India is projected to have the largest young workforce in the world by 2025 but is failing to cash in on this rich demographic dividend.
According to a draft report from National Sample Survey Organisation (NSSO), India presently has its highest unemployment rate in the last 45 years.
The manufacturing sector needs to be strengthened to combat this crisis. According to government reports, only 4.69% of India’s workforce is formally skilled. An adequate availability of skilled workers is needed for the success of government initiatives such as ‘Make in India’. India needs to upskill its workforce in a big way. According to estimates, if upskilling is ensured, India will be well-poised to add 104.62 million fresh workers by 2022.
The Modi government had identified this issue and accordingly launched the ‘Skill India’ programme on July 15, 2015, which was formally named Pradhan Mantri Kaushal Vikas Yojana 1 (PMKVY 1). The programme aimed to skill 402 million people by 2022. Later, the government launched the Pradhan Mantri Kaushal Vikas Yojana 2 (PMKVY 2) in July 2016. The skill based education schemes are monitored through the National Skill Development Corporation (NSDC). Apart from PMKVY, NSDC has also launched initiatives like Pradhan Mantri Kaushal Kendras (PMKK) and Udaan. However, the success of these programmes has been limited.
This story is from the June 1-15, 2019 edition of BUSINESS ECONOMICS.
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This story is from the June 1-15, 2019 edition of BUSINESS ECONOMICS.
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