1 Year agoThe skill ecosystem in India is undergoing major reforms and policy interventions as India embarks on its journey to become a Knowledge Economy.
Skills and knowledge are the driving forces of economic growth and social development for any country. India is blessed with 65% percent of its youth in the working age group. As per the National Policy for Skill Development and Entrepreneurship 2015, it is estimated that the average age of the population in India by 2020 will be 29 years as against 40 years in USA, 46 years in Europe and 47 years in Japan. In next 20 years, the labor force in the industrialized world is expected to decline by 4%, while in India it will increase by 32% which creates a need and opportunity to provide its workforce with required skill sets and knowledge to enable them to contribute substantially to the economic growth of India.
The skill ecosystem in India is undergoing major reforms and policy interventions as India embarks on its journey to become a Knowledge Economy. The skill gap study by the National Skill Development Corporation (NSDC) for the period of 2010-2014 reports that over 109.73 million additional skilled manpower will be required by 2022 across different sectors.
In the last two years, the government has taken a host of initiatives to channelize the efforts and provide impetus to the Skill Development ecosystem. Department of Industrial Policy and Promotion
To steer and coordinate the current skilling initiatives with quality deliverables, the Ministry of Skill Development and Entrepreneurship (MSDE) was created in November 2014 to drive the ‘Skill India’ agenda in mission mode.
Key interventions taken up by the government during the last two years have resulted in the number of trained Indians growing by 36.8% from 0.76 crores in FY 2014-15 to 1.04 crores in FY 2015-16. These trainings were done through Central Government Programs and NSDC associated training partners in the private sector.