A survey of students who graduated from the top engineering schools in India in 2016 revealed that the number of graduates with MBAs had risen dramatically in the past two years.
According to the National Council of Educational Research and Training (NCERT), a leading research and training institution in India, there are more than 1.25 lakh MBAs in the country, up from a mere 800,000 in the previous academic year.
The NCERT survey revealed that a total of 7.5 per cent of graduates from the two best engineering schools—MIT and Tata—have gone on to get MBAs.
In contrast, only 1.4 per cent graduates from both top engineering and non-engineering schools have gone on for an MBA, NCERT said.
The growth of the MBA industry is also seen in the Indian manufacturing sector, where a growing number of companies have started to use digital technologies in order to boost productivity and make money.
In fact, according to an industry survey conducted by the National Confederation of Manufacturers and Exporters, the number has doubled in the last three years, from 2.6 lakh in 2016 to 3.1 lakh in 2017.
The manufacturing sector is also growing at a faster rate than other sectors in India.
According the survey, the sector accounted for almost a quarter of the total jobs created in India last year.
A survey conducted in 2016 by Bhabha, a global market research firm, revealed that in 2016, about 15 per cent (24,977) of the country’s manufacturing jobs were in the IT sector, while the same year, 21 per cent were in IT services and engineering services.
In the last five years, the IT industry has seen the greatest growth, up by 17 per cent to more than 20,000 jobs, the survey found.
In 2019, the manufacturing sector was the biggest employer in the private sector, accounting for 23 per cent, up slightly from 22 per cent in 2015.
In addition to growing the manufacturing and engineering sectors, the growth in the manufacturing industry has also been fuelled by the launch of new manufacturing plants in India and a surge in exports.
In 2015, India’s exports to China jumped by 7 per cent compared to the previous year.
In 2016, exports to India grew by more than 60 per cent from $14.7 billion to $20.7bn.
The country also imported nearly $2.5 billion worth of goods from China in the same period, an increase of over 1,000 per cent.
In India, the biggest trade partner for the Chinese economy is Vietnam, followed by Vietnam, Japan, Malaysia and the Philippines, according the National Institute of Development Studies (NIDIS).
China is India’s biggest trading partner, with India taking a 12 per cent share in the China trade and $12.5bn worth of exports from China, while China took a 25 per cent market share, up about $1.1bn from $9.2bn in 2015, the NIDIS report said.
In terms of exports, India accounted for $3.4 billion in 2017, an almost two-fold increase from $2 billion in 2016.
The biggest exports from India were electronics and chemicals to China, followed closely by steel, chemicals and petrochemicals to Japan, the report added.