NEW DELHI: The Economic Survey 2023-24 highlighted the need to equip India’s workforce with employable skills and knowledge to meet the demands of the global labour market.
With only 4.4% of the young workforce formally skilled, the survey suggested 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.This approach would facilitate the upgrading of skills as production moves up the value chain.
Currently, the Production-Linked Incentive (PLI) scheme is available for 14 sectors. Industry bodies have been demanding introduction of an employment-linked incentive scheme to promote job creation in the economy, in the face of a growing young population amidst concerns about jobless growth.
The survey emphasised the importance of maximising the outcomes from skilling initiatives by promoting convergence and utilising synergies with other employment-centric programmes. The govt is actively partnering with the industry to enhance skilling and employability, ensuring that job and entrepreneurial opportunities align with the aspirations and abilities of youth.
“Measures are being taken by govt 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,” said the Survey.
By linking skill development with PLI schemes and employment-linked incentive schemes in high-growth sectors, the govt aims to support the upgrading of skills as production advances along the value chain.
With only 4.4% of the young workforce formally skilled, the survey suggested 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.This approach would facilitate the upgrading of skills as production moves up the value chain.
Currently, the Production-Linked Incentive (PLI) scheme is available for 14 sectors. Industry bodies have been demanding introduction of an employment-linked incentive scheme to promote job creation in the economy, in the face of a growing young population amidst concerns about jobless growth.
The survey emphasised the importance of maximising the outcomes from skilling initiatives by promoting convergence and utilising synergies with other employment-centric programmes. The govt is actively partnering with the industry to enhance skilling and employability, ensuring that job and entrepreneurial opportunities align with the aspirations and abilities of youth.
“Measures are being taken by govt 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,” said the Survey.
By linking skill development with PLI schemes and employment-linked incentive schemes in high-growth sectors, the govt aims to support the upgrading of skills as production advances along the value chain.