Increasing the employability of youth FAST FACTS 0 57% of Indian youth lack sufficient skill sets to be considered fully employable. I 80% of the Indian workforce does not possess identifiable, marketable skills. Ii C] 47% of Indian graduates are not employable in any sector of the knowledge economy. Iii 1. 2 core people will Join the Job market every year, over the coming decade. Iv OVERVIEW More than half of Indian’s population is under the age of 25 and around 10 lack people are expected to Join the workforce every month.
Around 75% of technical radiates and 85% of general graduates are unemployable. V The lack of marketable skills hinder youth from securing gainful employment, thus preventing them from realizing their aspirations and becoming productive members of society. This also creates a chasm between the manpower requirements of the industry and the pool of skilled workforce that is available in the market, leading to reduced corporate profits, lower tax revenues for the government and lower overall economic output. There has been a special emphasis on skill development in the Eleventh Five Year
Plan with the formation of a special task force on skill development consisting of leading intellectuals, educators and industry experts. This led to the formation of the National Skill Development Agency. The government also introduced service tax exemption for vocational courses and took steps to improve the flow of credit to students of vocational courses. Yet, progress on this front has been slow at best. The National Skill Development Corporation and various other ministries have met only 16. 5% of their target for 2012-13. I A lot more needs to be done to address this problem.
Low literacy levels severely hamper efforts to promote employability among the youth. An estimated 27 core people in India aged 15 years and over are illiterate. Vii Poor levels of English and communication skills are major problems faced by a large section of youth in India. This also reduces the marketability of Job-seekers in the services domain, which accounts for over 56. 5% of Indian’s GAP. Viii 0 Lack co- ordination between the 17 different ministries that offer various skill development orgasm has undermined delivery of programs 0 Academic standards are logic in vast majority of the educational institutes.