Saturday, 10 October 2015

Human Capital to Steer India's Growth: Ramadorai

Special CorrespondentKolkata: S Ramadorai, chairman of the National Skill Development Agency (NSDA), has said that the human capital of India will drive the country’s growth in the coming days. “India has a vibrant young population that needs to be equipped with skills to make the country an economic powerhouse by 2020,” he said at an event organised by the Institute of Cost Accountants of India (ICAI), in the city today.

Around 60 percent of the total population in India is available for working and contributes towards the GDP. But only 25 percent of that pool can be used by the market, which means there is likely to be a demand-supply gap of 82-86 percent in the core profession.

Ramadorai is a former vice-chairman of TCS
Ramadorai said: “Only 4.69 percent of the country’s population has formal skills, compared to 52 percent in the US and 96 percent in South Korea.” The senior adviser to the Prime Minister, on skill development, said that there’s a pressing need to generate self-employment opportunities so that the youth won’t have to look for jobs. Ecommerce, he said, has emerged as the sunshine sector as young entrepreneurs fresh out of management institutes are venturing into start-ups.

Speaking at the event, Rajib Dasgupta, head of the department of commerce, University of Calcutta, called upon the IITs and IIMs to include skill development in their programmes. “An increasing number of graduates from these institutes are opting out of placements and setting up venture capital enterprises, which could show the way into the future,” he said.