Job creation has always been a major challenge in developing countries, and India is no different.
Job creation has always been a major challenge in developing countries, and India is no different. The gravity of the issue is evident from the fact that it has played a role in making and dethroning governments. With millions of people entering the market every year, providing jobs for all is going to be tough. Not only the dearth of jobs, the lack of the required skill-sets is also one of the biggest reasons behind unemployment. For instance, last year, many IT enterprises were on a layoff spree, yet there was a growing demand of candidates with new-age skills like Data Analytics, Machine Learning, AI, etc. This showcases the acute skills gap that the job industry is facing. The need of the hour is to acknowledge these gaps. The good news is that initiatives like ‘Make in India’ and ‘Skill India’ are major tools that can help the country overcome job challenges.
Skill India is been a boon for people who were not able to get jobs due to lack of required skills. It makes millennials job ready before they venture into a professional realm by providing them appropriate training across fields. The initiative can also play a role in improving the productivity and efficiency of millennials. Skill India can improve the situation of India’s labour workforce, which can accelerate the country’s growth. Since trainees receive an official certificate after the completion of training, they get access to better jobs. As India’s growing human capital can contribute largely to its economic growth, there is a necessity as well as tremendous potential for rapid skill development to facilitate overall development of India.
Make-in-India aims to transform the country into a global hub of manufacturing and is expected to create 100 million new jobs by 2022. The recent Union Budget has given a boost to the campaign by increasing import duties on products like mobile phones, automobiles, etc. The more companies start setting up manufacturing units in India, the more employment opportunities will be generated for the youth. While Make-in-India creates jobs, Skill India trains millennials to get ready for those jobs. Both the campaigns are interrelated and work together in resolving the unemployment issue.
As per a report by the ministry of skill development and entrepreneurship, over 54% of the country’s population is below 25 years of age, and over 62% falls under the working age group (15-59 years). The report predicts that India’s population will continue to rise over the next decade.
Thus, it is important for the country to utilise its demographic dividend and overcome the skills gap as well as the employment issue within a limited timeline. We need to understand the need of the hour, which is skilling and reskilling to make jobs more secure for the millennials.
Zairus Master is CEO of Shine.com. Views are personal