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Skills Gap in India / Who will pay for workforce development ?

The National Skill Development Mission is an ambitious project of skilling 500 million youth and making them employable by 2022. The recent STAR scheme launched by the National Skill Development Corporation (NSDC), under the Union Government has earmarked ₹10,000 as the expected cost of a single skill intervention. If we juxtapose these facts, India needs to find and invest ₹5 lakh crore to meet the skill needs of its economy and fulfil the aspirations of its youth. Where will this massive investment come from? Who will foot the bill? …

If ₹5 lakh cror must be spent to train 500 million youth, there is no reason why it should be the burden of the State alone. Smart market segmentation suggests that job-seekers and academic institutions will readily pay for skill development that leads to high-end, aspirational jobs, and they should be actively encouraged to do so.

In the same vein, wherever and whenever industrial employers have a lot to gain or lose depending on the talent they recruit and train, employers must fund skill development out of their own self-interest.

Last but not the least, the State must play an active role in creating a skill-rich ecosystem at the bottom-end of the job spectrum, a space that neither excites job seekers nor attracts enlightened employers today. As is the case with many profound questions, the answer to who should really pay for skills is simple. It depends!

Chosen excerpts by Job Market Monitor. Read the whole story at Who will pay for a skilled workforce? | Business Line.

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