New Delhi, July 15, 2024 – Celebrated annually on July 15th, World Youth Skills Day highlights the critical importance of equipping young people with skills for employment, decent work, and entrepreneurship. This day serves as a reminder of the significant role skill development plays in fostering economic growth, reducing inequality, and enhancing youth empowerment worldwide. In India, with its burgeoning youth population, the emphasis on skill development is particularly crucial to leverage the country’s demographic dividend.
On this occasion, Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, underscored the need for comprehensive skill development strategies to harness India’s vast youth potential. With over 808 million individuals under the age of 35, India boasts the highest youth population globally, making skill development a national imperative.
In his statement, Mr. Reddy highlighted the importance of engaging key stakeholders, including youth, policymakers, and the private sector, in fostering relevant skills development. He emphasized that a multifaceted approach is essential to address the diverse needs of these groups.
“For the youth, it is vital to create detailed career and academic roadmaps supported by personalized counselling services,” said Mr. Reddy. “This ensures that young individuals are well-informed about their career options and the skills required for various paths.”
Mr. Reddy highlighted the significance of integrating theoretical knowledge with practical skills through apprenticeships, particularly degree apprenticeships. These programs bridge the gap between education and employment by allowing students to gain hands-on experience while pursuing their degrees, thereby enhancing their employability upon graduation. Notably, India’s employable youth population has risen from 33.9% in 2014 to 50.3% in 2024, reflecting substantial progress in skilling initiatives. However, the Periodic Labour Force Survey 2022-23 indicates that 72.6% of workers aged 15-59 lack formal or informal vocational or technical training, highlighting the ongoing need for focused efforts in this area.
From an industry perspective, Mr. Reddy stressed the benefits of skills development for productivity improvement and employee retention. He called on companies to invest in training programs and apprenticeships to build a sustainable talent supply chain. By collaborating with educational institutions, industries can ensure that curricula align with current market needs, producing job-ready graduates.
For policymakers, simplifying policies and creating user-friendly systems is crucial. Mr. Reddy proposed establishing a tripartite framework involving the government, industry, and educational institutions to facilitate better coordination and implementation of skilling initiatives. He also suggested introducing a credit framework and providing incentives, such as tax breaks or grants for MSMEs that invest in skill development and diversity, to drive engagement further.
“By creating an ecosystem that supports continuous learning and skill enhancement, we can ensure that India’s youth are equipped with the relevant skills to thrive in the evolving job market,” concluded Mr. Reddy.