FICCI-IBA Bi-Annual Survey of Bankers
A bright spot in today's otherwise 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