Over 222 million people currently need skills training in India
With the Inclusion of 12 million people in the working-age population every year, India is a global power when it comes to a strong labour force.
India has a 450 million labour force, with more than 50% potential candidates eligible for primary education and almost 300 million eligible for secondary education.
With 24% share of the online labour market, India boasts of huge potential in the supply of freelancers.
Skill India initiative aims to facilitate the institutional capacity to train and up-skill 300 million people by the year 2022.
NASSCOM FutureSkills and Microsoft collaborated to launch a nationwide AI skilling initiative to train 1 million students in AI by 2021.
India is the 3rd largest nation in number of startups, with 4 more being added every hour!
India is home to the 3rd largest unicorn community globally.
The scale of training needed in India calculates a return on investment between 25 and 30 per cent for those investing in the skill sector. In this regard, a number of campaigns have been launched in the recent past.
An ambitious campaign for equipping the future of India was initiated with the launch of Skill India campaign in 2018. The initiative aims to facilitate the institutional capacity to train and up-skill 300 million people by the year 2022.
The Pradhan Mantri Kaushal Vikas Yojana of the Ministry of Skill Development & Entrepreneurship has enabled a large number of Indian youths to take up industry relevant skill training and secure better livelihoods. After the successful training of 1.98 million candidates PMKVY 2016-20 was launched with a total budgetary outlay of US$ 1.67 Billion.
The Government has allowed 100% FDI in the Skill and Training sector under the automatic route. Multinationals can enter into third country collaborations with the training providers in India, wherein they can sponsor the skill development of Indian youth as required by their units across the world.
NASSCOM FutureSkills and Microsoft collaborated to launch a nationwide AI skilling initiative to train 1 million students in AI by 2021.
Gamma Skills Automation Training has introduced a unique robotics & automation career launch programme for engineers, an ‘Industry 4.0 Hands-on Skill Learning Centre’ located at IMT Manesar, Gurgaon in Haryana.
Siemens, BMZ and MSDE have initiated the ‘IGnITE’ to encourage high-quality training and technical education with an emphasis on getting eligible candidates ready for the industry and future, based on the German Dual Vocational Educational Training (DVET) model. By 2024, this programme aims to upskill~40,000 employees.
India is the third largest nation in the number of startups, with 4 more being added every hour! It is also home to the 3rd largest unicorn community globally. Over 41,000 startups spread out over 565 districts in 28 States & 9 Union Territories have been recognised by the Indian government.
Home to an enormous pool of skilled manpower, the imminent possibility of India manning several segments of the global workforce solicits attention towards the upskilling and upgradation of a crucial factor of production.
