Skill Development in India
One of the major factors that determine the economic growth of a country is its workforce. With India already in a transition stage to become a well-diversified knowledge-based economy there is a huge emphasis on creating a large pool of skilled workforce and with this arises a dire need for Skill Development. Aligned to its objective, Government of India has launched several Skill Development initiatives with Pradhan Mantri Kaushal Vikas Yojana (PMKVY) launched in 2015 is one of them. PMKVY is a major stepping stone to up-skill the Indian youth for effective use of their ability and knowledge to drive innovation and growth in the economy.
India – The Youngest Nation
According to India Skills Report 2018, 65% of India’s human resource pool is below the age of 35 years with an estimated 12 million individuals expected to join the workforce y-on-y basis for the next two decades. The report also suggests that more than 54% of the country population is below 25 years of age and over 62% of the total population falls in the working-age bracket of 15-59 years.Though India enjoys the demographic advantage of having the youngest workforce compared to the advanced economies, formal lack of employability skills continues to remain a major challenge. India Hiring Intent Survey of over 1000 corporates from 15 different sectors revealed that almost 50% of the applicants appearing for various job interviews either do not have required the skill sets or very few possess the required skills only to meet the basic needs of employers.
The emergence of Private Players
In the above context, the government of India has made several alliances with private players and NGOs to fill the huge underlying employability gap. However, with the introduction of private players, there comes another challenge in terms of affordability as the cost of training from a well-recognized professional institute remains high.
Students aspiring for professional courses or programmes often find it difficult to meet the fee demand of these institutes as they have already spent most of their savings on exorbitant tuition fees for their graduation, and may well be running out of any financial support to pursue professional courses that would enable them to get a job.
Funding – The Defining Element
Any discussion on skill development is incomplete without a reference to the problems of funding. With the increase in competition, rising demand for skilled workforce and growing cost of education, aspirants look for alternatives that could help them achieve their objectives and enable them to pay the tuition fee in an easy and convenient manner.
To cater to the financial need of such aspiring individuals, www.tachyloans.com is a digital platform which acts as a one-stop solution for sourcing quick and hassle-free loans for skill development in a simpler, swifter and smarter way, which will also help for Skill India program. TachyLoans gives you an opportunity to enhance your skills by enrolling for skill development training courses with swift and collateral-free loans thereby assisting you to pursue a career of your choice.