India has recently become the world’s most populous country. Its estimated 1.425 billion inhabitants amount to one sixth of the world’s population and include around 600 million people under the age of 25. That enormous, English-speaking young population gives India – already one of the fastest-growing economies in the world – an excellent window of opportunity to become a global talent hub over the next two decades.

However, realising that potential will require concerted effort, innovation and investment to create access to modern education, skills development and employment.

It is widely accepted that Indian curricula need updating and redesigning to become more practical, relevant and industry-focused. Alongside top academic skills and subject knowledge, today’s employers are seeking new entrants with a set of core skills that will enable them to operate effectively within an organisation and contribute positively from the outset. Improving students’ digital skills, resilience and problem-solving skills will make them more confident and attractive to employers.

India’s new National Education Policy, published in 2020, has been generally acknowledged as a game-changer for the nation’s higher education sector, setting out an ambitious liberalising agenda with the aim of making India a “global study destination” and “global knowledge superpower”. This will provide many new opportunities for Indian and foreign universities to work together, including through institutional partnerships, student mobility, dual-degree programmes, transnational education and cutting-edge collaborations in research and development.

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A recent initiative by India’s University Grants Commission (UGC), aimed at bringing more real-world expertise into classrooms, has been the introduction of a new kind of teaching post called “professor of practice”. This role is aimed at industry and professional experts who do not meet the typical requirements for a professorship, such as a PhD. This is undoubtedly a novel step in the right direction.

Another important step would be towards greater digital competency. The Covid-19 pandemic prompted a widespread adoption of technology in businesses of all sizes and sectors. This has improved innovation and productivity, but it has also made certain traditional roles redundant, even as new roles have emerged. Today’s job applicants increasingly need to be equipped with digital competencies, such as in digital marketing, data analytics and software engineering, and universities need to amend their curricula accordingly.

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At the same time, developing a closer and deeper engagement with industry and business networks will better expose students to the realities of changing professional landscapes and employers’ requirements within that, as well as give them better contacts within it when they graduate. It creates a win-win for both parties, reducing for businesses the time and cost of skills-building.

Providing regular engagement opportunities with alumni could also help students to gain early access to business networks and help them to understand industry trends. It could be as simple as getting a well-established alumnus to come on campus for a guest lecture, sharing tips about their particular industry or profession and networking with students. These interactions are key to sustaining relations and inspiring the next generation of leaders in India.

With India now being the third-largest start-up ecosystem globally, with more than 100 unicorns (companies worth more than $1 billion), we are witnessing a real shift in the mindset of the country’s youth towards entrepreneurship. Many now see it as a viable alternative career choice to conventional paths such as engineering, law and medicine. Forward-thinking institutions could help by equipping students with information and guidance on how to start a business and thereby become job generators rather than job seekers.

Several institutions have invested in building innovative business incubation centres, which encourage students to pursue new ventures and gain an understanding of business concepts. For example, the prestigious IIT Madras Incubation Cell supports technology- and knowledge-based start-ups, from “concept to scale-up”, through a wide range of support, guidance and mentoring services, helping students to translate innovation into products and services that are commercially viable. These job-creating initiatives should be seen as exemplars to replicate across Indian higher education.

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Working in close collaboration with government and industry stakeholders, India’s universities and colleges can and must give the country’s vast youth population the necessary tools to thrive in the global digital economy.

Amarjit Singh is the founder and CEO of the London-based India Business Group, a leading strategic advisory consultancy supporting businesses, universities and organisations on market entry and expansion in the UK-India corridor. He is also special India advisor to the University of Southampton and a founding director of its India Centre for Inclusive Growth and Sustainable Development.