Driving Growth & Employability through Future-Ready skilled Workforce: Mr NK Singh

“Given that India’s population is now 1.4 billion, India’s growth story and economic growth needs multifaceted approach towards skilling and employability” said Shri N K Singh, Member, High Level Committee on Simultaneous Elections, Co-Convenor, G20 Expert Group on MDB reforms, President, Institute of Economic Growth, and Chairman, 15th Finance Commission of India. He was speaking at the session on ‘Session on Future of Livelihood Creation: Employability; Entrepreneurship; Education; Employment’ during the CII Annual Business Session 2024 held at New Delhi today.

Mr Singh mentioned that harnessing green energy and other natural resources will create large number of jobs for our youth. He also highlighted that though the New Education Policy has brought in intermobility between skills and education that will usher tangible results, there is also a need to bridge academic excellence & employability.

“Skilling has a huge role to play as an enabler in the development of a nation, which leads to an increase in the productivity and competitiveness” underscored Mr Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship, Government of India. He further added that skilling is now a key focus area in many Government schemes, with the credit-based skilling under National Education Policy bringing both education and skilling on a common platform.

Congratulating CII and Bajaj Group on the launch of the CII Rahul Bajaj Centre of Excellence on skills, Mr Tiwari wished that many more such centres are launched which will help to skill India’s youth in future and emerging jobs.

Mr Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv said that India's skilling ecosystem holds immense potential to empower its youth and bridge the existing skill gap. There is a need to mold a workforce that not only possesses technical competencies but also excels in critical thinking and soft skills, ensuring resilience and adaptability in the face of evolving job markets. Mr Bajaj added that fostering an entrepreneurial environment helps to spur job creation, transforming job seekers into job creators, and unleashing a tremendous multiplier effect in terms of creating employment opportunities.

Ms Sonia Janahi, Founder and CEO, Maya La Chocolaterie and Board Member, Bahrain Chamber of Commerce & Industry and Member Governing Body, ILO and Vice President – Asia, International Organization of Employers (IOE), Bahrain spoke about the interlinkages between academic and vocational skills, emphasizing the need to improvise and develop a mindset that focuses not only on theoretical competence rather practical skills.

Ms Nicole Scoble-Williams, Global Future of Work Leader, Deloitte Tohmatsu Consulting, Japan highlighted the key shifts taking place in jobs discourse with only 10% of the workers possessing the imagination and curiosity to keep pace with the dynamic work advancements.

Mr Puneet Chhatwal Managing Director & Chief Executive Officer, The Indian Hotels Company Limited (IHCL), India highlighted that skilling could play a pivotal role in creating thriving livelihood opportunities. He mentioned that tourism, hospitality and airlines are pillars of development that will significantly contribute to India’s GDP with a huge multiplier effect.

Mr Marko Saravanja, Chairperson, Regenesys Business School, South Africa emphasized that India has an advantage to leverage its huge reservoir of talent with the Government playing a critical enabling role.

17th May, 2024

New Delhi