Economic Development

The accelerated economic growth has compelled the employers and firms to hire a designate of passing skilled and sanitary educated manpower to keep up the pace with the dynamic developments. Employees worldwide have several reasons for their inability to play up a job like un qualified geographic conditions, not being up to the mark with certain qualifications etc. alone on the another(prenominal)wise hand, India is one such country where manpower is available in abundance but there atomic bod 18 only limited candidates suitable to fill up the jobs and thereof employer finds it difficult to find a finished candidate. Shortage of relevant skills including hard and soft skills, being uneducated or unqualified results in less or no employability.Moreover, unlike other countries which are facing a burden of ageing population, India has a benefitting skirt with a unique 20-30 years window of majority of the population and thus has a supporting demographic dividend.The main focus for the paper has glowering to skill spread head in the economy. A study by Rupam Jyoti Deka and Bhavika Batra (2016) has think on the skill gap prevailing in the country. Indian workforce needs to acquire skills and knowledge in order to gain employability. As per the Planning Commission Reports of 2008, India has a huge skill gap compared to other countries.Percentage of workforce receiving skill training (2008)With the rising influence of globalization, India has capacious opportunities to establish its distinctive position in the world economy. The rural workforce still inadequacys in skill development and good quality grooming for them to qualify and secure a job Radhika Kapur, (2014). They need to develop skills for the innovation of obtaining skill sufficiency in resource utilization, governance, leadership, technology, management and so on.A study by A. Mahendra (2015) suggests that education alone does not suffice. For proper execution, skills are necessary. Th e importance of skill is an unattended area except in some areas like Medicine, Engineering etc. that too in very fewer institutes. The graduates are still struggling in free and confident communication, drop of boldness to present the presentations and projects. India is composed by demographic dividend with multiple languages, cultures, pietism etc. So teaching in common language is not thinkable, if we continue doing this, other issues are cropped up.In 2014, the Prime Minister Mr. Narendra Damodar rabbit Modi announced and requested the global economies to produce in India by entrance a campaign Make in India. About 63% of Indian young indicated a dire need to create employment in manufacturing sector, a study by Ankul Pandey and Prof. D.K. Nema (2017) indicated.Another paper by Ankul Pandey, Prof. D.K. Nema (2017) and AnnaLee Saxenian (2002) embossed the concerns about an issue of Brain Drain or Brain Circulation. Brains of Indian people are immeasurably intellectual an d has tryd the worth and deadlock of India at various Global Levels including NASA, or holding a well reputed and respected positions in global firms including Google, Microsoft, Pepsi co. to name a few.But delinquent to lack of job opportunities, the Indian talent is draining out to other countries which are willing to project better positions with higher opportunities and perks. The emigration of highly skilled personnel to other countries represents a huge economic vent and brain drain. The main causes for this drain to happen be obviously lack of growing opportunities and availability of very few seats for huge number of job applicants.Also, higher salaries and perks attract huge number of job seekers improving their standards of living. AnnaLee Saxenian (2002) introduced a new concept of Brain Circulation. Brain circulation widely manner returning of a personnel back to his own country subsequently learning and experiencing the advancements in education, skill or work a nd contributing his parcel in the growth and development of the domestic economy instead of for good settling down in the foreign country.Brain circulations would definitely prove a game changer if it is honestly practiced and this would be possible only if India would improve its skill development and make up the job opportunities and offer more perks and employee benefits.As per the study by Aya Okada (2012), the difficulties faced by youth for seeking jobs areIntense globalization has led to intense aspiration among firms which is leading to improvement in their efficiency forcing them to hire few but highly skilled personnel.Global economy has led firms to engage in immense restructuring resulting in fewer job openings.Rapid technological advancements require workers to have righteous complex and cognitive skills than ever. The economy now is more of knowledge based.Due to increase in migration of labour, the youth is exposed to increased intense competition blush from wo rkers globally who offer more knowledge, skills and competencies.To improve the conditions of employability and to produce more expeditious labour, the government has launched several campaigns and movements. There is a measurable skill gap between what industries demand and the acquired skills of the youth. Youths access to vocational training is limited because the vocational education and training systems across the nation is not large exuberant to be able to accommodate many schools and graduates.However, the government has formulated issue Skills Development Policy, Pradhan Mantri Kaushal Vikas Yojana, and Skill India set up a new institutional framework to coordinate the skill development efforts and National Vocational tuition Qualification Framework.