Consider this: the gross enrolment ratio to higher education in India is a mere 23% compared to developed nations where this ratio is anywhere from 50-100%. Our islands of excellence, the IITs, IIMs, and AIIMS, are all single-field institutions. This is an ineffective model that serves less than 0.5% of the enrolled students. Parents are spending $50 billion per year on private coaching and overseas education of their children. That is, they are either trying to improve their child's chances to get into the premier institutions in India or completely giving up on the Indian education system. According to one study, 75-90% of students graduating from Indian institutions are considered unemployable. As a result, corporations are investing 6-12 months of training to prepare these graduates for productive work. Everyone is paying a hefty price for this broken and disconnected system.
Fortunately, India has done well in times of crisis. Remember the green revolution (at a time of food shortage), white revolution (during milk shortage), and the 1991 economic liberalization? We need a Grey Revolution, now.