“Skill India”, Growth of Indian Economy in Light of its Skill Availability; Retrospection after Covid-19

Abstract

The journey of Indian economy from being pure agrarian that started from green revolution making India major food exporter and to now manufacturing based. To boost up its economic growth, India is propped up by its incredible skilled labour market. By the end of 2030 India will be surpassing China in terms of population and thereby becoming hub of Global workforce. Experts forecast India’s growth at the rate of 7% which means that by after 2030 India will be the second largest economy of the world which is indicative that India with its skill composition and “Skill India” initiative is going to have a sanguine future.

This all was projected before world got engulfed in Covid-19 Pandemic. Therefore, it may become quite challenging for India to attain 5 trillion economy and be largest skill supplier to the world.

The purpose of this paper is to study growth of Indian economy with respect to its ever-growing young population. The study tries to focus upon “Skill India Initiative” and how India would en-cash opportunity of being the only supplier of youngest employable workforce amidst the Corona Pandemic, that has changed the whole economics of the world.

Design/Methodology/ Approach

This paper analyses World Indicators of Skills for employment (WISE) with respect to “Skill India” initiative and the framework for India’s future course of action after Covid-19 Pandemic. The Study focuses on economy and employability of Indian youth. For the purpose of this study various statistical data and reports of various organisations have been studied. Data has been primarily taken from National Skill Development Council (India)

Originality/value

This paper focuses upon some statistical data taken from various agencies and other secondary data sources. Therefore, it provides enough evidence about India being prime hub for supply of employable skill to rest of the world with the help of programs like “Skill India” which thereby focuses on boosting economy of India.

Practical Implications

This study will help to identify skill gaps which needs to be addressed so that India can be a lucrative destination for investment as well as the global skill supplier

Social implications/ Significance

The findings of this study will help to know about sectors that need to be focussed in terms of skill matching. This study shall also try to focus upon skills that need to be built and developed to en-cash opportunities that India will relish being young nation by the end of 2030.