July 19, 2022
About 1.3 billion people across the world are affected by the mismatch of skills
The government has received INR 368.22 crore in the National Skill Development Fund (NSDF) over the last five years
In the last five years, the NSDF has allocated INR 581.01 crore to National Skill Development Corporation (NSDC)
With the increasing necessity of technological skills, employers are also addressing the need for soft or employability skills
With the rapid advancement of technology and the evolution of the working structure caused by the pandemic, it is crucial for working professionals, especially the ones who are young, to enhance existing skills and learn new ones.
According to data from Wadhwani Foundation, a non-profit organization, about 1.3 billion people across the world are affected by skill mismatch. This indicates that people should upskill/reskill themselves to become employment ready to counter the gap between demand and supply for employees with the skills required at large by organizations.
Skill development schemes
The Indian government, to reduce this gap, has launched various skill-development programmes across the nation, through 20 ministries.
According to Union minister Rajeev Chandrashekar, the government has received INR 368.22 crore in the National Skill Development Fund (NSDF) over the last five years. Out of the total amount, INR 101.97 crore has been received as Corporate Social Responsibility (CSR) funds from both private and public sector undertakings.
The NSDF was incorporated on December 23, 2008, as a trust. In the last five years, the NSDF has allocated INR 581.01 crore to National Skill Development Corporation (NSDC) for the deployment of schemes from other ministries and projects of Public Sector Units (PSUs) or private donors.
The other schemes to upskill and reskill by the government include the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Jan Shikshan Sansthan (JSS), National Apprenticeship Promotion Scheme (NAPS), and the Craftsmen Training Scheme (CTS).
The private sector is also taking more initiatives to fill the gap between the need and supply of potential employees.
Opportunities on the rise
For young professionals throughout the world, the digital transformation is creating a lot of high-paying opportunities. Numerous short-term training programmes offer the skills necessary to fill these digitally-integrated positions as more businesses are prioritising these talents above academic qualifications.
It is important for individuals to make use of these programmes to empower themselves and be readily available for in-demand jobs.
With the increasing necessity of technological skills, employers are also addressing the need for soft or employability skills. A competitive advantage is presented by teams that are equipped with social-emotional skills.