India's Skill Development Mandate Create Real Jobs? A lot of Indian as well as international companies have tapped on the opportunities to create skilled workforce
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The rising rate of unemployment and low opportunities create jobs embarked the journey of Government of India to work on skill development after the 2014 General Elections. From agriculture to Information technology, the Indian government's dream of creating jobs in India covered every sector that was hit by low skilled employees.
To reskill the young minds according to the industry needs, the central Government also devised a plan of USD 250-million Skill India Mission Operation (SIMO), which received the backing of the World Bank in 2017. The National Skill Development Mission has trained a lot of young employees in different sectors, and is grooming individuals in the informal sector to improve their employability and livelihood.
But has the efforts of government brought down the numbers of underemployment and unemployment in the country, yet?
A Look at the Rise of Underemployment
Looking at the current job market, the comprehendable fact is that many people with serious academic degrees are not being able to find a satisfactory job, which is giving a stagnant rise to the underemployment.
According to NITI Aayog, the rate of underemployment is more than unemployment in the nation which is plaguing the country's economy largely.
In the latest report, The International Labour Organisation (ILO) said that India could witness a higher unemployment rate of 3.5 per cent in 2018, a little more than the 3.4 per cent projected earlier. The study further highlighted that the number of jobless in the country will increase to 18.6 million in 2018 and 18.9 million in 2019, against 18.3 million in 2017.
Role of Corporates in Job Creation
Taking a note of this severe situation, a lot of Indian as well as international companies have tapped on the opportunities to create skilled workforce.
Companies like Youth4Jobs and iStar are filling the training gap by providing the market aligned training and placement necessary to ensure meaningful employment. Not just startups, but a number of international companies like Essilor is also helping underemployed young individuals in India for entrepreneurship.
A not-for-profit organization, Quest Alliance is also working on to improve the employability of individuals in India. In a chat with Entrepreneur India, the Executive Director of Quest Alliance, Aakash Sethi talked about the gap company saw in the market and how they are filling the void by helping young individuals for their satisfied jobs in India.
"One gap that we identified was the absence of mentor in the lives of youth, with whom they can communicate without fear. It's important for the youth to know themselves where they come from and what they are actually good at," said Sethi.
The company is now present in 19 states in India, and is working with state governments to reduce the rising number of underemployment and unemployment workforce.
It has also on boarded 109 institutions and various global brands to support the cause. Global companies like Microsoft, Oracle, Accenture, Godrej, LinkedIn, Barclays, Nasscom and many more have invested in Quest Alliance to improve employability.
Further explaining the company's diverse portfolio, Sethi told that Quest Alliance is also making an effort for a responsive education system and help students develop a career mindset at an early age.
Will the Government be able to fulfill the promise?
The demands of the job industry are changing more rapidly than ever before due to technological developments. At the pace, industry is revolutionizing some skill sets that seemed important until last year have become irrelevant this year.
Will the government be able to attain its mission of jobs creation, remains the pertinent question, which will decide the BJP's future in the 2019 General Elections.