People need to be prepared with the abilities they need to adapt and succeed in today’s dynamic and continuously changing corporate environment.

In this article, we’ll look at the discipline’s power and how it can help India reach its full potential.

By Ketan Deshpande

India is a hugely populous nation with a diverse economy. India has made considerable economic progress in recent years, but there are still many problems the nation must overcome, including a lack of trained labour. India’s inability to find enough trained labour is a significant barrier to the country’s future growth and development. India’s potential can be unlocked by the discipline of skills development. To solve the labour shortage in the nation and make sure that India’s workforce is prepared to satisfy economic demands, skills development investment is essential. Technology, the business sector, and the government can all contribute to the development of skills in India. By cooperating, these parties may contribute to the creation of a knowledgeable and effective labour force that will support India’s future growth and development.

Indian Skills Development’s Significance

India’s growth and development depend heavily on skill development. In various industries, including manufacturing, healthcare, and construction, India is lacking trained people, according to research by the National Skill Development Corporation (NSDC). The nation’s capacity to meet the demands of its expanding economy is being hampered by this deficit. To overcome this gap and make sure that India’s workforce is prepared to meet the demands of the economy, investment in skill development is essential.

People need to be prepared with the abilities they need to adapt and succeed in today’s dynamic and continuously changing corporate environment. A change in the division of labour between humans and robots might result in the loss of 85 million jobs by 2025, according to the World Economic Forum’s Future of Employment Report 2020. Nevertheless, according to the same estimate, 97 million new employment might be created in industries including healthcare, renewable energy, and information technology. People must possess the appropriate skills and competences to perform these new roles.

The Role of Government in Developing Skills

The Indian government has made a number of efforts to promote skill development after realising how important it is. The government has started a number of projects, such as the Skill India Mission, which aims to give millions of Indians access to vocational training. The government has also introduced the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), a programme that aims to impart industry-relevant skills to youth across the country. These programmes are assisting in bridging India’s skills gap and preparing the workforce there for the future. The debut of PMKVY occurred in 2015. Now, PMKVY 3.0, the third phase of the programme, is being implemented nationwide as of January 2021.

The Impact of the Private Sector on Skilling

In India, the private sector is essential to the development of skills. A Confederation of Indian Industry (CII) research states that the private sector is responsible for over 70% of all national investments in skill development. To make sure that their staff has the skills required to satisfy the demands of the economy, private enterprises are investing in skill development. Government and the commercial sector are working together to support programmes like the PMKVY that promote skill development.

India a global hub for skills

With an aim to make India a Skill Capital of the World and improve mobility of Skilled manpower the National Skill Development Corporation (NSDC) International has been set up, which aims to create a network of institutions across India. This network of institutions will be called as Skill India International (SII) Network. It shall be created through the empanelment of state-of-the-art government and private institutions.

India’s need for skill development

India has a large and diverse workforce, with over 500 million people in the working-age group. However, despite having a vast workforce, the country’s economy is still struggling to create enough quality jobs. One of the main reasons for this is the lack of skilled workers. According to a recent report by the National Skill Development Corporation (NSDC), only 2.5% of India’s workforce has undergone formal skill training. This highlights the urgent need for India to invest in skill development to enhance employability and competitiveness.

Opportunities and Difficulties

Despite government initiatives, India’s talent development faces a number of obstacles. The lack of awareness and involvement in skill training programmes is one of the major problems. Just 2.2% of people aged 15 to 59 obtained any kind of formal vocational training in 2017–18, according to a survey by the National Sample Survey Office (NSSO).

The calibre of skill-training programmes is another issue. Only 47% of qualified candidates were able to obtain work after training, according to a recent NSDC research. The need for a more industry-driven approach to skill development was also emphasised in the report. Significant prospects for skill development are available in India as well. If given the necessary skills, the nation’s sizable and expanding youth population might produce a demographic dividend. New chances for skill development have been made possible by the growth of digital technologies.

Technology in Capacity Building

The delivery of skills development in India is changing due to technology. People all throughout the country now have easier access to skill development thanks to online learning platforms and smartphone apps. These platforms offer instruction in a variety of subjects, including coding, digital marketing, healthcare, and hospitality. According to a KPMG report, the Indian market for online education is anticipated to reach $1.96 billion by 2021, creating a sizable opportunity for skill development.

Growing Role of CSR

By giving young people in India access to education, training, and employment opportunities, corporate social responsibility (CSR) funds have made a substantial contribution to both their personal growth and the growth of the nation as a whole. Over 70% of the companies surveyed, according to a 2018 survey by the Indian Institute of Corporate Affairs (IICA), stated that they had incorporated skill development programmes as part of their CSR operations. According to the survey, businesses are concentrating on offering training in subjects like digital literacy, entrepreneurship, and soft skills, all of which are crucial for young people’s employability.

Summary

Overall, the data point to professional learning as being crucial to India’s growth and development, and stakeholders from the public, business, and technological sectors are cooperating to support it. To close the skills gap and ensure that India’s workforce have the competencies required to fulfil the demands of the economy, however, more work still needs to be done. India can achieve equitable development and sustainable growth throughout its population by keeping up its investment in skill development, which would help it realise its full potential.

About the Author

One of the top leaders championing youth capacity growth throughout India is Ketan Deshpande. He is the founder, chairman, and CEO of FUEL or Friends Union For Energizing Lives, as well as a visiting fellow at Cambridge, UK’s JBS University.