1 July 2023
Global Forum for Quality Skills and Entrepreneurship - 2023
Venue: Radisson Blu Mumbai International Airport
Exploring New Horizons in Skilling and Entrepreneurship
Quality skilling and entrepreneurship play a pivotal role in shaping the economic growth and development of nations. The ability to acquire relevant skills and apply entrepreneurial mindset not only enhances employability but also fosters innovation, drives economic resilience, and creates sustainable livelihood opportunities.
In the Indian context, with its vast demographic dividend and a rapidly evolving global landscape, it becomes imperative to emphasize quality skilling and entrepreneurship to empower the youth, bridge the skills gap, and propel inclusive growth.
Skill development of the youths entering into workforce is the central pillar of the nation’s economic growth and social development. However, India is facing dual challenge of employability and employment.
The latest reports on India’s workforce in the age group of 19- 24 who have received any formal vocational education is not publicly available. If you search on Google, you will find that during the 12thFive-Year Plan (2012-2017) it was estimated that only a very small percentage of the Indian workforce in the age group of 19-24 (less than 5%) received formal vocational education, whereas in countries, such as the United States of America, the number is 52%, in Germany 75%, and South Korea, itis as high as 96%.
While only 10.8% of India’s total workforce has undergone any kind of skill training program in comparison of 60- 90% skilled workforce in developed economy. On the other hand, the youth unemployment rate for the year 2019 was 23.34%, which was the highest in the last few years. Again, latest official figures on unemployment are not in public domain.
At present, according to a World Bank Report, school leavers have few opportunities to acquire job specific skills; only 2.3 percent of India’s workforce has received some formal skills training. To address the issue, skill development has emerged as a priority sector. Since skill development issue is pertinent at both demand and supply side so both sides should get equal focus while designing a sustainable skilling model for youths.
India is home to one of the largest youth populations in the world, presenting both an opportunity and a challenge. However, the existing skill gap hinders the effective utilization of this potential. Quality skilling is essential to equip individuals with industry-relevant competencies, leading to higher employability and productivity.
Since the economy is now diversifying from being largely agro- based to a manufacturing and service-based economy, the government of India made ambitious plans to transform India into a competitive, high-growth, high productivity middle- income country.
The Indian government has implemented initiatives such as Skill India, Pradhan Mantri Kaushal Vikas Yojana, and National Skill Development Mission to address the skilling needs of the nation. However, a concerted effort is required to enhance the quality of skilling programs, align them with industry requirements, and promote lifelong learning.
In the recent years India has witnessed a surge in the startup ecosystem, with innovative ideas and entrepreneurial ventures disrupting various sectors. Encouraging entrepreneurship through mentorship, access to finance, and policy support enables job creation, fosters innovation, and drives economic growth.
The establishment of incubation centers and entrepreneurship development programs can nurture aspiring entrepreneurs, providing them with guidance, resources, and networking opportunities. Encouraging an entrepreneurial mindset from an early age can help create a culture of innovation and risk-taking.
In an era of rapid technological advancements and evolving job market dynamics, quality skilling needs to adapt to meet the requirements of the future. The global perspective emphasizes the importance of digital literacy, adaptability, and cross- cultural competence in building a resilient and competitive workforce.
These ambitious plans to transform the Indian economy are highly dependent on the availability of jobs and the quality of the labor force.
We all remember the World Bank report of 2012 that estimated that only 25% of Indian IT graduates are employable for multinational companies. The situation is not so bad today. But still a significant portion of the Indian population lacks access to quality education and training facilities, particularly in rural and economically disadvantaged areas.
According to the Annual Status of Education Report (ASER), around 25% of Indian youth between the ages of 14 and 18 are unable to read basic text fluently (source: ASER Centre, 2018). Why, because, many skilling programs in India are not aligned with industry requirements, resulting in a mismatch between the skills possessed by job seekers and the skills sought by employers.
Also, there exists a significant gender disparity in skilling and entrepreneurship in India. Women face various socio- cultural barriers and limited access to resources, resulting in their underrepresentation in skill development programs and entrepreneurial ventures. As per the Global Entrepreneurship Monitor (GEM) report, the Total Entrepreneurial Activity (TEA) rate for women in India is 14%, compared to 25% for men (source: GEM, 2019- 2020).
Now adays Entrepreneurship is not limited by geographical boundaries. Encouraging an entrepreneurial mindset globally can foster innovation, create opportunities for economic development, and address societal challenges. Global platforms and networks can facilitate knowledge sharing, collaboration, and access to international markets.
International collaboration in skilling initiatives can promote the exchange of best practices, innovative approaches, and diverse perspectives. Learning from successful models implemented globally can help improve the effectiveness and relevance of skilling programs.
