Under Skill – Skill old though new dimension
India has gradually evolved as a knowledge-based economy due to the abundance of capable, flexible and qualified human capital. Since it is still in growth phase and poised to grow in future to become the within top economies of the world we need to further develop and empower the human capital to ensure the country’s global competiveness.
Skill is basic and essential step for achieving the milestone. But current assessment od situation suggest India lags far behind in imparting skill training as compared to other countries. As a estimate only 10% of MBA graduates and 17% Engineering graduates currently employable. The numbers are also going down every passing year. current Indian scenario vis-à-vis employment looks grim. The rise of unemployed educated youth is not only a drain on Indian economy but is also a dangerous social scenario with a powerhouse of educated yet frustrated youth who are directionless with no jobs. The main reason for this grim scenario is the skill gap between the source of skills (colleges, students, etc.) and the destination the work actually requires.
With As per a recent study, at current pace a skill gap of 75-80% across industry sectors is estimated by 2020. Hence, it is time for serious action on part of all stakeholders – private players, the Government, and the institutions. As India moves progressively towards becoming a ‘knowledge economy’ it becomes increasingly important that the country should focus on advancement of skills and these skills have to be relevant to the emerging economic environment.
The skill development of the working population is also a priority for the government and private sectors. The need of the hour is to synergize the efforts and resources to provide a feasible platform for vocational education and skill development. The ideal way forward will be to seek partnerships that will strengthen the process of quality and inclusive education.
Under Skill – to Upgrade
Skill Development for Students:
Look the job scenario across. You will now very less the reasons are we have read and learnt all 19th century concept that is not bad but is not sufficient. Todays world need updated concepts, application oriented knowledge, adaptive attitude and agile learning capability. There is understanding difference between Education and Skills. Subject knowledge is important but to survive in this competitive global world students require to gain skills to make them stay “ahead of the curve”. And should adapt it as a continuous processes. Every carrier choices will have difference of skills while a few of things are quite common and applicable to all branches for engineering and management.
Skill Development at Working Professionals:
In the present world, companies expect newly hired employees to be able to perform their job on the very first day rather than developing their skills by providing training. In a world of cut throat competition, only two types of new hires excel in their jobs – one who are already equipped with the skills or those who are intrinsically motivated to learn and develop new skills while on job. Where technology becomes obsolete every single day, updating your skills to match the organizational demands is imperative.
Under Skill – Quant perspective
2020 – Advantage India: India has a historic opportunity. The country will be home to 700 million people of working age by 2020 thus making it the youngest work force in the world – known as the demographic dividend. A BCG study suggests that India will have a surplus of 47 million of active population, enough manpower to meet our needs but also help the rest of the world. However, to “reap” this demographic dividend, quality of workforce is important and hence, Skill Development is the next big thing India will be embracing.
The rate of technological change has accelerated at an unprecedented pace due scientific research , computerization , globalization and stiff competition across every field. The new generation of technology, especially information and communications technologies and advanced manufacturing processes has greater role of automations and digitization. Which has improved the productivity over last decade and now demanding higher-level skills, higher degree competencies from the current and forthcoming set of people.
Work practices now can associate with increased employee involvement, new ideas, supporting innovations, Involving faster decision-making, and reliance on team-based systems, which are perhaps the most important of the management practices putting in demand for higher level of mix towards soft , analytics and decision making skills.
The agile ecosystem demands higher level of skills from the students graduating technical or nontechnical, current set of working people who need to learn beyond their comfort zone .
The fact that our Prime Minister Shri Narendra Modi has been a big proponent of Skill Development augurs well. This directs the Quant Vision and motto