Why India Needs More Entrepreneurs With The Right Skill Training Support?
Entrepreneurs with the help of the skilled workforce, can explore opportunities, effectively utilize the resources, and produce innovative goods and services. This will not just lead to increase in the export but will also increase the sustainability of the nations on indigenous products and services.
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Entrepreneurs are widely considered as national assets and with right skill training support entrepreneurs can bring innovations to the business through which they can provide world-class services.
Entrepreneurship has been generating a lot of buzz in Indian Economic Space over the past few years. It is being said that India has been creating its own silicon valley through emphasizing on start-up culture in the country. Indian Economy has been growing at a steady pace in over the past few years with its GDP growth rate rising from 5.6% in 2012-13 to 8.2% in 2018-19. To sustain this growth, India needs to flourish the start-ups in the country as India is slated to become the youngest workforce in the world by 2020. India is a country with over 1.3 billion population, 64% people of these people will belong to the working-age bracket of 15-64 by 2020. Whereas India is getting younger in terms of average age, on the other hand, countries like the U.S.A., China, Taiwan, and Japan are getting older in terms of the average age of the workforce. Therefore, 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.
Skill Development to Nurture Entrepreneurship and Economy
Developed and developing economies around the world are hiring workforce from India to sustain their growth. With the right support from the skilled workforce, Indian entrepreneurs can outsource quality services to those countries and they can also generate enough employment opportunities in the country to keep the skilled workforce intact. This will further increase the taxpaying capacity of the country and the outsourcing of the services will also positively impact the Balance of Payment (BoP) equation.
Entrepreneurs are widely considered as national assets and with right skill training support entrepreneurs can bring innovations to the business through which they can provide world-class services. Entrepreneurs with the help of the skilled workforce, can explore opportunities, effectively utilize the resources, and produce innovative goods and services. This will not just lead to increase in the export but will also increase the sustainability of the nations on indigenous products and services. India needs to create a large number of jobs every year for its citizens and the start-up and new-age businesses would contribute to employment generation. For the startups to succeed and grow there must be perfect sync between visionary entrepreneurs and rightfully skilled workforce. The fact that more than 90% of the startups fail in their initial years is because of the imbalance caused by a lack of skilled workforce and right business direction.
The influx of digital technology and innovation has harbored the growth of entrepreneurship in the country. It has also led to the emergence of successful start-ups in various verticals of e-commerce, financials, logistics, F&B among others. Now, to maintain this momentum of new and innovative businesses and create eminent business leaders, it is vital to provide proper training in the country and instill the culture of creativity and entrepreneurship amongst the talent pool of the country. In today’s era of artificial intelligence, with growing talent and employment crisis, there is an increasing need to provide skill training and develop creativity and innovative thinking among the entrepreneurs and workforce.
Defining the Future Path
The Indian government has also realized the significance of entrepreneurship and it has been providing full support to the budding entrepreneurs through programs like Make in India, Startup India, Atal Innovation Mission, Pradhan Mantri Kaushal Vikas Yojana, and National Skill Development Mission. Ministry of Skill Development and Entrepreneurship (MSDE) is also pushing its agenda of ‘India Skills’ through the National Skills Qualification Framework (NSQF). The efforts of the government are going in the right direction as entrepreneurs with the right skilled workforce can be the driving force of the Indian Economy in the future. Furthermore, this is the collective responsibility of individuals and organizations to step ahead and take the lead to create a sustainable skill development framework for India.
A commotion needs to be regulated which can stir the existing training and skill development strategy of India and pave the path for a bright future, where proudly India can lead the world to realize the SDGs (Sustainable Development Goals) defined under ‘Agenda: 2030’.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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