New Delhi, India — The Economic Survey 2023-24, tabled in Parliament, has underscored the critical need to equip India’s workforce with employable skills and knowledge to meet the demands of the global labor market. With a mere 4.4% of the young workforce being formally skilled, the survey has proposed linking skill development initiatives with Production-Linked Incentive (PLI) and employment-linked incentive schemes in high-growth potential sectors such as toys, apparels, tourism, logistics, and textiles.
The survey highlights that this strategic approach will facilitate the upgrading of skills as production moves up the value chain, ensuring that India’s workforce remains competitive in the global market. Currently, the PLI scheme is available for 14 sectors, and there is a growing demand from industry bodies for the introduction of an employment-linked incentive scheme to promote job creation amid concerns about jobless growth in a rapidly expanding young population.
Emphasizing the importance of maximizing outcomes from skilling initiatives, the survey suggests promoting convergence and leveraging synergies with other employment-centric programs. The government is actively partnering with the industry to enhance skilling and employability, aligning job and entrepreneurial opportunities with the aspirations and abilities of the youth.
“Measures are being taken by the government to translate India’s demographic dividend into a productivity dividend by enabling job and entrepreneurial opportunities that are in sync with the aspirations and abilities of India’s youth. It is partnering with the industry to enhance skilling with employability,” the survey stated.
By linking skill development with PLI schemes and employment-linked incentive schemes in high-growth sectors, the government aims to support the continuous upgrading of skills as production advances along the value chain. This approach is expected to not only address the current skills gap but also ensure sustained economic growth and job creation.
The survey’s recommendations come at a crucial time when India is poised to leverage its demographic dividend. By focusing on skill development and employment incentives, the government aims to create a robust workforce capable of meeting the evolving demands of the global economy.
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