Students like these at Delhi University expect that their degrees will help them get jobs, but the reality has proved more difficult. Photo: niyam bhushan (flickr)

With more than half of India's population under the age of 25, and the glowing praise that India receives in the media, India seems to be on the fast track to success. And yet, India's educational infrastructure falls devastatingly short of providing the economic edge students need.

According to a recent Wall Street Journal article, the very same companies that made the Indian economy the growing powerhouse that it is are now struggling to find competent hires. More than 85 percent of India's graduates are unemployable by call centers or IT companies. In fact, according to S. Nagarajan, the founder of a call-center company called 24/7 Customer, only three out of every 100 applicants is considered hireable. "With India's population size, it should be so much easier to find employees. Instead, we're scouring every nook and cranny," laments Nagarajan.

The problem lies, according to the Wall Street Journal, in an outdated educational approach that values memorization over critical thinking and pays little attention to issues of academic honesty, creating a system ripe for exploitation. In order to keep education affordable, the Indian government keeps teacher salaries and school budgets low, providing little incentive or funding for teachers to improve. And there is no reform in sight.

"My family has invested so much money in my education, and they don't understand why I am still not finding a job," D.H. Shivanand told Wall Street Journal reporters. He seems the ideal candidate on paper — a masters degree in business from a top University, wherein all of his courses were taught in English. Yet a year after graduation, he is looking for any entry-level position available, and continuing to take out loans to improve his spoken English and interviewing skills.

The lack of well-educated youth to take over in the industries that show the most promise may mean that India isn’t the global superpower we have come to believe. According to the CIA World Factbook, much of India’s growth has occurred only in the last 20 years, progressing so rapidly that it is anticipated to be one of the most dominant world economies by 2050. But without an educated populace to take over, it’s growth could fall flat — and soon.

In order to prevent that, some companies have taken matters into their own hands. Since the educational system cannot be relied on to produce skilled employees, companies have decided to create training programs for new hires. This may help some unskilled graduates make up for lost time and money, but certainly not all will be granted this second chance. With a predicted 1 million people joining India's workforce each month over the next ten years, India's economic sustainability is at risk.

Markets like these in Egypt bring in local as well as tourist business, helping to increase Egypt's overall economic strength. Photo: effeietsanders (Flickr)

Though they are currently considered to be developing economies, the four BRIC countries — Brazil, Russia, India, and China — are expected to become economically dominant by the year 2050. Now, Jim O'Neill, the economist who coined the BRIC acronym, sees a new emerging power— but it's not a single nation. According to O'Neill, Africa, when taken as a whole, could become the next BRIC.

According to his article in Financial Times, when O'Neill began looking at Africa as a whole rather than as individual nations, he found an economy comparable in growth and potential with the BRICs. Today, Africa has a combined GDP larger than India's and on par with that of Brazil and Russia. If current estimates hold, the total GDP of the 11 largest African economies in 2050 looks as though it would "reach more than $13,000bn, making them bigger than either Brazil or Russia, although not China or India."

O'Neill believes that in particular Egypt and Nigeria are the two countries that have the individual strength to help Africa become a leading world economy. Both are included in O'Neill's group of' the 11 most up-and-coming economies and collectively, they provide almost half of the total African GDP. There is special potential for growth in Nigeria to contribute because almost 20 percent of Africa's population lives there.

While not populous enough to significantly influence continental GDP, South Africa also has a critical role to play. As one of the more developed countries in Africa, South Africa could serve as a connecting force between southern Africa and the strong economies of Egypt and Nigeria.

But in order for Africa to truly emerge as a BRIC, O'Neill acknowledges that reform is necessary. Egypt and Nigeria, as key players in the overall strength of Africa's economy, must take action to encourage business. Rather than promoting censorship, increasing transparency and education is a crucial first step to encouraging economic growth. Focusing on eradicating corruption, lowering national debt and stabilizing inflation are all key moves that must be made, particularly in these leading nations but across the continent, in order for Africa to truly achieve its potential.