Education is the key to inclusive growth in any society. India is a young country with nearly 300 million people in the 19-35 age group. Based on the recent FICCI–EY report, currently India’s gross enrolment at 22 percent (30 million) is one of the lowest in the world, compared to 90 percent in the US, 62 percent in the UK and 31 percent in China. If we need to push our ratio even high enough to match China’s, then that amounts to educating an additional 15 million students – which seems like an overwhelming task, especially through our traditional brick-and-mortar education system.
The traditional education throws two major hurdles our way – accessibility and financial affordability. Business education is very expensive in India, especially considering the ROI on them. The tuition fees for premier B-schools in India are very high and they spike periodically. This situation pushes a majority of applicants to the lower tier schools, which have a mixed track record with respect to their placements. A working professional who is evaluating going to a business school in India may be extremely discouraged when (s)he takes into account the tuition costs, living expenses and most importantly the loss of pay during the period of education in a full-time programme. Of course, the lucky few who bag a great placement after the course may get a strong ROI for their time and money invested in a top tier B-school.