PHDCCI Education Summit 2020 “Transforming Education – For making India, a $5 trillion economy by 2024

Dr D K Aggarwal, President PHD Chamber of Commerce and Industry, while welcoming the eminent speakers and the august gathering with his valuable remarks appreciated Konrad Adenauer Stiftung (KAS) for their association with PHD Chamber of Commerce and Industry in organizing the PHDCCI Education Summit 2020, today at Hotel Taj Mahal, Mansingh Road, New Delhi.

India is currently having a real GDP growth of 5% and going forward we need a growth of 7%, 8% and 12% respectively in the following years to achieve the vision of attaining a USD 5 trillion economy, said Dr Aggarwal.

Dr Aggarwal reiterated the transformation of Industry 3.0 to Industry 4.0 over the last 20 years and highlighted the importance of education ecosystem to achieve USD 5 trillion economy by 2025; USD 10 trillion economy by 2030; and eventually a USD 20 trillion economy by 2050, stating that the Draft National Education Policy, highlighted in the budget 2020 and the allocations provided, has come out with more than 2 lakh suggestions, hoping for an efficient Education Policy.

In order to map the skill requirements of the average youth ageing 29 years as per the industry need, Skill training and vocational programmes, academia industry linkages, creation and innovation in the education ecosystem, incentives for the skill development programmes should be inculcated to create a ideal education ecosystem in the country, said Dr Aggarwal.

Mr Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry highlighted the importance of education for the growth and development of the economy. He reiterated that skill development programmes should be endorsed to meet the need of the Industry.

Mr. Multani appreciated the Government’s Skill Development Mission which will be a revolutionary transformation of Education ecosystem in the country.

Mr Peter Rimmele, Resident Representative to India, Konrad-Adenauer-Stiftung (KAS), Germany, said that education plays a tremendous role in transforming the social ecosystem to achieve the ambitious goal of USD 5 trillion economy.

Highlighting that India is having a demographic dividend of 500 million people which it should work for its advantage with quality education system, Mr Rimmele said that education is not only creating manpower but to empower the citizen.

Mr. Rimmele appreciated PHD Chamber of Commerce and Industry as a strategic thinking institution and long history of partnership. He further stressed upon the fact that Education is the long term investment goal which will lead to advancement of the society.

Mr Alexander Stedtfeld, Economic Counsellor, Embassy of Germany, India thanked PHD Chamber of Commerce and Industry for the opportunity provided and cited the example of Germany and its success stories in building a quality education system by an efficient Public Private Partnership (PPP) model. 2/3 of the young kids coming for schools after a ten to twelve years of education are now opting for vocational training programs showing the changing trends in the education system said Mr. Alexander.

For India to drive towards achieve of USD 5 trillion economy Mr. Alexander said that it is the centre to have competence skilled workforce to carry the expectations of the society and contribute significantly o the economic growth and development of the economy.

Dr D N Pandey, Director, Jaipuria Institute of Management, expressed the need of transforming education in India to become a USD 5 trillion economy. While stating the recent IMF projection of India being the 5th largest economy in the world, he said, that the vision of our leader Shri Narendra Modi Ji to make India a 5 trillion economy by 2024-25, is a stretched but not an impossible target and we as citizens should celebrate even if we reach near to the target too.

Numbers talk about the health of any sector and the economy said Dr Pandey. Stating the numbers as 25 crores students enrolled in schools, 3.5 crore students in colleges and universities and only 1.7 lakhs students in PHD and higher education makes it a pyramid. Now, we have to head out at this pyramid if we want to achieve a USD 5 trillion dollar economy.

Dr Pandey said that the role of private sector in the Indian Education sector is underestimated. India has never thought of a Public – Private Partnership (PPP) model in education sector, said Dr Pandey.

Reinstating the significant role played by the private sector in India’s education eco system, Dr Pandey said it is time that the government leverages the contribution of private sector education institute orelse we will never be able to make it to the top position.

Dr Pandey also reiterated the need to improve the governance in the Indian private education institutes, build up a quality education system and become world class institutions before India is able to trade its education system by building a Harvard in India and importing kids for imparting education from developed Nations like Singapore, US etc.

Dr Sushil Chandra, Scientist G, INMAS, Defence Research and Development Organisation, Govt. of India said that India needs to build a world class eco – system in education to fulfill our vision of a USD 5 trillion economy.

In today’s times when research is only limited to publications and books , it would be beneficial if now these researches are converted into products as it will help contribute significantly with the vision of a USD 5 trillion economy by 2025, said Dr Chandra.

Dr Vishwa Mohan Bansal, Chairman, Education Committee, PHDCCI while presenting the vote of thanks to the eminent speakers on the dais, said that every student should be given an additional skill to make him/her a leader for tomorrow.

Dr Bansal, requested the delegates present at the Summit to come out with implementable ideas on how to move forward in the field of education.

Reassuring that all of us together, with the aid of PHD Chamber of Commerce and Industry will handle the issues, tackle them and take them forward, said Dr Bansal.