Emphasizing social entrepreneurship on a global scale can promote sustainable development, inclusivity, and impact- driven initiatives. Enabling aspiring social entrepreneurs through mentorship, funding, and policy support can drive positive change and address pressing global issues.
Strengthening partnerships between educational institutions and industries can ensure the alignment of skilling programs with market demand. Industry experts can contribute to curriculum design, provide internships, and offer training opportunities to bridge the skills gap effectively.
Technology-enabled Learning: Leveraging digital platforms and emerging technologies can enhance access to quality skilling programs, enable personalized learning experiences, and facilitate continuous upskilling and reskilling.
Creating a robust entrepreneurial ecosystem requires a supportive environment comprising access to finance, mentorship, networking opportunities, and a favorable regulatory framework. Collaboration between government, industry, academia, and the private sector is crucial to develop a holistic ecosystem that nurtures entrepreneurial talent.
Solutions for the Global Recession and Market Upheavals:
It is critical to evaluate the impacts of the ongoing global recession and look into viable remedies to lessen those effects. Economists disagree on the likelihood of a global recession in 2023 as the international economy struggles in these unsettling times..
Experts are sharply divided between those who believe it is likely and those who believe it is doubtful, with the former group holding the majority of the opinion. Even the most extreme opinions are interestingly balanced, with a percentage predicting a situation that is highly plausible and a similar amount rejecting it as extremely unlikely.
In this context, Asia emerges as a hub of economic activity that is predicted to increase significantly. As per the research by World Economic Forum, a majority of the economists polled forecast at least moderate growth in the area, with China taking the lead. An overwhelmingly high percentage of respondents predicted moderate, strong, or even very strong growth in China as a result of the economy’s reopening after pandemic-related lockdowns.
In stark contrast, Europe portrays a varying picture, with most analysts predicting that the continent would have poor or extremely weak economic growth in 2023. However, compared to earlier forecasts, this prognosis is noticeably better. The energy markets in Europe held up better than expected throughout the winter, reducing some of the downward pressure. Nevertheless, the region’s prospects are still hindered by low company and consumer confidence as well as challenging financial circumstances.
The biggest danger of stagflation, a worrying concoction of high inflation and economic stagnation, also presents a distinct issue for Europe. Energy markets provide some comfort, but worries still exist as Europe strikes a careful balance between reducing inflationary pressures and recovering economic momentum. The United States is threatened with a terrifying scenario that paints a bleak image of an economy that is collapsing.
In order to control inflation, the Federal Reserve, which oversees monetary policy, has resorted to extreme measures. This forceful approach might, however, have unexpected consequences that have far-reaching effects, such as a severe economic disaster. Businesses are compelled to make painful decisions, such as laying off employees, as a result of rising expenses and declining customer demand.
Communities are affected when people and families struggle with financial instability. America positioned as one of the world’s superpowers undergoing this economic crisis would definitely spur global turmoil in upcoming years.
To shed light on all of the aforementioned complex global landscape, Business Connect Magazine wanted to offer thought-provoking insights by bringing in a collective pool of thought leaders. As an eminent think tank and knowledge-sharing platform, we understand the significance of thorough evaluation and informed discussions in tackling such complex challenges.
That is why we are thrilled to announce that we, in collaboration with renowned industry experts and thought leaders, are organizing a prestigious event in Mumbai centered around this very theme.
Global Forum for Quality Skills and Entrepreneurship 2023 is a gathering that marks the presence of esteemed dignitaries, economists, politicians, and business executives from all over the world and serves asa forum for intellectual exchange and collaboration.
The intellectuals you are about to interact with or listen to are the optimal choice to seek effective remedies to the global recession owing to their extensive expertise and insights on the subject. By the end of the day, we can assure you that you will get the chance to learn about cutting-edge approaches, exchange best practices, and work together to overcome the difficulties brought on by the economic crisis through lively panel discussions, motivational keynote addresses, and interactive networking sessions.
Furthermore, the talks will definitely be enhanced and the calibre of the ideas given by the participation of distinguished personalities at this event. Their knowledge and range of viewpoints will throw light on several facets of the other existing business related issues, enabling a thorough analysis of their causes, ramifications, and potential solutions. Attendees may anticipate leaving the venue with useful takeaways they can use in their individual businesses and organizations.
We hope to create the foundation for a more resilient and prosperous future by encouraging cooperation and knowledge-sharing among experts and participants.
Wishing you a delightful experience at this event and hope you would be able to develop practical insights that will help people, businesses, and economies collaboratively all across the world.