Skill development has been considered one of the critical aspect for job creation in India. India has unique demographic advantage with more than 60% of the population is in young age group. But in order to get dividend from such large work force, employability has to be improved. As per current statistics only 10% of the fresh graduates are employable and rest of the 90% lack skills required for eligible to be hired by corporate. India’s GDP is growing at great rate of around 6-8% but job creation is not catching up with it.
Govt of India has taken initiative for Skill development through public private partnership. There are opportunities for private education players to take advantage of such scheme. Current infrastructure of ITI and other govt aided institutes are not enough to training people for future job opportunities.
Skill development starts with identifying future job prospects and segmentation of it according to need and feasibility of training candidates. Stakeholders for skill development need to be identified like Govt Entities, State Govt, Private Training Institutes, Large Corporates, NGO etc.
Private players can use technology to automate, improve and scale training and certification approach of skill based training.
India’s Finance Minister Arun Jaitley has initiated measures to enhance employability of the youth. There is Rs 4000 Cr programme for skill acquisition and knowledge awarness For Livelihood Promotion Programme (SANKALP). This initiative has opened up knowledge and training / certification opportunities for Indian private education entities.
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