Question

English Reading Comprehension
When it comes to the term economic işansformation, we can say that India is one of
the great business stories of our time. As stilling government regulations have been
ited entrepreneurship has flourished and the country has become a high powered
centre for information technology and pharmaceuticals Indian companies like
Infosys and Wipro are powerful global players, while Western firms like GE and
18.M now have major research facilities in India employing thousands India's
seemingly endless flow of young motivated engineers scientists, and managers
offering developed world skills at developing-world wages is held to be putting
American jobs at risk, and the country is frequently heraided as "the next economic
superpower
But India has run into a surprising hitch on its way to superpower status its
inexhaustible supply of workers is becoming exhausted. Although India has one of
the youngest workforces on the planet, the head of Infosys said recently that there
was an acute shortage of skilled manpower, and a study by Hewitt Associates
projects that this year salaries for skilled workers will rise fourteen and a half per
cent, a sure sign that demand for skilled labor is outstripping supply)
How is this possible in a country that every year produces two and a half million
college graduates and four hundred thousand engineers? Start with the fact that just
ten per cent of Indians get any kind of post-secondary education, compared with
some fifty per cent who do in the US Moreover, of that ten per cent, the vast
majority go to one of India's seventeen thousand colleges, many of which are closer
to community colleges than to four-year institutions. India does have more than three
hundred universities, but a recent survey by the London Times Higher Education
Supplement put only two of them among the top hundred in the world. Many Indian
graduates, therefore, enter the workforce with a low level of skills. A current study led
by Vivek Wadhwa, of Duke University, has found that if you define engineer" by US
standards, India produces just a hundred and seventy thousand engineers a year
not four hundred thousand Infosys says that, of 1.3 million applicants for jobs last
year, it found only two per cent acceptable
There was a time when many economists believed that post-secondary education
didn't have much impact on economic growth. The really important educational
gains, they thought, came from giving rudimentary skills to large numbers of people
(which India still needs to do-at least thirty per cent of the population is illiterate)
They believed that, in economic terms, society got a very low rate of return on its
investment in higher education. But lately that assumption has been overturned, and
the social rate of return on investment in university education in India has been
calculated at an impressive nine or ten per cent. In other words, every dollar India
puts into higher education creates value for the economy as a whole. Yet India
spends roughly three and a half per cent of its G.D.P. on education, significantly
below the percentage spent by the U.S., even though India's population is much
younger and spending on education should be proportionately higher
The irony of the current situation is that India was once considered to be
overeducated. In the seventies, as its economy languished, it seemed to be a
country with too many engineers and PhDs working as clerks in government
offices. Once the Indian business climate loosened up, though, overturned that
meant companies could tap a backlog of hundreds of thousands of eager, skilled

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