In rapidly growing economies like India with a vast and ever-increasing population, the problem is two-fold. On one hand, there is a severe paucity of highly trained quality labour, while on the other large sections of the population possess little or no job skills. Out of the current workforce of about 459 million, only about 8%-9% are engaged in the organised/formal sector. In India, less than 5% of the workforce has undergone formal skills, as compared to 38% in Mexico, 52% in USA, 75% in Germany and 96% in South Korea. The magnitude of the challenge is further evident from the fact that about 12 million persons are expected to join the workforce every year. This emerging socioeconomic scenario is poised to drive the demand for skilling India. India has seen rapid growth in recent years, driven by the advances in new-age industries. The increase in purchasing power has resulted in the demand for a new level of quality of service. However, there is a large shortage of skilled manpower in the country. By 2022, India is expected to have a population of 1.4 billion, and from that point, likely to overtake China as the most populous nation of the world. The earlier estimate plugged that India’s population will overtake China only by 2028.In the wake of the changing economic environment, it is necessary to focus on inculcating and advancing the skill sets of the young population of the country. Through the National Policy on Skill Development, 2009, India recognized the need for the development of a national qualification framework that would transcend both general education and vocational education and training.