There were Several discussions among the industry experts before the 2024 general elections in the print as well as electronic media in India about the unemployment, crony capitalism and economic disparity due to lack luster manufacturing sector and failure of Make in India policy Lack of jobs was being attributed to lack of skill sets in unemployed youths. which in turn hampering foreign companies to invest in India.
The Ministry of Skills Development and Entrepreneurship will come up with a new policy on skilling to replace the National Policy on Skill Development and Entrepreneurship 2015, almost 10 years after the policy was launched to impart skills training in the country. The move is aimed at giving a renewed push to skilling in India while aligning it with new-age skills. The ministry has engaged the Boston Consulting Group (BCG) to draft a new policy by the end of this year, that will set fresh targets and lay out a roadmap to achieve the government’s vision of making India the skills capital of the world.
As per the International Labour Organization, about 7-8 million youth enter India’s workforce every year. This translates into skills imparted to roughly 25% of the new workforce that was added in the country in the eight years from 2015 to 2023. Since 2015, over 14 million candidates have been trained or oriented under the Pradhan Mantri Kaushal Vikas Yojana until December 2023. (Source: ET)
Employable Talent Share: The share of employable talent across India is projected to be slightly over 51% in 2024, showing a slight increase compared to the previous year when it was about 50%1.
Talent Shortage: In 2023, approximately 80% of employers surveyed in India reported talent shortages. This was a slight decrease from about 83% in 20222.
Talent Shortage by Industry:
Consumer Goods & Services: About 81% of employers in this sector stated that they faced talent shortages.
IT: Ranked second, with energy and utilities in third place3.
