International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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SKILL DEVELOPMENT IN INDIA- THE FUTURE FOR ECONOMIC GROWTH

    1 Author(s):  DR RUCHIRA AGRAWAL

Vol -  8, Issue- 3 ,         Page(s) : 102 - 110  (2017 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age. India’s workforce is the second largest in the world after China’s. While China’s demographic dividend is expected to start tapering off by 2015, India will continue to enjoy it till 2040. However, India’s formally skilled workforce is approximately 2% - which is dismally low compared to China (47%), Japan (80%) or South Korea (96%).To leverage our demographic dividend more substantially and meaningfully, the Government launched the “Skill India” campaign along with “Make in India”. Given the projected humongous shortfall of 347 million skilled people by 2022 in 20 key sectors of the economy and the infrastructure arena, the industry needs to wake up to the rude reality that a laidback approach to skilling on its part would only hasten its relegation to obscurity, and, in an extreme scenario, even put its own existence at risk. For far too long, something as serious as skill development has been allowed to remain the exclusive preserve of either the HR, training or CSR cells of companies. Skill development is a CXO-level (executive-level) issue and deserves to be discussed in boardrooms. The pace at which this transition happens would determine where India would stand 20 years hence — as just another fast-growing developing country or an influential member of the First World. This paper is a brief look at Skill Development ecosystem in India - the need for Skill Development, problems areas and initiatives taken by the present Government in this area.

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