India faces the twin challenge of skilling millions of youth and providing them with gainful employment opportunities. With only 4.69 percent of the population having undergone formal training, the need to address skill training and job creation on one end and accommodate the estimated 18 million youth entering the labour markets annually on the other end are interlinked.
The gains can be sizable, as closing the nation’s skills gap could add US$1.97 trillion to India’s GDP by 2028.
The National Skills Development Corporation (NSDC) and the Platform for Shaping the Future of the New Economy and Society have partnered to work together on the Future of Education, Skills and Work in India by setting up a Country Accelerator on Closing the Skills Gap. The Accelerator will aim to increase employability of the current workforce, improve labour market information and increase work-readiness and critical skills among the future workforce.