Source | economictimes.indiatimes.com | Riya Tandon, ET Online
India is seen as a country of youth. According to the United Nations Population Fund (UNFPA)’s State of World Population report, India’s population is predicted to reach a staggering 1.428 billion by mid-2023. The good news here is that out of the total population, 254 million individuals will belong to the working population category (15-24 years). Simply put, we are looking at 254 million young minds who can drive the growth of the employment sector through innovative thinking and dynamic skills.
However, increasing unemployment continues to pose a serious threat to India’s economic development. The primary contributor to the country’s high unemployment rate is the skill gap. Many employers are facing a lot of challenges in hiring individuals who possess highly advanced skills of today and tomorrow. The root cause for the existence of this gap is the miscommunication between industry and academia. Employers are in search of skills like problem-solving, creative thinking and decision-making, whereas the education system is still majorly focussing on imparting theoretical knowledge. And it is this mismatch between the needs of the industry and the offerings of the education sector that is resulting in a lack of employment opportunities.
Having said that, there is one viable and logical way to fill this gap – promote and embrace degree apprenticeship programmes.