Can Franchising Be The Solution To India's Unemployment Challenge?

India tops the list of the fastest growing economies in the world for the coming decade and is projected to grow at 7.9% annually, ahead of China and the US, according to a Harvard University report.

- Gaurav Marya

India tops the list of the fastest growing economies in the world for the coming decade and is projected to grow at 7.9% annually, ahead of China and the US, according to a Harvard University report. Despite this growth projection, the country’s defective education system may hamper future growth as its emerging workforce is unable to cope with the demands of a 21st century economy. Countries like Thailand and Mexico, which didn’t invest in quality education, have struggled to maintain their growth, whereas a country like South Korea, which made significant investments in education, has become an innovative economy. India too might get trapped due to its low-quality education system if it doesn’t act with urgency to transform the system.

The present education system doesn’t serve the needs of the current generation, much less the demands of the next. Besides, the Indian education system is designed in such a way that students are trained for jobs rather than entrepreneurship. When looking at recent data, one can conclude that although our country has enjoyed high growth this has largely been jobless economic growth. In such a scenario, franchising can be a viable solution to unemployment. Franchising means going into business for yourself and not by yourself.