Abstract
ABSTRACTIndia is one of the fastest growing major economies and has a burgeoning young workforce. The average age in India will be 29 years by 2020. Given the limitations of absorbing growing labor force– especially the unskilled and semi-skilled– in service sector, focus has to be on spurring manufacturing growth to take advantage of this large pool of manpower. The ‘Make in India’ has a grand vision of creating 100 million jobs by 2021. This ambitious program is designed to turn the subcontinent into a‘global manufacturing hub’ and increase jobs by providing afresh impetus to the economy. Running high on this momentum, the government has initiated several policies such as ‘Skill India’ and ‘Digital India’ to complement ‘Make in India’. Attempting to tap this aggressive policy push, stakeholders are focusing on developing right skills to address the growing skill gap in various manufacturing sectors in the context of changing industrial landscape defined by new-age technologies. This chapter will present India’s perspective on how country is working towards developing a cohesive environment for ‘new-age’ manufacturing and ‘future ready’ manpower.
Highlights
India is one of the fastest growing major economies in the world today with a year-on-year (YOY) growth of 7.2% (Central Statistics Office [CSO], 2019)
This ambitious program is designed to turn the subcontinent into a‘global manufacturing hub’ and increase jobs by providing afresh impetus to the economy. Running high on this momentum, the government has initiated several policies such as ‘Skill India’ and ‘Digital India’ to complement ‘Make in India’. Attempting to tap this aggressive policy push, stakeholders are focusing on developing right skills to address the growing skill gap in various manufacturing sectors in the context of changing industrial landscape defined by new-age technologies
As one of the world’s fastest-growing economies, accounting for about 15% of global growth, India’s economy has helped lift millions out of poverty’ (International Monetary Fund (IMF), 2018). This positive outlook is echoed by other major multilateral agencies, such as the World Bank (World Bank 2019a) and United Nations Development Programme (UNDP), which show their confidence in the country’s major economic drives and the expectation that India will lead global economic growth (Table 1)
Summary
India is one of the fastest growing major economies in the world today with a year-on-year (YOY) growth of 7.2% (Central Statistics Office [CSO], 2019). The report analyzed the level of preparedness for adoption of Industry 4.0 in BRICS countries and compared it with adoption levels in developed nations like Japan, the Republic of Korea, Germany, and the USA Another significant initiative by FICCI in FY 2017 was the publication of Future of Jobs in India – A 2022 Perspective (FICCI, NASSCOM, & EY, 2017) This report was the first indigenous research on the future of jobs in five key sectors in India, namely, Information and Communication Technology-Business Process Management (ICT-BPM), Retail, Textiles & Apparel, Automoti, and Banking Financial Services and Insurance (BFSI). ● Immersion Program- To orient and expose students and faculty to technological evolution and opportunities to trigger and sustain start-ups and innovation ecosystem in HEIs/Universities
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