BY 2020 INDIA WILL HAVE A SHARE OF ABOUT 18% OF THE WORLD’S SKILLED MANPOWER AND HENCE HAS TO DEVELOP THE SKILLED MANPOWER STRENGTH TO 47 MILLION TO ADDRESS THE WORLD’S MANPOWER SHORTAGE OF 56.7 MILLION.
Skill Development and Entrepreneurship development efforts across the country have been highly fragmented so far. Though India enjoys the demographic advantage of having the youngest workforce with an average age of 29 years in comparison with the advanced economies, as opposed to the developed countries, where the percentage of skilled workforce is between 60% and 90% of the total workforce, India records a low 5% of workforce (20-24 years) with formal employability skills.
With the present education and skill levels of those already in the labour force being very low, it would be a major challenge for India to reap its demographic advantage.
This challenge becomes enormous as the recent studies indicate that employers found just about 25% of Indian graduates are ‘employable’ in the organized sector. The informal sector which comprises 93% of the workforce has no skilling mechanism, as the skill development takes place on the job.
So, there is a need for quick reorganization of the skill development ecosystem and the promotion of which is necessary to suit to the needs of the industry to ensure enhancement of life of the population. India would surely rise to be the Human Resource Capital of the world by appropriately skilling its youth bulge and convert its advantage into a dividend.
Skill development initiatives will help actualize the inert potential, for which development and articulation of a national policy on skill development is already in progress.
As India moves progressively towards becoming a global knowledge economy, it must meet the rising aspirations of its youth. This can be partially achieved through focus on advancement of skills that are relevant to the emerging economic environment. The challenge pertains not only to a huge quantitative expansion in skill training for the youth, but also to the much more important task of raising their quality. With a goal to create opportunities, space and scope for the development of the talents of the Indian youth and to enhance their technical expertise, ICT Academy focuses on Youth Skill Development as one of its pillars.
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