As India is moving ahead to become an economic leader globally, the country needs to make its available talent pool skilled and employable to create a workforce to reckon with and make India a developed country. With more than more than 54 per cent of its total population below 25 years of age, India is one of the youngest nations in the world currently and is slated to become the youngest nation in the world by 2022.
With this huge manpower available, India needs to create an ecosystem of the trained workforce of more skilled and cognizant individuals with tons of opportunities available to them. As per the statistics from the India Skills Report, India needs 700 million skilled workers by 2022 to meet its growing economy’s demand.
The report further states that only 10 per cent of the fresh graduates currently are skilled enough to be hired by a corporate. Skill development is no longer a matter of choice, it has now become a must to increase productivity with better efficiency and effectiveness in the economy.
Importance of skill development for entrepreneurs: Skilled candidates become more aware of the technicalities of the domain, they are also familiar with the tasks and challenges so they can adopt a pragmatic approach by efficiently using the resources available to them.
They will always have a better control clause on the workplace and are more likely to be prepared for a sudden complication if it arrives.
Apart from this, skilled people also have a better knowledge of legal compliances, processes and Rules & Regulations. They are more aware of official procedures required to run a business hence, it is highly unlikely for them to make a mistake and create legal troubles for the organisation.
With right skill development programmes, the trained workforce can help in introducing new innovations to organisations across industry verticals. This will create an advance ecosystem in the organisation, which will be more cost saving and efficient. With the help of technology, they can promote business effectively to a wider range and audience. This will definitely translate into bigger numbers commercially.
Whether it is about established organisations or innovative startups, skill development will help companies in growing and flourishing.
Moreover, Small & Medium Enterprises (SMEs) always have limited resources so it is very important for them to utilise the resources available at their disposal with utmost precision to make maximum out of it. With skilled people being in charge, there will always be the minimum wastage of resources. Skilled individuals can perform the task quicker and finish it on the given time limit.
Well trained individuals know about their responsibilities, they also know what they are doing and are less likely to make mistakes. They can also give suggestions about the requirement of the changes to be made and steps needed to be taken for a well-sustained growth. Unskilled individuals are more prone to accidents at workplace due to their lack of knowledge. In many organisations, accidents occur because certain individuals don’t know how to safely use the equipment so it is essential to have skilled individuals in an organisation.
A skilled individual with proper training and ample knowledge become more confident and, confidence inherits leadership. That person will not shy away from taking initiatives. It is very important for an organisation to have leaders within its system.
They add value to the company as a whole and take the whole team forward with them to create a work culture of harmony. Skilled individuals bring in the knowledge and experience with them to the organisation. Their fresh and unique approach can help the organisation to achieve loads of success.
The essentialism of skill development for future of India: Only a skilled and competent workforce can drive the economy successfully. Currently, India is developing at a brisk pace at 7.7 per cent GDP growth, further creating opportunities for entrepreneurs in the market. The importance of a skilled workforce has grown exponentially to meet the international standards of quality performance.
As India is a country with a massive young workforce, it gives an edge to be the example for the other developing countries in the world.
India can share its expertise through a skilled workforce as a part of a progressive nation and emerge as a global leader in the coming era.
The writer is chief operating officer, AITMC Ventures.