Economic Survey: One in two college pass out youth does not have the required qualification for employment, survey reveals

According to the Economic Survey, 65 percent of India's fast-growing population is under the age of 35, but many of them lack the skills needed for a modern economy. Estimates suggest that about 51.25 percent of youth are considered employable. In other words, this means that almost one in two youth coming straight out of college is still not easily employable. However, it should be noted that the percentage of skilled youth has increased from about 34 percent to 51.3 percent in the last decade.

The Ministry of Skill Development and Entrepreneurship (MSDE) said that "According to the report of NSSO, 2011-12 (68th round) on the status of education and vocational training in India, about 2.2 percent of the persons aged 15-59 years have received formal vocational training. At the same time, 8.6 percent have received non-formal vocational training.

78.5 lakh jobs need to be created annually in the non-agricultural sector by 2030

According to the Economic Survey, to provide work to the increasing human resources in the country, 78.5 lakh jobs need to be created annually in the non-agricultural sector by 2030. The survey says that not every person of working age will do a job. Some of them will also do self-employment and some people will also become employers. The survey says that the economic development of the country is more important from the point of view of providing livelihood to the people than jobs. Governments at all levels and the private sector will also have to contribute to this. According to the Economic Survey, the labor force of the agricultural sector will grow to 50% in 2023 The current share of the skill development sector in the country is 45.8% and may gradually decline to 25% by 2047. Therefore, by 2030, we will have to provide about 78.5 lakh jobs annually in the non-agricultural sector.

The annual report mentions challenges in the skill and entrepreneurship scenario in the country, which are-

(i) Public perception is that skilling is seen as a last resort, it is considered necessary for those who have not been able to progress or have dropped out of the formal educational system.

(ii) The convergence of the central government's skill development programs is spread across more than 20 ministries/departments. However, there is a lack of strong coordination and monitoring mechanisms.

(iii) Multiplicity in assessment and certification systems leads to inconsistent results, creating confusion among employers.

(iv) There is a shortage of trainers, unable to attract industry professionals.

(v) There is a mismatch between demand and supply at the regional and spatial levels.