Our Readiness Towards Skilled Workforce for 5 Trillion Economy

The world is ageing very fast, but India is still young. 65% of India’s rapid growing population is under 35 and many lack skills demanded by the modern economy especially the most disadvantaged youth. Though India is a powerhouse of talent and innovation but there is a wide gap between acquired and required knowledge. According to World Economic Forum reports, only 5% of the workforce is formerly skilled.?

If the country needs to realize true talent potential, the focus should be on recognition of potential talents, fostering on innovation and infrastructure upgrade and developing right skills. Training and skilling more women and youth in technology by promoting skilling, entrepreneurship, and market linkage support is highly needed to address the growing skill gap in this changing employability landscape defined by new-age technologies.?It was estimated that, when the SIMO (Skill India Mission Operation) project ends, about 8.8 million youth will have received some market-relevant training that will in turn open up better job opportunities for them in a changing job market.

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The skill development system has traditionally been driven by centrally allocated targets, finances and infrastructural support.?But in the recent times, shift to digital platforms, changing job markets, emerging new sectors and highly aspirational young generations including women, India is set out on a path of tremendous growth and transformation in the years to come.?Union Finance Minister Nirmala Sitharaman said that the Skill India Mission has trained 1.4 crore youth, upskilled and re-skilled 54 lakh youth.

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Recognizing this gap the Government and private agencies are coming up with various innovative and relevant skilling programs for the youth and women to bridge the skill gap between academic knowledge and industry requirement. The educational institutions are introducing and implementing STEM technology from early childhood onwards. Many institutions and organizations are targeting on AI focussed micro credential courses including digital marketing, cloud computing etc. which has been highly recognized recently.

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Home makers are equally participating in this digital transformation by using digital platforms to generate income and support their families economically.?As per reports by Forbes India, 65% of all new internet users will be women which will be actually an incredible change for the Indian economy.

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There is a renewed need and focus on up skilling fresh talent to meet and adapt with the demands of the ever evolving industry, addressing the growing skill gap.

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The new short term skilling approach aims to provide skills that are relevant to the changing market needs recognized by industry and private industry players, has been one of the defining factors in the success of skilling sector in totality.

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In next few years, India because of its huge and immense potential will be one of the largest contributors to the global workforce and global economy with a gross increase in women participation in the total workforce.