Shift in con­sumer spend­ing & be­hav­ior, a chal­lenge for CEOs in con­sumer goods sec­tor: FICCI-PwC Re­port

FICCI Business Digest - - News -

Aother­wise bright spot in to­day's

sub­dued global econ­omy, India sym­bol­ises a re­mark­able growth story for the world. 'Skill India' is one of Prime Min­is­ter Naren­dra Modi's flag­ship ini­tia­tives aimed at sus­tain­ing this growth story and make India the world eco­nomic leader.

A FICCI-KPMG white pa­per ti­tled 'Re-engi­neer­ing the skill ecosys­tem' traces the In­dian growth story by track­ing the In­dian Gross Do­mes­tic Prod­uct (GDP) and Gross State Do­mes­tic Prod­uct (GSDP) of the states along with the evo­lu­tion of In­dian work­force over the years.

Mo­han­das Pai, Chair­man, FICCI Skill De­vel­op­ment Com­mit­tee and Chair­man Ma­ni­pal Global Ed­u­ca­tion, elab­o­rates, “This pa­per ex­plores com­plex­ity and di­ver­sity of our coun­try in terms of eco­nomic de­vel­op­ment, de­mog­ra­phy, ge­og­ra­phy, in­ter­nal & in­ter­na­tional mi­gra­tion, un­avail­abil­ity of rel­e­vant data etc. There is an ur­gent need to eval­u­ate our cur­rent sce­nario, look at fu­ture pro­jec­tions and reengi­neer the skill ecosys­tem ac­cord­ingly.”

As per the cur­rent fore­cast by the Min­istry of Skill De­vel­op­ment and En­trepreneur­ship (MSDE), there would be an in­cre­men­tal re­quire­ment of skilling 110 mil­lion ad­di­tional work­ers by 2022 and to achieve this and reskill the ex­ist­ing work­force the min­istry has em­barked on a her­culean task of skilling 400 mil­lion work­force by 2022. Pai adds, “The pa­per says that in the com­ing years, ser­vices and man­u­fac­tur­ing are likely to cre­ate em­ploy­ment op­por­tu­ni­ties. How­ever, to reach full po­ten­tial, India needs to grav­i­tate to­wards a for­mal sys­tem. Cur­rently, only 4.69% of the In­dian pop­u­la­tion has un­der­gone for­mal skill train­ing. There are two im­por­tant trends vis-à-vis the In­dian work­force that re­quires at­ten­tion and ac­tion. First, the scope of job cre­ation in for­mal em­ploy­ment op­por­tu­ni­ties and se­condly, the im­pli­ca­tions of In­dus­try 4.0 on fu­ture jobs.”

The big­gest prob­lem be­fore Skill India is the ac­cu­racy and re­li­a­bil­ity of data. The mul­ti­plic­ity of sources must be brought to­gether if a co­her­ent and com­pre­hen­sive la­bor mar­ket in­for­ma­tion sys­tem is to be es­tab­lished, and this calls for a com­mon in­for­ma­tion sys­tem as an

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