Skill Development in India: Challenges and Opportunities

Abstract

Skill development acts as an instrument to improve the overall effectiveness and empowers an individual to work more efficiently. The economy becomes more productive, innovative and competitive through the existence of more skilled human potential. Increasing pace of globalization and technological changes provide both challenges and growing opportunities for economic expansion and job creation. Countries with higher and better levels of skills adjust more effectively to the challenges and opportunities of globalization. Ministry of Skill Development and Entrepreneurship established National Skill Development Corporation is a not for profit public limited company incorporated in 2008. This paper will throw light on various challenges faced by the youth of our country as well as the various schemes especially Pradhan Mantri Kaushal Vikas Yojna (PMKVY), Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) which are taken by the govt to overcome such challenges. This paper will analyse the data which are sourced from National Skill Development Corporation. There is a huge scope of generating skilled workforce in the country and utilize the 'demographic dividend'. The branding activities and active involvement of Public Private Partnership ensures a better supply of skilled workforce.