India holds the largest youth population in the world, with approximately 65% of its youth in the working age group, providing the nation with several opportunities to utilize this demographic numbers to become the most skilful capital in the world, claims Asian Lite International.
Investing in skill development has become important because it can result in major structural change and economic growth by raising labour productivity and employability.
As per figures, experts think India has the potential to get enormous benefits from demographic statistics because of its sizable and expanding workforce at a time when many other major countries are struggling with the effects of the old population.
According to Asian Lite International, the continuously changing nature of the digital landscape necessitates a thorough review of strategies and policies to maintain a suitable and competitive workforce.
As a result, the Indian government has expanded its focus on infrastructure for skill development, paying keen attention to functional and vocational skills and closing the gap between industry demands and schooling.
For the first time since the country’s independence, India established the Ministry for Skill Development and Entrepreneurship in 2014 to manage all skill development industries and improve them to increase employment.
Additionally, the Union government has launched several ambitious schemes to teach 400 million Indians various skills by 2022, as Indian PM Narendra Modi’s dreams to make India the most skilful capital in the world.
It is anticipated that this programme has already assisted around 13 million Indian youngsters in gaining skills so far.
By training and upgrading more than 400 000 workers in cutting-edge technologies like AI and IoT, the digital skilling programme FutureSkills PRIME hopes to transform India into a “Digitally Talented Nation.”
In the 2019 budget, the Ministry of Skill Development and Entrepreneurship has been given more than Rs 34 billion, a 20% increase over what it received last year. The increased resource allocation demonstrates the importance placed on skill development.
According to Asian Lite International, India has taken the lead in incorporating skill development into more comprehensive social and economic initiatives to benefit from its population dividend.
