher education by 2020 is expected to drive investments in the education space.
The vocational training market has increased from $1.4 billion in 2011 to $4.6 billion in 2018. The Government has set a target of preparing 500 million skilled workers by 2022. Out of around 75 million jobs that will be created over the next 5 years, 75% will require vocational training to enhance the employability prospects.
This report further examines the Skill Training and Education sector in India, providing insight into market drivers, key trends, the emergence of online education, the regulatory system, and future outlook.