India’s Paradox of Plenty

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Paradox of plenty or the resource curse (Richard Auty used this term for the first time I 1993) refers to a paradox that countries having abundant natural resources tend to grow slower than other countries having relatively fewer resources. This paradox generally refers to natural resources like oil etc., but in India we can attribute the same to Demographic mileage also.
Countries like Japan, Canada etc. despite have successfully brought themselves up even without having demographic dividend. Despite having the largest chunk of young population, around 35% in the age group of 22-38, we are unable to take advantage of this demographic dividend. Last year, Aspiring minds did a study on the employability on the young engineers and concluded that around 94% of the engineers are not employable, or we can rather say they are not industry ready. NASSCOM-McKinsey report said that not more than 26% of Indian engineering graduates are employable. This is not about engineering only, the same happens in other field of studies as well. Be it management, law or any other area of studies. Now comes the question, what is the root cause of this evil. Experts have pointed out the few following reasons
# School education
# Outdated syllabi
# Poor teaching and training methods
# Lack of corporate involvement etc.
Way Ahead
MD Gurnani, CEO & MD, Tech Mahindra was heard saying that this problem cann’t be solved entirely by schools & colleges, rather industry should take the onus for improving skill development. Govt. should also develop and implement proper strategies for the upliftment of the educational institutions. Strict compliances should be set and educational institutions must be compelled to adhere by them. More emphasis should be given on vocational training so that unskilled/ semi skilled labor can find a way for them.  Since schooling creates the foundation of skill set, it should be taken care of. Improper nurturing at the very ground level compounds the problem further.  Apex educational bodies like AICTE, UGC etc. must take a note of the substandard colleges running in our country. More incubation centres, skills centres and research centres must be developed. Govt must help the educational institutions in getting it done.


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