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Essence: Being one of the youngest nations in the world with an average age of 28 years, India has huge potential for economic growth if human capital development is prioritized. Declining labour force of the industrialized world presents India an opportunity of lifetime to become a supplier of talent and skills. However, the 2015 Report on National Policy on Skill Development and Entrepreneurship presented an alarming figure saying that less than 5 % of the total workforce in India has undergone formal skill training while it is over 95% in South Korea.
While success of government initiatives taken since like Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and The SANKALP and STRIVE have improved the situation, upskilling and re-skilling needs of the Indian workforce remains unmet. Author concludes by saying that it is high time government and corporate entities collaborate on skill development and help India march ahead.
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