India’s Vision 2030: A Leading Global Supplier of Talent
Why India could become a Global Supplier of Talent in the next decade?
Indian economy has been witnessing a sharp growth rate over the last two decades. Over the past two decades, the greater emphasis has been on the education sector and empowering the Indian youth with various job-oriented skills. Indian pool of talent has been highly praised all over the world.
This year India moves up by eleven places in the Global Talent Competitiveness Ranking to 81st position. This index measures the rate at which nations grow, attract and retain global talent. However, Switzerland continues to top the list released every year on the first day of the World Economic Forum (WEF) annual meeting. India has improved its position from 92nd last year and was at 89th position in 2016. The WEF report stated that although India has been able to create a “stable pool of global knowledge skills” but, it has been unable to attract and retain talent. It also highlighted that there is a lack of vocational and technical skills among Indian youth.
Possibly this was the clue that made Indian PM Mr. Narendra Modi jump into action. The Skill India campaign was launched with the aim of training 400 million Indian people in varied job-oriented skills by 2022. Some of the initiatives under this project include:
- National Skill Development Mission: This has been initiated with the aim of integrating the skill training activities across the country.
- National Policy for Skill Development and Entrepreneurship, 2015: This policy aims to further the development of skill training across various sectors. The policy also aims to solve the issue of aligning skill development efforts across the nation within the existing institutional arrangements.
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY): This is a leading Skill Certification Scheme of the Indian government, that aims to enable the Indian youth to get industry-relevant skill training and are further evaluated and certified.
- Skill Loan scheme: Under this scheme loan (loan amount varies from ₹,5000 – ₹1,50,000) is provided for those youth who want to pursue a skills training program from a government institution.
- Rural India Skill: This policy aims to empower the rural people of India with education and skills required for a better livelihood, and to eliminate poverty.
The government has allocated ₹17,000 crore to the Skill India Mission in the Union Budget 2017–18. This is the highest that has ever been set aside for this sector. The government has also invested Rs. 4,000 crore in Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP), which is another project under Skill India. SANKALP aims to provide industry-oriented training to over 350 million young Indians. Besides, the government also plans to open over a 100 Skills Centers across the country which would impart foreign language training to those who wish to get jobs in other countries.
With the continuous government efforts, India’s education sector has also been improving. Outdated curricula, lack of quality faculty, and unequal access to education are some of the challenges that the government aims to solve. The Indian higher education system is expected to emerge as an affordable and world-class system by 2030, addressing the socio-economic necessities of the nation while leading globally in quality and excellence.
With more and more of Indian talent being appointed by foreign companies it has been proved that Indian education equips students with capabilities to work for the global market. From Mr. Sundar Pichai to Mr. Satya Nadella, Indian talent finds the place in every major sector of the world. With more and more young people getting access to quality and affordable education and skill training, it will not take India too long to become the leading supplier of global talent.
Vidya Ratan: Bachelor of Business Studies (Finance) graduate from SSCBS, DU. The views expressed are my own based on the analysis and research on the topic from various books, reports, and web articles. The articles published here cover a variety of economics, finance, and general awareness related topics.
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