India’s GDP growth has seen an 8+ % in the previous years and has touched 6+ % this year. The growth rate is among the fastest in the global economy. But we’re not without our share of speed-breakers and challenges. The single most deterrent to this growth is the DEARTH of SKILLED manpower. Who comprise this SKILLED manpower bracket, and where does one find them?
Although we have a youth population of 232 million, only 10 million undergo higher education, and of that a mere 3 million graduate. The crisis doesn’t end there. According to the NASSCOM-McKinsey report, only 10% of generalist graduates and 25% of Engineers and MBAs in India are actually employable!
This sharp decrease in output as compared to the plentiful ‘input’ we have sums up the lacunae we have in terms of skilled people. This dearth of skilled manpower is a grave issue that can stunt the country’s growth if not addressed immediately.
The corporate bears the brunt of the lack of vocational and employable skills in students through high on-boarding cost, low productivity, increased training spend etc. For the individual, the lack of skills takes him nowhere leading to frustration, dejection, and non-productivity at the workplace.