Despite the efforts of Govt. headed by various heads and formulations, we have failed to get current account surplus from Export of Goods. The deficit is largely funded by contribution of immigrants and exports of services by IT or IT-es industry besides some foreign investments. IT or IT-es industry is built on human skills against the manual labour. Contrary to popular belief, it is the result and product of goodwill generated by NRIs in developed world. Further, our software professionals are rated very high internationally. Similary, our pharmaceutical companies are making their presence felt in developed market through generics are foreign exchange earners. This again is highly skill-based industry. It is also very pertinent to note that knowledge of modern technology apart from English helped these sectors.
This is despite the fact that percentage of population completing their secondary level of education and organisations crying for unemployability of our graduates.This is high time, we start focusing on spreading education and improving the skill-sets of our population. Industry as well as influential leaders should come forward to improve the standards of education by interaction with students and teachers. The software industry should engage themselves with Science and Engineering Colleges. The Pharmaceutical industry should engage with medical colleges apart from science engineering colleges.
The healthcare industry should engage in setting up medical colleges or improve the infrastructure of existing colleges to improve their intake. Healthcare industry can also engage various engineering colleges to develop home-grown equipments used for medical diagnostics and support. We are capable of providing affordable world-class healthcare services, if we have enough medical professionals. This cannot come without enhancing the intake of medical colleges. Medical council recently rejected the enhanced intake of medical students for lack of proper library or hostels in some cases. The healthcare industry should complete these shortcomings through their CSR initiatives. These will be more fruitful for future generations, than just organising free camps. The Growth of healthcare infrastructure can result in export of medical services.
Improving the educational standards of medical and engineering colleges will have a downstream effect and will improve the ratings of these institutions themselves, making them attractive for global students. This will lead to export of educational services.
Ironically, we consider to fill our current account deficit with FDI and FII instead of focusing on our tested strength.
We should encourage production of satellites, aircrafts, ships, submarines etc. apart from movies and entertainment stuff to be marketed globally. This will help us beat the others and we are capable of this. We have just focus on spreading education to all and for all.
