Skill development
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Skill development involves developing one's skill sets to add value to their organization and career. India has a large young population, with 60% under age 14, highlighting the need to enhance education and training. Skill development is critical for India's economic growth as the working age population is expected to reach 63% by 2022. The vocational education market in India has grown at a 22% CAGR from 2008-2014 and is expected to require 300,000 workers by 2022 to meet demand. Key drivers of growth include policy support, private sector participation, and increasing awareness among employers and populations. Challenges include shortages of qualified teachers and infrastructure as well as lack of incentives for teaching.
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Skill development
- 2. Education & Skill Development Sector Education and skill Development Sector Education School Education Higher Education Other Education Skill Development Technical and Vocational Education
- 3. What is Skill Development It means developing yourself and your skill sets to add value for the organization and for your own career development.
- 4. Industry Overview India has the largest population in the world in the age group of 0-24 years (about 600 m ) About 60% of this population is in the age group of 0-14 years (K-12 ) Enhancing access and reach of education and training is critical to meet the demand With an expected population 1.4 billion in 2022; India will have 63% individuals in the working age group (15- 59 years) Enhancing the pool of skilled labor is critical for the economic growth of the nation
- 5. Market Size(in Rs. Crore) 0 50,000 100,000 150,000 200,000 250,000 300,000 2008 2012 2014P Vocational Education Higher Education K-12
- 6. CAGR(2008-14) K-12 13 % Higher Education 11% Vocational Education 22% Overall 13%
- 7. Work Force Requirement in Vocational Training (Teachers and Non-Teachers) 0 50 100 150 200 250 300 350 2013 2017 2022 InThousands In Thousands
- 8. Growth Drivers Policy Support Regulatory Structure Increasing Private Sector Participation Increasing absorption of dropouts from mainstream education Increasing awareness among employers and population
- 10. Challenges Shortage of Manpower(Quality and Quantity) Inadequate qualification Infrastructure Lack of incentive for teaching