India continues to have a skills deficit. Multiple reports indicate data points such as
- Large number of Drop outs of students after X and XII standard exams
- Engineering education not bridging the academia industry divide
- Traditional degree programs in arts and science having lower employment possibilities
- Shortage of skilled professionals for various trades
- 12 million youth coming into employable age every year but due to skill gap, industry absorption capability is low for this population
Skill Development being a nascent sector, the Government has multiple initiatives seeded including through NSDC, through states and through various ministries.
There is a strong thrust on skills development by Central and State Governments, with the formation of the MSDE (Ministry of Skill Development And Entrepreneurship) Also, economic growth rate is expected to improve in the coming years and lead to higher requirement of skilled workforce. As per a recent study by the consultant firm McKinsey, the total requirements for skilling till 2022 is 11 times the current capacity in the country.
NIIT Yuva Jyoti intends to contribute to the nation’s skill development expanding its training offerings and extending its market reach. The Company also intends to increase efforts for market development and strengthen its product portfolio, including new areas such as Healthcare, Life sciences and clinical research, FMCG-Sales, and Beauty & Wellness. It will also seek to create and align more courses to the Qualification Pack norms given by NSDC in the sectors for which the company already has a training portfolio like IT and BFSI.
The company will continue to focus on government project execution and foray into services such as - assessment and certification services, and train the trainer services. The company also has plans to foray into project management services for select projects which involve deployment of training and skilling programs at scale in partnership with private sector firms.