Article: Need for skill building in informal sector: Santosh Choubey

Skilling

Need for skill building in informal sector: Santosh Choubey

In conversation with Santosh Choubey, Chairman & Managing Director, AISECT

As identified by NSDC, the unorganized sector is a critical part of the Indian economy. The extent of informal employment is estimated to be at about 450 million (92%) between 2008 & 2012 and this percentage will tend to remain at approximately the same level. This not only indicates the importance of the informal sector but also indicates the importance of informal employment and the need for skill building therein.
The growth opportunity in the Indian education industry is tremendous, with the overall industry estimated to grow at around 15-20% for next couple of years. However, some segments such as vocational education and skill development are expected to grow at a much faster pace of around 30-40% in next couple of years. The challenges in front of players in Indian education sector arise from the following areas: firstly, the scalability in vocational education and skill development is still an issue for many players; secondly, the non-availability of student financing methods to make skill development training available at the remotest corner of the country; thirdly, availability of experienced manpower in the education industry and finally, over centralization of regulatory powers in case of formal education segment.
 

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Topics: Skilling, Talent Acquisition, C-Suite

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