India is home to one of the world’s youngest population with over more than 62% of the population in the working age group (15-59 years) and more than 54% of the total population below 25 years of age (MyGov, 2019). As a result, India holds an important share in the global workable population which is expected to be 25% by 2025. The working age and student population of the country is estimated to grow to 600 Mn by 2022. However, the challenge with this large human resource is that it is not complemented by right skills. Only 4.7% of India’s workforce is formally trained, making its skill gap one of the highest in the world. As per the estimates of International Labour Organization (ILO) India shall be witnessing the skill gap of over 29 million in the year 2030 (ILO, 2020).
In addition to the already high Urban Unemployment rate of close to 10% (PLFS, 2019), a large part of the students passing out of the professional services staggering nos. are found to be unemployable by the corporate world owing to skill shortage. It is estimated that due to skill mismatch 53% of Indian businesses could not recruit in 2019 (ILO, 2019). As per Deloitte, for bridging the gap candidates need to focus on the basics first. Softer skills like communication, organization behavior, team building and so on are immediately desired.
The New Education policy (NEP, 2020) provides synergies for such an ecosystem which envisions that education must develop not only cognitive capacities – both the ‘foundational capacities ’of literacy and numeracy and ‘higher-order’ cognitive capacities, such as critical thinking and problem solving – but also social, ethical, and emotional capacities and dispositions. The policy also recommends harnessing EdTech through app– based learning and online learner communities.