BUILD FOR SKILL AND THE REST WILL FOLLOW
Sachin Jolly • July 28, 2024
As our nation gets prepared to become the third largest economy in the world by 2027.
As our nation gets prepared to become the third largest economy in the world by 2027, it is thrilling to witness the Union Budget spotlight employment, skilling and inclusive human resource as the bedrock of this progress. Building high quality human capital is not only the need of the hour, but also the most suitable way to take advantage of our demographic dividend which then becomes the key to unlocking India’s global ambitions.
The Economic Survey tabled a day before the budget, estimated that India needs to generate close to 80 lakh non-farm jobs annually until 2030, to gainfully employ the Indian youth entering the workforce. It also mentioned that sixty-five per cent of India's fast-growing population is under 35, and many lack the skills needed by a modern economy.
With proposals to facilitate employment, skilling and other opportunities for 4.1 crore youth over the next five years, the Union Budget is definitely focusing in the right direction.
As someone who has spent more than two decades in the human resource and recruitment industry, I have personally witnessed a market failure to skill people – employers are not willing to pay for training a candidate but are willing to pay for a trained candidate. I am super stoked to see this budget taking on this problem head-on.
It is not just acting on the unemployment rate but also looking to make the youth ready to be employed, with skills. And this is the core need. India’s problem has always been employed poverty. Our unemployment rate has bounced between 4-8% since independence, so in every sense India has a wage problem more than a job problem. And this can only be solved through skill development.
Vocational training has been ignored for far too long in our education system and its rightful value is now all set to be realized. With the budget initiatives, the government wants the private sector to hire, and on its part, wants to make available a skilled & competent workforce.
As someone wise once said, “Change only happens when the problem, the solution and the timing come together.” In my opinion, that moment has truly come, and the path has been truly set.
