India’s economy has grown considerably well during the past few years, with its GDP growth rate rising from 5.6 per cent in 2012-13 to 8.2 per cent in 2018-19.
India is poised to become the youngest workforce in the world by 2020 with 64 per cent of its people belonging to the working-age bracket of 15-64.
This demographical advantage gives India an unprecedented edge to emerge as a global economic leader. Many experts have presumed that this vast young pool, if skilled well, can result in an additional 2 per cent GDP growth rate in the coming year.
While countries like Japan, China, Taiwan and US are growing old, they are now hiring young and skilled workforce from countries like India to sustain their economies.
With skilled workforce, Indian entrepreneurs can outsource quality services to these economies while keeping the talent pool intact in the nation by generating enough employment opportunities.
This will further add to the inflow of surplus in the nation in an organised manner and taxpaying capacity of the employees.
The overall effect will positively impact the national Balance of Payments (BoP) and Return on Investments (RoI) for budding entrepreneurs and the growing organisations.
Focus on entrepreneurship:
- It is the perfect time for India to strengthen the global economic equation by training and skilling its workforce and inspiring people towards entrepreneurship or self-employment.
- With right skill training support, the workforce can provide world-class services of the highest quality.
Startup culture India:
With the emergence of successful start-ups in verticals of e-commerce, financials, logistics, F&B and others, the startup culture has finally kicked off in India.
When people with innovative ideas and a desire to create something new will come ahead, they will require highly skilled people to work with them to achieve their goals together. Considering the evolution in business world, entrepreneurs and skilled people complement each other; they are like two wheels of the same cart. If we train our young generation in the right way, it will boost the economy of our country.
The continuous development across the globe has also compelled India to proceed ahead on the path of sustainable development.
Industrial revolution 4.0:
With the advents in technology and digitisation, the nation is set to take up industrial revolution 4.0. Today, the Indian government has also realised the importance of skill development and entrepreneurship.
With programmess like Make in India, Startup India, Atal Innovation Mission, Pradhan Mantri Kaushal Vikas Yojana, and National Skill Development Mission, India is providing full support to the young entrepreneurs.
It is the time for the young generation to step ahead, develop their skill sets as entrepreneurs, and help India to emerge as a global leader.
Read more: India Today