Skill development is one of the essential ingredients for India’s future economic growth as the country transforms into a diversified and internationally-competitive economy. India has unique demographic advantage with more than 60% of the population is in young age group.
The shortage of candidates with the right skills has many employers changing their strategies so they can re-skill and up skill workers who are already on board. It also requires organizations to modify their training and development programs to ensure that employees have specific knowledge to fill the gaps.
As India strengthens its base as a knowledge economy, there would be additional requirements to the highly skilled workforce in various organised & unorganised sectors. Further, with value added industries being given a policy push under the ‘Make in India’ initiative, highly skilled workforce would also be required in high-end industries.